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AFS Secures USD 50M to Dominate Digital Payments Market

AFS Secures USD 50M to Dominate Digital Payments Market
Image Source: MEA Finance

Arab Financial Services (AFS), a pioneering digital payments solutions provider and fintech enabler in the Middle East and Africa, has secured a USD 50M capital boost.

The newly raised capitals positions AFS for an aggressive expansion in the digital payments sector.

This major infusion signals a pivotal moment for the company and it will contribute to enhancing its technological infrastructure.

Chairman Sael Al Waary emphasized the investment’s strategic importance. He stated: “This investment reflects our shareholders’ belief in AFS’s vision and our ability to deliver sustained growth.”

Leveraging Capital for Growth

AFS intends to use this USD 50M capital injection to significantly expand its portfolio of products and services.

The company plans to accelerate the development of digital solutions and enhance its existing line of products and services. The focus will be placed on mobile payments and fintech innovations.

This strategic push aligns with the evolving financial landscape, where cashless transactions and digital finance are rapidly becoming the norm.

With this capital, AFS can scale its operations more efficiently, reaching new markets and optimizing existing ones.

It will not only focus on product innovation but also on strategic partnerships and collaborations to dominate the increasingly competitive financial services space.

By fostering these alliances, AFS aims to enhance its market share and solidify its leadership position in the regional fintech ecosystem.

Shaping the Future of Finance

This injection of capital comes at a crucial time when governments in the Middle East are promoting digitalization and modernizing their financial infrastructures.

AFS’s expansion supports these broader market trends by driving financial inclusion and fostering economic diversification.

Its growth aligns with regional policy objectives, such as Bahrain’s FinTech Bay initiatives and Saudi Arabia’s Vision 2030.Competition in the fintech sector has been rising across the MENA region. For the same reason, efficient investment is key to meet the challenge and overcome the competition.

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