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Arab Financial Services (AFS) and Moamalat Financial Services Co., have today announced the signing of a Memorandum of Understanding (MoU) to enter into a strategic partnership for the development of Libya’s electronic payment ecosystem. AFS will use its expertise and longstanding experience in digital payments to advance the existing systems and provide consultancy, training, and knowledge transfer.
Moamalat Financial Services Co., is a leader in Electronic Payment Services in the Libyan market, managing the Libyan National Switch and providing diversified payments products to the Libyan banking industry. AFS’s established role as the leading digital payment solutions provider and fintech enabler in the Middle East and Africa, sees it also operate as a prominent merchant acquirer in Bahrain, Oman and, most recently, Egypt, with state-of-the-art digital payments acceptance solutions of choice across markets. Through this MoU, AFS is committed to building the capacity of the payments sector in Libya in collaboration with Moamalat, with the objective of enhancing and empowering the Libyan payments ecosystem.
Samer Soliman, Chief Executive Officer at AFS said: “We are delighted to partner with Moamalat to extend our experience and payments expertise to the Libyan market. Through this Memorandum of Understanding (MoU), we will collaborate to promote knowledge transfer and technological enablement, and to explore future opportunities for cooperation. We believe that this partnership will accelerate the development of digital payments products, services, and solutions in Libya, and we look forward to working with Moamalat to achieve our shared objectives.
Alsanousi Abukhezaim, Chief Executive Officer of Moamalat said: “AFS as an international strategic partner will help Moamalat advance its offering to the Libyan market through knowledge transfer, expert consultancy and strategic planning.”
Regulated by The Central Bank of Bahrain, and majority-owned by Bank ABC, AFS boasts numerous ground-breaking end-to-end digital payment services and solutions. These span debit, credit, and Islamic card processing, merchant acquiring, fintech, and a suite of state-of-the-art value-added services. Providing the highest quality payments solutions that are trusted by businesses, AFS has offices and data centers in Bahrain, Egypt, Oman, and the UAE. Its dedication to innovation has positioned AFS as a driving market force delivering a rich portfolio of payment solutions including popular digital mobile wallets, market-leading merchant acquiring services, Bahrain’s leading digital payroll solution, global contact centers and more.
About AFS:
Arab Financial Services (AFS) was formed in 1984 to provide payment products, services and expertise to banks and merchant groups and deliver customized payment solutions in an increasingly divergent, disruptive, and dynamic payment ecosystem.
A key to the growing and continued success of the company was an executive team determined to invest in the most up-to-date, leading-edge technologies. AFS is owned by a total of 37 banks and financial institutions and serves over 60 clients in more than 20 countries across MEA.
Today, AFS is the region’s leading digital payment solutions provider and Fintech enabler, regulated by the Central Bank of Bahrain.
AFS’s innovative approach to the provision of financial services is evidenced by a series of pioneering payment services that covers debit, credit, and Islamic card processing, merchant acquiring, fintech, and a suite of state-of-the-art value-added services. Providing the highest quality payments solutions that are trusted by businesses, AFS has offices and data centers in the Kingdom of Bahrain, Arab Republic of Egypt, Sultanate of Oman, and the United Arab Emirates.
The emphasis that AFS places on innovation has positioned the company as a driving market force, delivering a rich portfolio of payment solutions including popular digital mobile wallets, customer orientated Merchant Acquiring services; Bahrain’s leading digital payroll solution, global contact centers and much more.
Trusted by businesses across the region AFS has been recognized as the “Most Innovative Payment Solutions Provider 2023″ by MEA Finance, “Best Payment Solutions Provider Bahrain 2023″ by International Business Magazine, “Best Payments Solutions Provider – Bahrain 2022” by MEA Finance, “Best New Payment Solutions Provider for MSME Business Bahrain 2022″ by Global Business Magazine, “Leading Payments Innovator Bahrain 2022” by Global Business Outlook and “Best Payment Solution Provider Bahrain 2022” by Global Banking & Finance Review.