AFS, Libyan Islamic Bank Sign Digital Payments Deal

By Parth Prabhudesai

Arab Financial Services has partnered with Libyan Islamic Bank to modernise Libya’s digital payments infrastructure through advanced card issuance, payment processing and security solutions.

Under the agreement, Libyan Islamic Bank will use Arab Financial Services’s Visa card issuance and processing capabilities to improve customer onboarding and enhance digital banking experiences.

The partnership also includes the deployment of enhanced security technologies such as tokenisation and encryption to strengthen transaction security and protect customer data across digital channels.

In addition, Arab Financial Services will support the bank in building scalable payment infrastructure designed to support future growth and enable the rollout of next-generation payment solutions in Libya.

Adel Kshad, General Manager of Libyan Islamic Bank, said the partnership is aimed at strengthening the country’s digital banking ecosystem.

“By modernising our payment infrastructure and embracing new technologies, we are equipping our customers with faster, safer, and more convenient ways to bank, while supporting the nation’s broader digital transformation and economic development goals,” Kshad said.

The collaboration reflects Arab Financial Services’s continued expansion across North Africa as digital payments adoption accelerates across the region.

The company said the partnership aligns with its broader strategy to improve regional connectivity, promote financial innovation and expand financial inclusion in emerging markets.

Arab Financial Services is regulated by the Central Bank of Bahrain and licensed by the central banks of Egypt and the UAE. The fintech payments provider is owned by 36 banks and financial institutions and serves more than 60 banking clients across over 20 countries in the Middle East and Africa.

The deal highlights the growing role of fintech infrastructure providers in helping banks across emerging markets modernise payment systems and accelerate the transition towards digital and cashless economies.