Arab Financial Services (AFS) - Comprehensive Analysis Report

Summary

Arab Financial Services (AFS) is a leading digital payment solutions provider and fintech enabler operating across the Middle East and Africa (MEA) region. Established in 1984, the company is owned by a consortium of 37 banks and financial institutions and serves over 60 bank clients in more than 20 countries. AFS's mission is to deliver superior, faster, and more secure financial products and services that foster customer growth, while its vision is to be the foremost enabler of digital transaction transformation. The company is committed to making advanced digital payment experiences accessible, secure, convenient, and seamless throughout the region, solidifying its significant role in the evolving fintech landscape.

1. Strategic Focus & Objectives

Core Objectives

AFS is strategically focused on revolutionizing the financial and payments sectors through digital innovation. Its core objectives include accelerating payments innovation, strategically expanding into new markets, and continuously enhancing its comprehensive suite of digital payment solutions. The company prioritizes developing solutions that meet the evolving needs of its clients while maintaining strict adherence to industry regulations and legal standards.

Specialization Areas

AFS specializes in a diverse range of digital payment solutions and fintech enablement. Key areas of expertise include:
Digital payment acceptance solutions (in-store, on-the-go, eShop).
Advanced card issuing and processing platforms.
Proprietary digital wallets.
Robust fraud and risk management services utilizing AI-powered analytics.
An Open Banking Hub designed to drive financial inclusion and innovation.
AFS offers unique value propositions through its modular, scalable, and flexible platforms, providing customized solutions for various payment use cases and ensuring high levels of security and reliability.

Target Markets

AFS primarily targets banks, businesses (including SMEs and large enterprises), and consumers. Its market positioning strategy involves delivering tailored payment technologies and comprehensive fintech solutions. The company is pursuing significant strategic expansion, with a particular focus on penetrating the UAE and African markets, leveraging various Payment Service Provider licenses.

2. Financial Overview

Funding History

Arab Financial Services operates as a privately held entity with strong corporate backing from its consortium of 37 banks and financial institutions.
October 2024: AFS successfully raised $50 million in a strategic funding round. This investment, approved by its shareholders, is aimed at optimizing the company's financial standing and accelerating ambitious growth plans, including operational expansion, product portfolio enhancement, and driving innovation in digital payments.
December 2021: Shareholders agreed to increase the company's authorized share capital to $150 million and its issued and paid-up share capital to $98 million, a move designed to propel revenue growth and strategic expansion.
As of July 2024, AFS reported an estimated annual revenue of $136.5 million.

3. Product Pipeline

Key Products/Services

AFS is continuously developing and launching innovative digital payment solutions:
Wallets-as-a-Service:
Description: A solution that enables businesses to offer their own digital wallet services.
Development Stage: Launched in 2023.
Target Market/Condition: Businesses seeking to integrate digital wallets into their offerings.
Key Features and Benefits: Reflects commitment to digital wallet offerings and tailored solutions.
AFS Pay:
Description: The first solution in Bahrain to transform Android devices into smart Point of Sale (POS) terminals that accept all contactless payments.
Development Stage: Available.
Target Market/Condition: Merchants in Bahrain and potentially other markets, eliminating the need for additional hardware.
Key Features and Benefits: Supports contactless Visa and Mastercard cards, NFC devices (Samsung Pay, Apple Pay), smart link payments. Merchants gain access to a portal for transaction reports and detailed history.
AFS One:
Description: A fully-featured point-of-sale (POS) software designed for the food and beverage industry.
Development Stage: Available.
Target Market/Condition: Wide range of food and beverage outlets.
Key Features and Benefits: Delivers state-of-the-art restaurant technology.
AFS Open Banking Hub:
Description: A platform that facilitates secure and compliant Open Banking APIs.
Development Stage: Launched in 2023.
Target Market/Condition: Financial institutions and fintech innovators.
Key Features and Benefits: Drives financial inclusion and innovation by leveraging financial data sharing securely and compliantly.
SoftPOS (Tap-to-Phone) Solution:
Description: Allows merchants to accept contactless payments directly on their Android smartphones without external hardware.
Development Stage: Subsidiary received license in Egypt in November 2025, enabling launch.
Target Market/Condition: Merchants in Egypt and other expanding markets.
Key Features and Benefits: Promotes ease of use, cost-efficiency, and broad accessibility for accepting digital payments.
Jaywan Certification:
Description: AFS's platform has been certified to power the UAE Central Bank's national card scheme.
Development Stage: Certified and operational.
Target Market/Condition: Client banks and financial institutions in the UAE.
Key Features and Benefits: Enables client banks to issue Jaywan Prepaid and Debit Cards, supporting national payment infrastructure.
Digital Wallet (BPay):
Description: A first-choice digital payments, commerce, and financial services application.
Development Stage: Available.
Target Market/Condition: Consumers across the region.
Key Features and Benefits: Offers instant, global, and local payment solutions with white-labeling options for partners.

