Moamalat Financial Services and Arab Financial Services enter strategic partnership alliance

Moamalat Financial Services and Arab Financial Services enter strategic partnership alliance

Manama, Kingdom of Bahrain – Arab Financial Services (AFS) and Moamalat Financial Services Co., have today announced the signing of a Memorandum of Understanding (MoU) to enter into a strategic partnership for the development of Libya’s electronic payment ecosystem. AFS will use its expertise and longstanding experience in digital payments to advance the existing systems and provide consultancy, training, and knowledge transfer. Moamalat Financial Services Co., is a leader in Electronic Payment Services in the Libyan market, managing the Libyan National Switch and providing diversified payments products to the Libyan banking industry. AFS’s established role as the leading digital payment solutions provider and fintech enabler in the Middle East and Africa, sees it also operate as a prominent merchant acquirer in Bahrain, Oman and, most recently, Egypt, with state-of-the-art digital payments acceptance solutions of choice across markets. Through this MoU, AFS is committed to building the capacity of the payments sector in Libya in collaboration with Moamalat, with the objective of enhancing and empowering the Libyan payments ecosystem. Samer Soliman, Chief Executive Officer at AFS said: “We are delighted to partner with Moamalat to extend our experience and payments expertise to the Libyan market. Through this Memorandum of Understanding (MoU),