Arab Financial Services to increase US$98 million to support growth strategy

The shareholders of Arab Financial Services Company B.S.C.(c) (“AFS”) have decided to enhance the company’s authorised share capital to US$ 150 million, as well as its issued and paid-up share capital to US$98 million. The decision was made at an extraordinary general meeting of shareholders and is subject to approval by the Central Bank of Bahrain. The cash round is intended to help AFS achieve revenue growth and strategic development.

Commenting on the capital increase, AFS’s Chairman, Mr. Sael Al Waary, said: “We are excited to embark on this new journey in our growth trajectory. Aided by this funding, AFS will strengthen its digital payments and fintech offering, expand into new markets with even more ground-breaking payments solutions, and further solidify its position in the MEA financial ecosystem.”

“As a pioneer and a leader in the payments industry, AFS started its journey with offering travelers’ cheques followed by cards processing and has today evolved dynamically as a core payment processing, fintech, and merchant acquiring business. AFS has successfully laid the groundwork to drive its next chapter of growth with cutting-edge digital payment technologies. The shareholders are strongly committed to supporting this vision and are confident of the leadership’s capabilities to achieve it.”

Mr. Samer Soliman, AFS’s CEO, added: “AFS has developed a future-ready strategy that includes innovative payment solutions, expansion across 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 not only enable the execution of our strategy consistently and reliably in a rapidly evolving payments landscape but will ultimately generate the digital payment solutions of the future that drive growth.”

The Board of Directors of AFS applauded the shareholders’ firm commitment to the company’s vision.

AFS aspires to provide new payment solutions and services to fulfill the increasing demands of its clients through a well-defined plan and an agile approach.

AFS, which is regulated by Bahrain’s Central Bank and is majority-owned by Bank ABC, offers a variety of ground-breaking end-to-end digital payment services and solutions. Debit, credit, and Islamic card processing, merchant acquisition, fintech, and a suite of cutting-edge value-added services are all part of this. AFS has established itself as a market leader, offering a diverse range of payment solutions such as popular digital mobile wallets, market-leading merchant acquiring services, Bahrain’s best digital payroll solution, global contact centres, and more. AFS has offices and data centres in Bahrain, the United Arab Emirates, and Oman, and provides businesses with high-quality payment solutions.