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MoU Aims to Boost Electronic Payment Services in Libya

Digital payment solutions provider and fintech enabler Arab Financial Services (AFS), and Moamalat Financial Services, which specialises in electronic payment services in the Libyan market, have 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 says it 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 already manages the Libyan National Switch and provides diversified payments products to the Libyan banking industry. AFS’s established role in the Middle East and Africa sees it also operate as a prominent merchant acquirer in Bahrain, Oman and, most recently, Egypt, with digital payments acceptance solutions across a number of markets.

Through this MoU, AFS says 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.

Arab Financial Services (AFS) was formed in 1984 to provide payment products, services and expertise to banks and merchant groups and deliver customised payment solutions in an increasingly divergent, disruptive, and dynamic payment eco-system.

Regulated by The Central Bank of Bahrain, and majority-owned by Bank ABC, AFS boasts numerous digital payment services and solutions spanning debit, credit, and Islamic card processing, merchant acquiring, fintech, and a suite of state-of-the-art value-added services. 

AFS has offices and data centres in Bahrain, Egypt, Oman, and the UAE.

Source: Developing Telecoms