Arab Financial Services (AFS), a leading provider of digital payment solutions in the Middle East and Africa, has formed a strategic partnership with Ternoa’s PayFi network to enhance cryptocurrency adoption in the Gulf Cooperation Council (GCC) region.
This collaboration represents a significant step in integrating decentralized finance with mainstream commerce. Through this initiative, AFS will implement Athar, a decentralized consumer finance protocol, allowing seamless cryptocurrency transactions for everyday purchases. This move is expected to make crypto payments more accessible and practical for both businesses and consumers.
As part of the agreement, AFS will deploy Athar-powered crypto payment solutions across its merchant network within the GCC. This integration will enable stablecoin payments at point-of-sale (PoS) terminals, enhancing transaction efficiency and security. By incorporating blockchain technology, AFS aims to provide a more robust and future-ready payment ecosystem that aligns with the evolving digital landscape.
Samer Soliman, CEO of AFS, emphasized the company’s commitment to innovation in the financial sector. “AFS is dedicated to driving progress in the payments industry by providing seamless, secure, and forward-thinking solutions. The integration of stablecoins and decentralized finance opens up new possibilities for both merchants and consumers in the UAE, fostering broader adoption of digital payments in the region.”
Mickael Canu, CEO of Ternoa, highlighted the transformative potential of blockchain in everyday finance. “The next major milestone for blockchain and digital finance is its practical application in daily life. The financial services sector is vast, and integrating it with Ethereum will unlock unprecedented opportunities. Our collaboration with AFS through Athar will make digital payments faster, more secure, and widely accessible.”
This partnership adds to another major initiative by AFS this month. The company joined forces with Nsano, a pan-African payment processor and mobile money aggregator, to expand digital payment options across Sub-Saharan Africa. By leveraging the combined expertise of both firms, AFS aims to accelerate the growth of digital financial services in emerging markets.
Regulated by the Central Bank of Bahrain and the Central Bank of Egypt, AFS is owned by a consortium of 37 banks and financial institutions. The company serves over 60 banks across more than 20 countries in the Middle East and Africa, solidifying its position as a key player in the region’s financial ecosystem.
As digital transactions continue to gain momentum, partnerships like the one between AFS and Ternoa signal a shift toward a more inclusive and technologically advanced payment infrastructure. By embracing blockchain and decentralized finance, AFS is paving the way for a new era of financial accessibility in the GCC region.
By Alejandro Silva Ramírez, Crypto Analyst & Columnist