Arab Financial Services Company (AFS), the region's leading third party processor, plans for aggressive expansion in the region.

“We have achieved significant growth and stability in the last few years, we plan to become more active and commercially aggressive to ensure that our dominance in the region is maintained,” said AFS chairman Ghazi M. Abdul Jawad.

The board is convinced that we are entering the most exciting time in the company’s history and we are taking the steps to support the management’s efforts through continued investment and other strategic initiatives, said Jawad in a statement.

The statement did not provide details of the expansion plan.

“In the last few years, AFS has grown significantly through a programme of enhancing the company’s core capabilities, improving the products and services and investing in attracting and developing talented people. We believe there are many institutions in the region that will benefit from our experience, superior technology and talented staff. The banking industry is becoming increasingly competitive which is driving financial institutions to become more technically advanced in their approach and the products they offer their customers,” said Jawad.

“At AFS, we pride ourselves on delivering innovative and integrated outsourcing solutions that help our clients succeed and grow their businesses. We will continue to invest heavily in technology and resources in the coming years to ensure that our business proposition adds significant value to our processing clients. Our aim is to create a company which provides an unmatched service at a highly competitive price that will make it very difficult for the global and regional processing vendors to compete with us in the Middle East and North Africa.  We envisage a consolidation of processing vendors in the years ahead and AFS plans to remain independent and the first choice for electronic payment and consumer lending outsourcing services in the region.” – TradeArabia News Service