Manama, Kingdom of Bahrain: Arab Financial Services (AFS), the leading digital payment solutions provider and fintech enabler in the Middle East and Africa, has become Bahrain’s first acquirer to enable a Buy Now Pay Later solution for the Kingdom’s merchants. This is through its latest partnership with Dubai-based, Buy Now Pay Later solution provider, Spotii.
As part of the partnership, AFS will provide its distribution network to Spotii – across its broad portfolio of acquiring merchants in Bahrain, leveraging Spotii’s expertise in solution execution to the benefit of AFS’s participating merchants and their customers. Buy Now Pay Later solution empowers businesses to cut through legacy systems and helps businesses drive more sales from every transaction while also enhancing the customer experience and giving customers more control over their spending. The Buy Now Pay Later solution enables retailers to provide their customers with a simple, transparent alternative to traditional payments for higher-value purchases through four cost-free instalment plans. This solution is available to all credit and debit cardholders in Bahrain and not limited to an individual bank.
Samer Soliman, AFS Chief Executive Officer, said: “We have been focused on bringing Buy Now Pay Later to the Bahrain market for some time. I am delighted to now partner with a strategic player like Spotii to give AFS merchants the chance to provide their customers with flexibility on digital payment financing options and further deliver on a truly seamless shopping experience.”
Spotii is a digital payments platform providing Buy Now Pay Later solution with a large portfolio of merchants throughout the United Arab Emirates (UAE) and Kingdom of Saudi Arabia (KSA). The platform allows consumers to pay for their purchases in installments and interest-free.
“Spotii in partnership with AFS, is delighted to present Bahrain’s first Buy Now Pay Later solution, enabling customers to seamlessly spread their purchases over 4 cost free instalment plans. Buy Now Pay Later is booming globally - and Bahrain is a key market for digital evolution in the region," said Anuscha Iqbal, CEO and Co-founder, Spotii. The rapid digital adoption has accelerated the need to provide new innovative solutions to both merchants and consumers alike, and Spotii is at the forefront leading this enablement with our partners.”
Regulated by The Central Bank of Bahrain, and majority-owned by Bank ABC, AFS boasts numerous ground-breaking end-to-end digital payment services and solutions. These span debit, credit, and Islamic card processing, merchant acquiring, fintech, and a suite of state-of-the-art value-added services. Its dedication to innovation has positioned AFS as a driving market force delivering a rich portfolio of payment solutions including popular digital mobile wallets, market-leading merchant acquiring services, Bahrain’s leading digital payroll solution, global contact centers and more. Providing the highest quality payments solutions that are trusted by businesses, AFS has offices and data centers in Bahrain, the UAE, and Oman.
As the brainchild of the MENA region’s banking sector, Arab Financial Services (AFS) exists to empower businesses and consumers by exploring, innovating, and investing in superior technologies that help shape the future of financial experiences. A subsidiary of Bank ABC, AFS is owned by 37 banks and financial institutions, and serves over 60 clients in more than 20 countries. Today, we are the region’s leading digital payment solutions provider and Fintech enabler. Regulated by the Central Bank of Bahrain, our ground-breaking, end-to-end payment services and solutions span card processing, Merchant Acquiring, Fintech and a state-of-the-art, value-added services suite. Our dedication to innovation has positioned us as a driving market force delivering a rich portfolio of payment solutions including popular digital mobile wallets: bwallet in Bahrain and eFloos in Oman; market-leading Merchant Acquiring services; Bahrain’s leading digital payroll solution Al Rateb; global Contact Centers and more. Providing the highest quality payments solutions that are trusted by businesses, we have been recognized by Mastercard for the Fastest Contactless Acquiring Implementation in Bahrain in 2020, as the “Leading Payment Solutions Provider MENA 2021” by International Business Magazine and as the “Most Innovative Payment Solutions Provider, 2021” by The Global Economic.
Visit www.afs.com.bh for more information and join the conversation on LinkedIn.
Spotii is a leading GCC-based BNPL provider founded in 2020 by Anuscha Iqbal and Ziyaad Ahmed. Launched with the mission to empower a generation to enjoy more today what they will love forever through technology, trust, and inclusion today. Spotii’s proprietary risk algorithm has allowed the company to grow rapidly while expanding its product offering across a wide spectrum of industry verticals.
Spotii is part of ASX-listed Zip Co Limited (Z1P: ASX) or (“Zip”), a leading global financial services company, offering innovative, people-centred products that bring customers and merchants together. On a mission to be the first payment choice everywhere and every day, Zip offers point-of-sale credit and digital payment services in 13 markets around the world, including through strategic investments, connecting millions of customers with its global network of tens of thousands of merchants.
One of the fastest growing BNPL providers globally, Zip has a presence in Australia, Canada, Czech Republic, India, Mexico, New Zealand, the Philippines, Poland, Saudi Arabia, South Africa, UAE, the United Kingdom and the USA.
Zip provides fair, flexible and transparent payment options to individual consumers and SMBs, helping them to take control of their financial future and helping merchants to grow their businesses. Zip is committed to responsible lending and owns Pocketbook, a leading personal financial management tool. Founded in Australia in 2013, Zip now employs over 1,000 Zipsters worldwide.
For more information about Zip, please visit: www.zip.co
For more information on Spotii, please visit: www.spotii.com
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