Bahrain-based Arab Financial Services (AFS), which offers Islamic digital payment solutions, will be expanding its payment technology footprint to Egypt. The firm, owned by 37 financial institutions across the Middle East and Africa, has put together a new team to spearhead the operations of its Egyptian hub.
“The unprecedented growth in the Egyptian market over the past few years has yielded opportunities for all stakeholders in the payments ecosystem to expand regionally. Moving into new markets is just the first step of our ambitious growth strategy. However, it’s not just about expansion for us, it’s just as much about us being there to serve our customers on a local basis, or regionally for those of our customers with a wider geographic spread, with a real focus on providing service quality and making it easier for our customers to transact,” said AFS CEO Samer Soliman. “Entering the Egyptian market reflects its importance and potential. It also aligns with AFS’s vision to become the leading enabler for digital transaction transformation across the Middle East and Africa region.”
Leading the team in Cairo is Tawfik Mahmoud, who has over 16 years’ experience in the digital payments sector. Tawfik was previously the managing director of JumiaPay Egypt and the general manager of UAE’s PayTabs.
“It’s my intention to deliver both mass market and tailored payment solutions to reflect the many different types of businesses that operate in Egypt and to leverage the wealth and breadth of products and services AFS has brought and is bringing to the payments market,” commented Tawfik.
Founded in 1984, AFS serves over 75 clients more than 20 countries with its card processing, fintech and merchant acquiring services. The company has built Islamic capabilities, particularly services to support a wide portfolio of Islamic credit cards. Earlier in March, AFS partnered with UAE-based Aafaq Islamic Finance to support fintech start-ups in launching their products in the UAE, as part of AFS’s Regional Partner Program.