Future Development Plans: AFS plans to broaden its acquiring market scope in Egypt and advance efforts to introduce merchant acquiring solutions in the UAE. The company also targets African markets for growth in its payment processing business, with an emphasis on leveraging cutting-edge technology and artificial intelligence.

4. Technology & Innovation

Technology Stack

AFS positions itself as a leader in digital payment solutions through its advanced technological platforms and unwavering commitment to innovation. Its core platforms and proprietary developments include:
AFS Pay Technology: An innovative solution that transforms Android devices into smart POS terminals, capable of processing contactless Visa and Mastercard cards, NFC devices (e.g., Samsung Pay, Apple Pay), and smart link payments. It includes a merchant portal for transaction reporting.
AFS One Software: Dedicated POS software providing advanced functionality for the restaurant sector.
AFS Open Banking Hub: A robust platform designed to facilitate secure and compliant Open Banking APIs, driving innovation and enhancing customer experiences through controlled financial data sharing.
Fraud and Risk Management Services: Utilizes AI-powered analytics, real-time transaction monitoring, on-behalf fraud services, and advanced authentication tools. This comprehensive framework has demonstrably led to zero fraud losses for its bank clients over the past 12 months.
Card Issuing and Processing Platforms: Modular, scalable, and flexible platforms offering customized solutions for diverse payment use cases.
Digital Wallet Platform (BPay): Provides the underlying technology for digital payments, commerce, and financial services apps, including white-labeling capabilities.
AI-driven Capabilities: AFS consistently invests in cutting-edge technology and artificial intelligence to enhance its solutions, ensuring faster, more accurate, and intelligent fraud detection and overall payment processing.

AFS's innovative approach extends to strategic partnerships, such as with Kiya.ai, to integrate new-age banking technologies, including Core Banking, Digital Banking, Internet Banking, electronic Customer Onboarding (eCO), and Trade Finance solutions, into its product portfolio.

5. Leadership & Management

Executive Team

AFS is guided by a seasoned leadership team with extensive experience in the banking and payments sector:
Mr. Sael Al Waary: Chairman.
Samer Soliman: Chief Executive Officer. Appointed in January 2021, Mr. Soliman brings over 20 years of international experience in banking and payments, spanning issuing, acquiring, project management, business transformation, and product development. He previously served as Managing Director for Network International's Middle East operations.
Dr. Fakher Buferna: Director.
Mr. Maher Kaddoura: Director.
Mr. Musab M. Msallem: Director.
Mr. Suresh Padmanabhan: Director.
Mr. Siegfried Heimgaertner: Director.
Dr. Yousif Almas: Director.
Ebrahim Jassim: Advisor to CEO.
Ghassan Mardini: Chief Operating Officer. Joined in January 2021, Mr. Mardini has extensive experience, including COO at Network International and various cards operations roles at Arab Bank and Mashreq Bank.
Charles Gill: Chief Transformation and Commercial Officer.
Abdelmaguid Afifi: Chief Financial Officer. Appointed in June 2023, Mr. Afifi previously served as CFO at Vezeeta and Group CFO at Fawry Banking and Payment Technology Services, where he contributed to the company's IPO.
Rizwan Khan: Managing Director, UAE & Oman. With over two decades of payments experience in the Middle East, he previously headed acquiring at Network International and sales at ADIB.
Amira Ismail: Country Manager & Head of Acquiring - Bahrain.
Ajmal Basheer: Head of Processing. Over 25 years of experience in banking and fintech across GCC, UK, and India, with expertise in issuing and acquiring portfolios, product development, and project management.
Kavita Nair: Head of Legal. Joined AFS in 2007, with prior roles at Morgan Stanley and IL & FS Trust Company Limited.
Khadija Ebrahim: Head of Human Resources.
Adel Al Mahmood: Head of Compliance & MLRO.
Ganesh Patil: Head of Risk Management. Joined in November 2021, with previous roles at Commercial Bank of Qatar and National Bank of Bahrain focusing on operational risk.
Asif Meghani: Head of Internal Audit.

