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Bahrain’s Arab Financial Services (AFS) has secured $50 million in fresh capital to support expansion plans.
The new investment, approved earlier by AFS shareholders at an Extraordinary General Meeting, will be used to scale up operations and enter new markets, the digital payments solutions provider said on Tuesday.
Part of the plan is to launch merchant acquiring services in the UAE and expand the processing business into African markets.
The company also looks to leverage its payment services provider license in Egypt to widen its scope of activities in the acquiring market.
Owned by 37 banks and financial institutions, AFS caters to clients in more than 20 countries across the Middle East and Africa (MEA).
It offers digital payment solutions, including debit, credit and Islamic card processing, as well as merchant acquiring, fintech and value-added services.
(Writing by Cleofe Maceda; editing by Seban Scaria)
