Bahrain-based Arab Financial Services, the leading digital payment solutions provider and fintech promotor in the Middle East and Africa, has announced plans to expand its payments footprint in Egypt with the formation of a division in Egypt.
The CEO of Arab Financial Services (AFS), Samer Soliman, said that the exceptional growth in the Egyptian market over the previous few years has yielded prospects for all investors in the payments environment to expand into the regional market. The first phase of the company’s aspiring growth strategy is moving into new markets like Egypt. He added that in addition to expansion for AFS, it is also about being present for their clients with an extensive geographical spread and an actual emphasis on providing service excellence and making it easier for clients to transact.
AFS’s vision to become the leading promotor for digital transaction transformation
Soliman further stated that AFS’s vision to become the leading promotor for digital transaction transformation in the Egyptian market reflects its importance and potential across the Middle East and Africa region.
In this framework he announced that the AFS Board has appointed Tawfik Mahmoud, an experienced and qualified payments professional with a proven track record, to take on the challenge of leading the AFS team in Egypt.
Commenting on his new appointment Mahmoud said that it was a real privilege for him to take on this responsibility for a company he considers to be the leading provider of payment solutions across the markets with a culture of innovation, specialist leadership, and genuine customer alignment.
Mahmoud further added that it was his intention to deliver both tailored payments and form market solutions to reflect the numerous diverse types of businesses that operate in Egypt. He would also aim to leverage the prosperity and extent of products and services AFS has delivered to the payments market.
Tawfik Mahmoud would be in charge of leading the company’s strategy in Egypt, growing the team across the country, supporting its advancement, and ascending Egypt’s merchant clients across all sectors and businesses.
About Arab Financial Services (AFS)
Arab Financial Services is the creation of the MENA region’s banking sector. The company aims to empower businesses, fintechs, financial institutions and consumers by discovering, revolutionising, and capitalising on greater technologies that would assist in shaping the future of financial experiences. AFS is owned by 37 banks and financial institutions (FIs) and serves more than 60 customers in over 20 countries. AFS today is the region’s leading Fintech enabler and digital payment solutions provider. AFS is regulated by the Central Bank of Bahrain (CBB).
AFS’s dedication to innovation has positioned the company as a powerful market leader, delivering a rich portfolio of payment solutions including popular digital mobile, alternative payment systems, and wallets. These include bWallet in Bahrain and eFloos in Oman, market-leading Merchant Acquiring services, Bahrain’s leading digital payroll solution Al Rateb, global Contact Centers and more.
Arab Financial Services has been recognized by Mastercard for the Fastest Contactless Acquiring Implementation in Bahrain in the year 2020, the Leading Payment Solutions Provider across MENA for 2021 by International Business Magazine, and the Most Innovative Payment Solutions Provider, 2021 by The Global Economics Awards.