AFS
Arab Financial Services (AFS) is a Bahrain-based, bank-owned digital payments provider offering card issuance, transaction processing, merchant acquiring, and SoftPOS solutions to financial institutions and merchants across 20+ countries in the Middle East and Africa.
- Company typePrivate
- Founded1984
- HeadquartersManama, United Arab Emirates
- Headcount101–250
- GTM typeB2B
- OfferingServices
What AFS does
Arab Financial Services Company B.S.C. (c) (AFS) is a Bahrain-based digital payments infrastructure provider founded in 1984 and regulated by the Central Bank of Bahrain. The company delivers card issuance, transaction processing, merchant acquiring, and SoftPOS (Tap-to-Phone) solutions to banks, financial institutions, and merchants across more than 20 countries in the Middle East and Africa. Its technology stack includes Visa-aligned card issuance and processing, tokenization and encryption for transaction security, and a SoftPOS platform that converts NFC-enabled Android smartphones into payment terminals, displacing traditional POS hardware. AFS also markets compliance-focused payment processing modules addressing data privacy, surcharging, authentication, and real-time payments for merchants in regulated markets.
AFS operates a transaction-fee revenue model, monetizing payment processing volumes, SoftPOS licensing, and card issuance services for partner banks. The company is privately held and uniquely owned by 37 banks and financial institutions across the MEA region, providing both embedded distribution and a captive customer base. Its go-to-market combines direct enterprise sales to banks with channel partnerships and licensing models — most recently extending into merchant acquiring through partnerships such as the Comera Pay launch in the UAE. Capital base is substantial, with $98 million in issued/paid-up share capital approved in 2021 (against $150 million authorized) and a further $50 million raised from shareholders in 2024 to fund expansion into Egypt, the UAE, Oman, and African markets. AFS Egypt has secured a Central Bank of Egypt SoftPOS license, positioning the firm among the first fully licensed providers of tap-to-phone acceptance in the country.
AFS firmographics
Firmographics- Name
- AFS
- Legal name
- Arab Financial Services Company B.S.C. (c)
- Website
- https://afs.com.bh
- Company type
- Private
- Founded year
- 1984
- Operating status
- Operating
- Headcount range
- 101–250 employees
- Short description
- Arab Financial Services (AFS) is a Bahrain-based, bank-owned digital payments provider offering card issuance, transaction processing, merchant acquiring, and SoftPOS solutions to financial institutions and merchants across 20+ countries in the Middle East and Africa.
- Ownership category
- akta.pro rank
AFS industry classification
Industry- Product category
- Payment Processing Services
- akta.pro primary industry
- Alternative Payment Method (APM) Acquiring (e.g., BNPL, wallets, local methods) (FSAMABAL)
- akta.pro secondary industries
- Alternative Payment Methods (APMs) Enablement (BNPL, wallets, local methods) (FSAMACAE), Risk, Compliance & Controls for Embedded Finance (KYB/KYC/AML, Fraud, Disputes) (FSAGALAK), Payment PIN Pads, Card Readers & NFC Contactless Devices (HDACAKAG)
Keywords
Where AFS is headquartered
LocationHeadquarters
- HQ city
- Manama
- HQ country
- United Arab Emirates
- HQ region
- Middle East
Offices1 record
Markets served
AFS business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel, Technology or R&D, Operations, Infrastructure, Marketing or Sales
Revenue model
- Payment Processing and Transaction Fees: Revenue from processing digital payment transactions for banks and merchants across the MEA region
- SoftPOS Licensing: Licensing fees for SoftPOS technology enabling Android smartphones as payment terminals
- Card Issuance Services: Revenue from card issuance and processing services for partner banks including Visa card capabilities
Go-to-market motion2 records
Distribution channels2 records
Marketing channels1 record
AFS product offering
Product offeringCore offering
AFS provides digital payment infrastructure for banks and financial institutions across the Middle East and Africa. Its portfolio includes card issuance and processing (Visa capabilities with tokenization and encryption), SoftPOS (Tap-to-Phone) technology that turns NFC-enabled Android smartphones into secure payment terminals, and merchant acquiring solutions supporting chip-and-PIN, contactless cards, mobile wallets and QR payments. The company is owned by 37 banks and financial institutions and operates under multi-country Central Bank licenses.
Product overview
AFS (Arab Financial Services) is a digital payments provider operating across the Middle East and Africa, offering a portfolio of payment solutions including SoftPOS (Tap-to-Phone) technology that converts Android smartphones into secure payment terminals, card issuance and processing services with Visa capabilities, and merchant acquiring solutions. The company serves clients across more than 20 countries and is owned by 37 banks and financial institutions. The SoftPOS product serves as the primary mobile payment acceptance tool for merchants, while card services support banking infrastructure modernization, and compliance solutions address regulatory requirements for data privacy and authentication.
Differentiator
Problem solved
Functional benefit
Products and services
- AFS SoftPOS (Tap-to-Phone) Mobile point-of-sale solution that transforms any NFC-enabled Android smartphone into a secure payment terminal, enabling merchants and small businesses to accept contactless payments without traditional POS hardware. Licensed and distributed through financial institution partners in markets including Egypt.
- Card Issuance and Processing Services End-to-end card payment infrastructure including Visa card issuance, processing capabilities, tokenization and encryption services for banks and financial institutions modernizing their payment infrastructure.
- Merchant Acquiring Solutions Payment acceptance solutions including chip and PIN, contactless cards, mobile wallets, and QR payments with real-time transaction tracking and daily settlement. Provided through partnerships such as Comera Pay in the UAE and used by merchants and small businesses.
