Arab Financial Services (AFS), a pioneering digital payments solutions provider and fintech enabler in the Middle East and Africa, has successfully raised $50 million in new capital. The strategic investment was approved earlier this year by AFS shareholders during an Extraordinary General Meeting (EGM), providing a significant boost to the company’s financial strength and positioning it for accelerated growth.
Expanding Operations and Driving Innovation
This capital infusion will support AFS in expanding its operations, enhancing its product offerings, and driving forward digital payments innovation across its key markets. Sael Al Waary, Chairman of AFS, expressed his confidence in the company’s future and shared how the investment underscores the faith shareholders have in AFS’s vision and potential:
“This investment is a testament to our shareholders’ belief in AFS’s vision, potential, and our ability to deliver sustained growth and value.”
Strategic Milestones and Achievements in 2023
In 2023, AFS achieved several key milestones, including the successful migration of banks, acquisition of new clients, and the launch of innovative products like “Wallets as a Service”. These accomplishments reflect AFS’s commitment to innovation, particularly in the acquiring business, where it made significant headway in Bahrain, Oman, and Egypt. The company’s flagship products, AFS Pay and AFS One, cater to a diverse range of merchant segments, while its newly launched AFS Open Banking hub is helping drive financial inclusion and technological advancement in the region.
Expanding into New Markets and Scaling Existing Operations
With the additional $50 million in capital, AFS is now well-positioned to scale its operations and expand into new markets. The company plans to leverage its Payment Services Provider (PSP) license in Egypt to broaden its acquiring business while also working towards launching merchant acquiring services in the UAE. AFS is also targeting African markets for growth in its processing business, further solidifying its leadership position in digital payments across multiple regions.
Samer Soliman, AFS Chief Executive Officer, expressed his optimism about the future, stating:
“This strategic investment will empower AFS to innovate, expand, and elevate our market position. By leveraging technology and AI, we are committed to delivering exceptional value to our shareholders and customers through enhanced products and services.”
AFS’s Regional Presence and Digital Payment Solutions
AFS, which is regulated by the Central Bank of Bahrain and the Central Bank of Egypt, offers a wide array of digital payment solutions. These include debit, credit, and Islamic card processing, merchant acquiring services, fintech solutions, and various value-added services. The company operates from offices and data centers in Bahrain, Egypt, Oman, and the UAE, solidifying its role as a leading enabler of digital payments in the Middle East and Africa.
For more information on AFS’s services, visit the official AFS website.