Bahrain-based Arab Financial Services (AFS) said Tuesday that it has expanded its regional footprint with the opening of a new office in Egypt as part of the company’s broader strategy to offer its latest payment and innovative solutions in the North African country.
The digital payment solutions provider and fintech enabler said that 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.
“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,” Samer Soliman, the CEO of Arab Financial Services said in a statement.
AFS said that its Egyptian operations will be led by Tawfik Mahmoud. Mahmoud will be responsible for leading AFS’s strategy in Egypt and expanding the company’s team in the country. He is also tasked with enhancing the company’s growth initiatives in the country as well as scaling merchant clients across different industries and sectors.
“I intend 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,” said Mahmoud.
Founded in 1984, AFS is a subsidiary of Bahrain’s Bank ABC and counts 37 banks and financial institutions in the Arab world among its shareholders. The company serves over 60 clients in more than 20 countries.
