Arab Financial Services (AFS) and Moamalat Financial Services Co, have signed 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. 

 

Merchant acquirer

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), we will collaborate to promote knowledge transfer and technological enablement, and to explore future opportunities for cooperation. 

 

“We believe that this partnership will accelerate the development of digital payments products, services, and solutions in Libya, and we look forward to working with Moamalat to achieve our shared objectives.

 

Libyan market

Alsanousi Abukhezaim, Chief Executive Officer of Moamalat, said: “AFS as an international strategic partner will help Moamalat advance its offering to the Libyan market through knowledge transfer, expert consultancy and strategic planning.”

 

Regulated by The Central Bank of Bahrain, and majority-owned by Bank ABC, AFS boasts numerous ground-breaking end-to-end digital payment services and solutions.-- TradeArabia News Service