Arab Financial Services (AFS), a pioneering digital payments solutions provider and fintech enabler in the Middle East and Africa, has raised $50 million in capital. This strategic investment, approved by AFS shareholders at an Extraordinary General Meeting earlier this year, will significantly enhance the company's financial position and catalyze its ambitious growth plans.

The additional capital will enable AFS to expand its operations, enhance its product offerings, and drive innovation in the digital payments landscape. AFS Chairman, Sael Al Waary, expressed his confidence in the company's future, stating, 'This investment is a testament to our shareholders' belief in AFS's vision, potential and our ability to deliver sustained growth and value.'

In 2023, AFS achieved notable progress in executing its strategic initiatives. Key accomplishments include successful bank migrations, the acquisition of new clients, and the launch of innovative products such as 'Wallets as Service'. The company has also made substantial strides in its acquiring business, particularly in Bahrain, Oman, and Egypt. AFS's commitment to innovation is evident in its development of advanced digital solutions, such as AFS Pay and AFS One, which caters to a diverse range of merchant segments. Moreover, the newly launched AFS Open Banking hub is driving financial inclusion and innovation in the region.

With this fresh capital injection, AFS is poised to further accelerate its growth trajectory. The company plans to expand into new markets, scale up its operations in existing ones, and leverage its Payment Services Provider license in Egypt to broaden its scope of activities in the acquiring market. In the UAE, AFS is making progress towards launching merchant acquiring services. Furthermore, the company is targeting African markets for growth in its processing business.

This strategic investment will empower AFS to innovate, expand, and elevate our market position,' stated Samer Soliman, AFS Chief Executive Officer. 'By leveraging technology and AI, we are committed to delivering exceptional value to our shareholders and customers through enhanced products and services.

AFS is regulated by the Central Bank of Bahrain and the Central Bank of Egypt offering a comprehensive range of digital payment solutions, including debit, credit, and Islamic card processing, merchant acquiring, fintech, and value-added services. With offices and data centers in Bahrain, Egypt, Oman, and the UAE.