AFS

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.

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

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

• Card processing services
• Merchant acquiring solutions
• SoftPOS tap-to-phone
• Digital payment infrastructure
• Payment processing platforms

Headquarters

HQ city

Manama

HQ country

United Arab Emirates

HQ region

Middle East

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Technology or R&D, Operations, Infrastructure, Marketing or Sales

Revenue model

1. Payment Processing and Transaction Fees: Revenue from processing digital payment transactions for banks and merchants across the MEA region
2. SoftPOS Licensing: Licensing fees for SoftPOS technology enabling Android smartphones as payment terminals
3. 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

Core 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

Named customers2 records

Segments2 records

Ideal customer profiles2 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Two partnerships are on record, tiered core.

• Libyan Islamic BankcoreStrategic or Co-development Partner · 18 May 2026Strategic 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 PaycoreStrategic or Co-development Partner · 15 January 2026Official 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

Direct 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

• Xx.com/afs_bh

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Subsidiaries1 record

Funding overview

Funding rounds2 records

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about AFS