Arab Financial Services to raise $98 million to support its growth strategy


The AFS Board of Directors welcomed the strong commitment of shareholders to support the company’s strategy. With a well-defined plan and an agile approach, AFS aims to continuously provide innovative payment solutions and services to meet the evolving needs of its customers.

Commenting on the capital increase, the Chairman of AFS, Mr. Sael Al Waary, said, “We are excited to embark on this new growth trajectory. With this funding, AFS will strengthen its digital payments and fintech offering, expand into new markets with even more innovative payment solutions, and further strengthen its offering. position in the MEA financial ecosystem.”

“As a pioneer and leader in the payments industry, AFS began its journey by offering travelers checks followed by card processing and today has evolved dynamically as a payment processing, fintech and merchant acquisition. AFS has successfully laid the foundation to drive its next chapter of growth with cutting-edge digital payment technologies. Shareholders are strongly committed to supporting this vision and are confident in management’s abilities to achieve it.

Mr. Samer Suleiman, CEO of AFS, added: “AFS has developed a forward-looking strategy that includes innovative payment solutions, expansion into different geographies while investing in human capital. Our shareholders’ commitment to invest in AFS underscores their confidence in our strategy and potential while the continued leadership and support of our majority shareholder, Bank ABC, demonstrates a strong vote of confidence in AFS. This capital will enable not only to execute our strategy consistently and reliably in a rapidly changing payments landscape, but will ultimately drive the digital payment solutions of the future that drive growth.”

Regulated by the Central Bank of Bahrain, and majority-owned by Bank ABC, AFS offers many revolutionary end-to-end digital payment services and solutions. These cover debit, credit and Islamic card processing, merchant acquiring, fintech and a suite of industry-leading value-added services. Its dedication to innovation has positioned AFS as a market driving force offering a rich portfolio of payment solutions, including popular digital mobile wallets, market-leading merchant acquiring services, Bahrain leading digital payroll solution, global contact centers and more. Providing the highest quality payment solutions that businesses trust, AFS has offices and data centers in Bahrain, the United Arab Emirates and Oman.

Contact: [email protected] , +97317543413

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