MANAMA, Bahrain, Dec. 9, 2021
/PRNewswire/ -- The shareholders of Arab Financial Services Company
B.S.C.(c) ("AFS"), a leading digital payment solutions
provider and fintech enabler in the Middle East and Africa, decided
to increase the company's authorised share capital to US$ 150
million and its issued and paid-up share capital to US$ 98
million. The decision was taken at an extraordinary general
meeting of shareholders held on 5 December 2021, subject to
Central Bank of Bahrain approval. The capital increase aims to
propel AFS's revenue growth and strategic expansion.
AFS's Board of Directors welcomed the shareholders' strong
commitment to support the company's strategy. With a
well-defined plan and an agile approach, AFS aims to continually
provide innovative payment solutions and services to meet the
evolving needs of its customers.
Commenting on the capital increase, AFS's Chairman, Mr.
Sael Al Waary, said: "We are excited
to embark on this new journey in our growth trajectory. Aided by
this funding, AFS will strengthen its digital payments and fintech
offering, expand into new markets with even more
ground-breaking payments solutions, and further
solidify its position in the MEA financial ecosystem."
"As a pioneer and a leader in the payments industry, AFS started
its journey with offering travellers' cheques followed by
cards processing and has today evolved dynamically as a core
payment processing, fintech, and merchant acquiring business. AFS
has successfully laid the groundwork to drive its next chapter of
growth with cutting-edge digital payment technologies. The
shareholders are strongly committed to supporting this vision and
are confident of the leadership's capabilities to achieve it."
Mr. Samer Soliman, AFS's CEO,
added: "AFS has developed a future-ready strategy that includes
innovative payment solutions, expansion across different
geographies while investing in human capital. Our shareholders'
commitment to invest in AFS underscores their confidence in our
strategy and potential while the continued leadership and support
of our majority shareholder Bank ABC demonstrates a strong vote of
confidence in AFS. This capital will not only enable the execution
of our strategy consistently and reliably in a rapidly evolving
payments landscape but will ultimately generate the digital payment
solutions of the future that drive growth."
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. 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. Providing the highest
quality payments solutions that are trusted by businesses, AFS has
offices and data centers in Bahrain, the UAE, and Oman.
Contact: media@bank-abc.com , +97317543413
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SOURCE AFS