Bahraini fintech comes to Egypt: Bahrain-based payment solutions provider ArabFinancial Services (AFS) plans to expand to Egypt, the company said in a statement. The decision to set up an Egypt hub was driven by “the unprecedented growth in the Egyptian market over the past few years,” said CEO Samer Soliman. The company has appointed former JumiaPay Egypt managing director Tawfik Mahmoud (LinkedIn) to head its Egypt operations. AFS is a subsidiary of Bank ABC.

Also this morning: Abu Dhabi Islamic Bank Egypt (ADIB Egypt) has approved an EGP 1 bn capital increase.

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