Ajman Bank and Arab Financial Services Join Forces for Enhanced Payments and Merchant Services

In a significant move to strengthen the payments infrastructure in the UAE, Ajman Bank has signed a memorandum of understanding (MoU) with Arab Financial Services (AFS) to collaborate on merchant acquiring and broader payments and banking capabilities.

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The agreement covers a wide range of services, including payment issuing and processing services, as well as corporate banking solutions. The partnership aims to support the development of payments infrastructure for businesses operating in an increasingly digital economy, as stated by AFS.

Ajman Bank’s CEO, Mustafa Al Khalfawi, emphasized the importance of strengthening the infrastructure that supports payments and business transactions, particularly in the face of evolving digital commerce. Through this collaboration, the bank aims to explore opportunities that enhance merchant services, expand payment capabilities, and support businesses with solutions that are aligned with their evolving needs.

AFS Group CEO, Dr. Samer Soliman, highlighted the commitment to deliver a platform that makes payments completely straightforward and deeply integrated. The partnership seeks to provide business owners with a highly intuitive solution, allowing them to focus on growth and expansion.

Arab Financial Services, established in 1984, provides payment products, services, and expertise to banks and merchant groups. The company is owned by 36 banks and financial institutions and serves more than 60 clients across 20 countries in the Middle East and Africa.

In May, AFS partnered with Libyan Islamic Bank (LIB) to support the modernisation of Libya’s payments landscape. This collaboration demonstrates AFS’s commitment to expanding its reach and capabilities in the region.

The MoU sets out a framework for cooperation across commercial, operational, and technology initiatives. It also provides a basis for ongoing discussions on long-term growth and innovation in payments and merchant services.

By joining forces, Ajman Bank and Arab Financial Services aim to create a more connected and resilient financial ecosystem, catering to the evolving needs of businesses and consumers alike.

As the digital economy continues to grow, the need for robust and efficient payment systems becomes increasingly important. This partnership is a significant step towards achieving this goal and ensuring the UAE remains at the forefront of digital payments.

Ajman Bank’s collaboration with Arab Financial Services is a testament to the bank’s commitment to innovation and its dedication to providing the best possible services to its customers.

Through this partnership, Ajman Bank and Arab Financial Services are poised to make a significant impact on the payments landscape in the UAE and beyond.

Key Highlights of the Partnership:

• Collaboration on merchant acquiring and broader payments and banking capabilities
• Agreement covers payment issuing and processing services, as well as corporate banking solutions
• Partnership aims to support the development of payments infrastructure for businesses operating in an increasingly digital economy
• Ajman Bank and Arab Financial Services to explore opportunities for enhanced merchant services and expanded payment capabilities