Arab Financial Services Secures $50 Million to Drive Expansion and Innovation in Digital Payments.

Arab Financial Services (AFS), a leading digital payments solutions provider and FinTech enabler in the Middle East and Africa, has secured $50 million in fresh funding. This financial boost, approved by AFS shareholders during an Extraordinary General Meeting earlier this year, marks a significant step forward for the company as it seeks to strengthen its position in the fast-evolving digital payments landscape. The newly secured capital will be invested in expanding AFS's operational footprint, enhancing its product offerings, and fostering innovation within the sector. Renowned for its comprehensive suite of services, including popular solutions like AFS Pay and AFS One, the company serves a diverse range of merchants. With this new funding, AFS is poised to accelerate its growth strategy, focusing on territorial expansion and scaling operations in existing markets.

One of AFS’s key areas of focus will be Egypt, where the company holds a Payment Services Provider license. AFS plans to leverage this license to strengthen its acquiring market activities in the country. Additionally, the company is preparing to introduce merchant acquiring services in the UAE and has set its sights on expanding its processing business into the African market. "This investment positions AFS to further innovate and elevate our market standing," said Samer Soliman, CEO of AFS. "With the integration of cutting-edge technology and AI, we are committed to delivering enhanced value to both our shareholders and customers through improved products and services."

AFS however had a highly productive year in 2023, achieving several significant milestones. These included the successful migration of banks to its platform, securing new clients, and launching the groundbreaking ‘Wallets as a Service’ solution. The company also made substantial progress in its acquiring business across Bahrain, Oman, and Egypt. Notably, the launch of the AFS Open Banking hub has been instrumental in driving financial inclusion and innovation throughout the region. Historically, AFS has demonstrated a strong ability to attract investment while consistently advancing its strategic goals. This latest round of funding reflects the confidence shareholders have in the company’s long-term vision and ability to thrive in an increasingly competitive market.