Ajman Bank taps AFS for merchant acquiring and payments rollout

UAE-based Ajman Bank has signed a memorandum of understanding (MoU) with Arab Financial Services (AFS) to work together on merchant acquiring and broader payments and banking capabilities.

The agreement covers payment issuing and processing services, as well as corporate banking solutions.

The initiative is intended to support the development of payments infrastructure for businesses operating in a "increasingly digital economy", AFS said in a statement.

Ajman Bank CEO Mustafa Al Khalfawi said: "As digital commerce continues to evolve, strengthening the infrastructure that supports payments and business transactions remains a strategic priority.

"Through this collaboration, we aim to explore opportunities that enhance merchant services, expand payment capabilities, and support businesses with solutions that are aligned with their evolving needs. Partnerships of this nature play an important role in building a more connected and resilient financial ecosystem".

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.

AFS Group CEO Dr Samer Soliman said: "Our collaboration with Ajman Bank is a commitment to deliver a platform that makes payments completely straightforward and deeply integrated.

"We are putting a highly intuitive solution directly into the hands of business owners so they can focus on growth."

AFS was formed in 1984 to provide payment products, services and expertise to banks and merchant groups. The company is owned by 36 banks and financial institutions. It serves more than 60 clients in over 20 countries across the Middle East and Africa.

In May, AFS partnered with Libyan Islamic Bank (LIB) to support the modernisation of Libya's payments landscape.

"Ajman Bank taps AFS for merchant acquiring and payments rollout" was originally created and published by Electronic Payments International, a GlobalData owned brand.