The collaboration focuses on modernising Mawarid Finance’s credit offerings through the development of a mobile application and a fully digital onboarding process for cardholders. As part of the agreement, Mawarid Finance will leverage its membership with Mastercard and AFS’s processing capabilities to provide BIN sponsorship services. This initiative is intended to support fintech companies by offering access to essential sponsorship and processing solutions, facilitating their entry into the financial sector.
Representatives from AFS noted that the partnership aligns with both companies' efforts to promote digital transformation in the industry. They stated that the collaboration would help fintechs introduce new solutions to the market by using the expertise and infrastructure of AFS and Mawarid Finance.
Mawarid Finance officials described the initiative as a step toward enhancing digital financial services. They emphasised that AFS’s experience in digital payments and processing would enable Mawarid Finance to provide improved services to customers while creating new opportunities for fintech firms.
These developments follow Arab Financial Services’ partnership with Nsano, a pan-African payment processor and mobile money aggregator. This collaboration aimed to expand digital payment options and improve the payment ecosystem across Sub-Saharan Africa by connecting mobile money and card payments through the combined technology of both companies.
Through this agreement, Nsano provided Visa and Mastercard processing including both issuing and acquiring services to financial institutions and merchants across the region. Its knowledge of the African payment landscape, integrated with AFS’s card processing and payment solutions, aimed to create a system that offers accessibility and efficiency for electronic payment-enabled businesses across key markets in Sub-Saharan Africa.
In January 2025, Arab Financial Services expanded into the UAE to advance the digital payments ecosystem. This move followed the acquisition of a Retail Payment Services Licence from the Central Bank of UAE. This allowed AFS to introduce a wider range of payment solutions for customers and businesses in the UAE.
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