- Payment Processing Compliance Solutions Compliance-focused payment processing solutions addressing data privacy, surcharging, authentication, and real-time payments for merchants operating in regulated markets.
Quantifiable outcome
- First fully licensed SoftPOS provider in Egypt market
- +1 more outcomes
Companies that use AFS
Customer profileNamed customers2 records
Segments2 records
Ideal customer profiles2 records
AFS technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature4 records
AFS partnerships and signals
Strategic signalPartnerships
Two partnerships are on record, tiered core.
- Libyan Islamic BankcoreStrategic partnership to modernize Libya's payment infrastructure. Libyan Islamic Bank leverages AFS's Visa card capabilities along with enhanced security features including tokenization and encryption to deliver faster, more seamless banking experiences. The partnership aims to support Libya's transition toward a cashless, digital economy while expanding AFS's presence in North Africa.
- Comera PaycoreOfficial launch of merchant acquiring payment solutions in UAE in partnership with Comera Pay. AFS serves as processing partner providing payment tools including chip and PIN, contactless cards, mobile wallets, and QR payments. The solution integrates real-time transaction tracking, daily settlement summaries, and seamless reconciliation features. The partnership positions Comera Pay to scale across MENA region.
Scale indicators6 records
Recent moves6 records
Expansion highlights6 records
AFS competitors and assessment
Company assessmentDirect peers
- Network International: Largest payment processor in the Middle East and Africa, providing merchant acquiring, card processing, and payment infrastructure to banks and merchants. Closest direct competitor to AFS in MEA, with overlapping product lines, target customers (banks and merchants), and geographic footprint.
- Tap Payments: MENA-focused payment gateway and processor serving merchants and financial institutions across the region. Comparable to AFS in offering payment acceptance infrastructure, with overlapping geographies (UAE, KSA, Egypt) and similar enterprise and SMB segments.
- PayTabs: MENA-headquartered payment solutions provider offering payment processing, merchant acquiring, and digital payment infrastructure. Comparable to AFS in serving banks and merchants across the Middle East with similar B2B payment infrastructure offerings.
- Telr: UAE-based payment gateway and processor providing merchant acquiring, online payment processing, and SoftPOS-style solutions to MENA merchants and banks. Direct competitor to AFS in merchant acquiring and digital payment infrastructure across the region.
- HyperPay: Leading Saudi Arabian payment service provider offering merchant acquiring, payment gateway, and digital payment infrastructure. Comparable to AFS in serving banks and merchants with payment processing solutions, particularly in KSA and broader MENA.
- Geidea: Saudi-based payment solutions provider offering POS terminals, SoftPOS, and merchant acquiring services across MENA. Comparable to AFS in merchant acceptance solutions and SoftPOS deployment, with overlapping target segments.
Broad incumbents
- Checkout.com: Global payment processor expanding aggressively into MENA, offering enterprise-grade payment processing and merchant acquiring. Comparable to AFS in serving banks and large merchants with payment infrastructure, but operates at global scale with broader product portfolio.
- Adyen: Global payment platform providing unified commerce, card processing, and acquiring services to enterprises worldwide. Comparable to AFS in core card processing and merchant acquiring capabilities, but serves a much broader geographic footprint and customer base.
- Visa: Global payments network that is both a partner and potential competitor to AFS through Visa Direct, processing services, and emerging SoftPOS offerings. Comparable to AFS in card processing and issuance, but operates the underlying network infrastructure that AFS builds on.
Emerging players
- Mamo Pay: UAE-based emerging fintech offering payment processing and digital financial services to merchants and consumers. Comparable to AFS in MENA payment infrastructure focus, though smaller in scale and more narrowly focused on UAE market.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat4 records
Key risks6 records
Key highlights6 records
Customer concentration
AFS social profiles
Digital presenceAFS financial estimates
Financial estimateRevenue estimate
Valuation estimate
AFS leadership team
Management profileNumber of profiles
Profiles2 records
AFS subsidiaries and ownership
Company hierarchySubsidiaries1 record
AFS funding detail
Funding detailFunding overview
Funding rounds2 records
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
AFS M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about AFS
What does AFS do?
AFS provides digital payment infrastructure for banks and financial institutions across the Middle East and Africa. Its portfolio includes card issuance and processing (Visa capabilities with tokenization and encryption), SoftPOS (Tap-to-Phone) technology that turns NFC-enabled Android smartphones into secure payment terminals, and merchant acquiring solutions supporting chip-and-PIN, contactless cards, mobile wallets and QR payments. The company is owned by 37 banks and financial institutions and operates under multi-country Central Bank licenses.
Is AFS a public or private company?
AFS is a private company. It is classified as corporate owned and is currently operating.
When was AFS founded?
AFS was founded in 1984. It employs 101 to 250 people.
Where is AFS based?
AFS is headquartered in Manama, United Arab Emirates, in the Middle East region.
How does AFS make money?
Three revenue lines are on record. Payment Processing and Transaction Fees are the primary driver. The others are softPOS Licensing and card Issuance Services.
Who are AFS's main competitors?
Direct peers on record are Network International, Tap Payments, PayTabs, Telr, HyperPay and Geidea. Broad incumbents are Checkout.com, Adyen and Visa. Mamo Pay is listed as an emerging player.
Does AFS have an API?
No public API is recorded for AFS.
What industry is AFS in?
AFS's product category is Payment Processing Services. Its primary akta.pro industry code is FSAMABAL, Alternative Payment Method (APM) Acquiring (e.g., BNPL, wallets, local methods), with a secondary code of FSAMACAE, Alternative Payment Methods (APMs) Enablement (BNPL, wallets, local methods).