Bahraini Arab Financial Services expands digital payments solutions in Egypt

Doaa A.Moneim , Tuesday 19 Jul 2022

Bahrain-based Arab Financial Services (AFS), a digital payment solutions provider and fintech enabler covering the Middle East and Africa, plans to expand its payments footprint in the Egyptian market through the establishment of its Egypt hub, the company announced on Tuesday.



AFS Egypt will deliver the latest payments solutions and innovations to the country’s businesses and financial institutions.

“The unprecedented growth in the Egyptian market over the past few years has yielded opportunities for all stakeholders in the payments ecosystem to expand regionally. Moving into new markets is just the first step of our ambitious growth strategy. However, it is not just about expansion for us, it is just as much about us being there to serve our customers on a local basis, or regionally for those of our customers with a wider geographic spread, with a real focus on providing service quality and making it easier for our customers to transact,” said CEO of AFS Samer Soliman.

He also stated that entering the Egyptian market reflects its importance and potential, adding that the action aligns with AFS’s vision to become the leading enabler for digital transaction transformation across the Middle East and Africa region.

The AFS’ board has appointed Tawfik Mahmoud, an experienced payments expert, to lead the AFS team in Egypt.

As a subsidiary of Bank ABC, AFS is owned by 37 banks and financial institutions, and serves over 60 clients in more than 20 countries.

AFS is regulated by the Central Bank of Bahrain.

Digital payments amount rose to EGP 6.4 trillion by end of 2021, up from EGP 4 trillion recorded end-2021, according to the Central Bank of Egypt.

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