Recent Leadership Changes

Samer Soliman was appointed Chief Executive Officer, effective January 2, 2021, succeeding B Chandrasekhar.
Abdelmaguid Afifi assumed the role of Chief Financial Officer in June 2023.
Ghassan Mardini joined AFS as Chief Operating Officer in January 2021.
These changes have brought new energy and extensive industry experience to key executive roles, supporting the company's strategic growth and innovation agenda.

6. Talent and Growth Indicators

Hiring Trends and Workforce

As of 2024, Arab Financial Services employed 520 individuals, reflecting an 8% growth in its employee count over the past year. The company is actively expanding its team, indicating a positive growth trajectory. AFS prioritizes cultivating a positive, inclusive work environment that nurtures growth, contribution, and employee well-being, offering significant opportunities for continuous learning and professional development. Key roles likely being recruited span fintech development, digital payments specialists, risk management, and market expansion roles.

Employee Sentiment and Culture Insights

The company's focus on an inclusive work environment, personal and professional growth, and talent development initiatives suggests a positive employee sentiment aimed at fostering long-term engagement and career progression.

Company Size and Expansion Metrics

The increase in employee count and strategic market expansions into the UAE and African markets are strong indicators of AFS's ambitious growth and expansion. AFS actively collaborates with educational institutions to build a robust talent pipeline for the fintech sector, exemplified by:
Reboot Coding Institute (Reboot01): A strategic partnership launched in October 2025 to cultivate next-generation FinTech talent through comprehensive, hands-on programs, accelerating career readiness.
Bahrain Polytechnic: A formalized strategic partnership in November 2025 aimed at accelerating FinTech talent development by strengthening the synergy between academic and financial sectors, offering practical training, field visits, and expert lectures.
These initiatives underscore AFS's commitment to nurturing local talent and strengthening Bahrain's position as a regional innovation hub, which in turn supports its own growth.

7. Social Media Presence and Engagement

Digital Footprint

Arab Financial Services maintains an active and strategic presence across prominent social media platforms, including LinkedIn, Facebook, Instagram, and YouTube.
Brand Messaging & Positioning: AFS consistently communicates its brand as a leading digital payment solutions provider and fintech enabler in the MEA region.
Content Strategy: The company regularly shares updates on its innovative products, strategic partnerships, new licenses, and industry awards. Notable content includes announcements of awards like "Most Innovative Payments Solutions Provider 2024" and successful participation in industry events such as Jewellery Arabia 2025, where significant payment growth was reported.
Community Engagement: AFS leverages its platforms to broadcast thought leadership from executives, such as CEO Samer Soliman, on the future of payments and fintech. It also fosters community engagement around financial technology innovation and talent development, aligning with its partnerships with educational institutions.
Thought Leadership: Executives frequently share insights on industry trends and company advancements, positioning AFS as an innovator and expert in the digital payments space.

8. Recognition and Awards

Industry Recognition

Arab Financial Services has received significant industry recognition and a multitude of awards for its innovative payment solutions and substantial contributions to the fintech sector:
Most Innovative Payments Solutions Provider 2024: Awarded by MEA Finance (third consecutive year).
Best Regional Digital Business Pioneer MENA 2024: Recognized by Business Tabloid and the Powerlist.
Digital Payments Solutions of the Year for Businesses Egypt 2024: Awarded by International Business Magazine.