Bahraini Arab Financial Services expands digital payments solutions in Egypt – Markets & Companies – Business

AFS Egypt will ship the most recent funds options and improvements to the nation’s companies and monetary establishments.

“The unprecedented progress within the Egyptian market over the previous few years has yielded alternatives for all stakeholders within the funds ecosystem to increase regionally. Transferring into new markets is simply step one of our formidable progress technique. Nonetheless, it isn’t nearly enlargement for us, it’s simply as a lot about us being there to serve our prospects on a neighborhood foundation, or regionally for these of our prospects with a wider geographic unfold, with an actual concentrate on offering service high quality and making it simpler for our prospects to transact,” stated CEO of AFS Samer Soliman.

He additionally said that coming into the Egyptian market displays its significance and potential, including that the motion aligns with AFS’s imaginative and prescient to develop into the main enabler for digital transaction transformation throughout the Center East and Africa area.

The AFS’ board has appointed Tawfik Mahmoud, an skilled funds knowledgeable, to guide the AFS group in Egypt.

As a subsidiary of Financial institution ABC, AFS is owned by 37 banks and monetary establishments, and serves over 60 purchasers in additional than 20 international locations.

AFS is regulated by the Central Financial institution of Bahrain.

Digital funds quantity rose to EGP 6.4 trillion by finish of 2021, up from EGP 4 trillion recorded end-2021, in response to the Central Financial institution of Egypt.

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