Manama, Kingdom of Bahrain – Arab Financial Services (AFS) has signed an agreement with Zenj Exchange (ZENJEX), that will enhance AFS’s Wage Protection Scheme (WPS) with a range of value-added payment services. These services include fast secure, and efficient global money remittances and cash-out transactions from any ZENJEX branches.

AFS’s WPS solution is the Kingdom of Bahrain’s first digital payroll solution, serving the unbanked community. It is a convenient and simple wage protection system that enables employers to pay wages digitally to those of their employees who do not have a bank account.

Samer Soliman, Chief Executive Officer at AFS commented: “As the leading digital payment solutions provider and fintech enabler in the Middle East and Africa, AFS’s partnership with ZENJEX is enriching our WPS offering. We are pleased to be extending our WPS services to a larger audience with this partnership with Zenj Exchange. We always partner with strong players in the market to deliver value-added services and attractive, relevant digital payments products that accelerate financial inclusion. I am pleased to partner with Zenj Exchange for this goal.”

The AFS WPS solution is available to all employers, regardless of their workforce size. The service allows employers to securely upload wages and benefits onto payroll cards through an online portal that is configured with their own payroll system. Cardholders can withdraw funds at any ATM, transfer funds globally and can use Point of Sale (POS) terminals locally or abroad. Cardholders can also access financial services including statements, interactive dashboards, 24/7 customer care and multi-lingual customer support.

ZENJEX is one of the leading exchange houses in Bahrain offering the best market rates, excellent service and special corporate services. With 19 branches in Bahrain and services that span more than 120 countries, ZENJEX is known for being the best service and rate provider in the market, and a wholesaler of foreign currency that serves both travellers and corporate clients.

Fatima Hamad Abul, Zenj Exchange Managing Director said: ‘With over 40 years of service to the expat community in Bahrain and a keen determination towards digital transformation while leveraging our strong platform and history of service across markets, we are very proud to partner with AFS a leader in payment solutions to expand our offering to include Wage Protection Services (WPS) a strategic national project.  We look forward to maximising synergies between the two organisations towards our common goal of product and service excellence.

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, the UAE, and Oman. 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.

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About AFS:

Arab Financial Services 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 eco-system.

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 card processing services, merchant acquiring, fintech solutions and an impressive array of value-added services.

The emphasis that AFS places on innovation has positioned the company as a driving market force, delivering a rich portfolio of payment solutions including digital mobile wallets, customer orientated Merchant Acquiring services; Bahrain’s leading digital payroll solution Al Rateb, global Contact Centers and much more.

Trusted by businesses across the region AFS has been recognized as the “Best Payments Solutions Provider – Bahrain” by MEA Finance Awards 2022, “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.

Visit www.afs.com.bh for more information and join the conversation on LinkedIn.