Through this move, AFS and EDF plan to work on optimising Libya’s payment landscape by rolling out a suite of digital and electronic payment services. By merging AFS’s capabilities and EDF’s local insights, the two companies seek to advance the Libyan market and meet the evolving demands, needs, and preferences of consumers, businesses, and financial institutions. AFS and EDF plan to provide them with secure and simplified digital payment solutions, supporting them in transitioning to a modern financial ecosystem.
Moreover, both AFS and EDF are committed to advancing financial technology and facilitating Libya’s payment landscape digital transformation, as well as supporting the region’s financial services sector. Additionally, commenting on the news, representatives from EDF mentioned that the Teaming Agreement forged with AFS assists their company’s mission to offer efficient digital payment solutions in the country. As part of the collaboration, the two companies plan to roll out optimised digital payment systems and accelerate the adoption of safe payment methods.
To facilitate its expansion and catalyse its growth strategy, AFS also obtained USD 50 million in a funding round in October 2024. At that time, the company planned to leverage the capital to improve its financial position and scale its operations while augmenting its product offering and suite of solutions.
The adoption of digital solutions in Libya
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Libya has positioned itself among the MENA countries that support digitalisation, having scaled internet penetration, implemented government-led initiatives, and an increasing digital economy. Also, the region’s digital transformation offers several opportunities for businesses to expand their operations, with them having options such as cloud computing and AI adoption, ecommerce and digital payments, as well as digital partnerships. When it comes to upcoming trends, Libya’s ecosystem could be further advanced through AI and automation, 5G and IoT, and cybersecurity investments.
