Bahrain-based fintech enabler Arab Financial Services (AFS) has announced that it is powering the newly launched prepaid card offering from digital mobile-only bank ila Bank . As per the press release information, partly developed by AFS, ila’s prepaid cards are feature-led and give users digital payments flexibility, convenience, and increased standards of security.

AFS – ila Bank partnership details As a digital payment solution provider and fintech enabler activating in the Middle East and Africa region, AFS has been collaborating with ila Bank since the Bank’s establishment in Bahrain in 2019, supporting it with payments technology co-innovation to increase digital banking penetration in the region. Ila Bank’s prepaid cards have added benefits and insurance products such as Schengen Medical Insurance and Travel Medical Insurance that seek to amplify the product value to customers. Being simplified and highly secure, the cards provide customers with complete control over their transactions through the ila app, together with the ability to set a limit for retail transactions, whether POS or ecommerce, ATM cash withdrawals, as well as the number of transactions each day.

What is more, customers have the option to either enable or disable contactless and internet transactions as needed. Commenting on the announcement, Mohamed Al Maraj, ila Bank CEO advised that the region’s fast-growing digital mobile-only bank, the enterprise is committed to providing innovative digital banking products that cater to different market segments and help drive financial inclusion in the country. The spokesperson added that the move is not only a part of their support of Bahrain’s vision for a cashless society, but also key to their technology-led approach to payments, stating that they collaborate with like-minded partners such as AFS to provide a diverse range of payment products that are versatile, convenient, secure, and address the varying needs of their customer base.

Samer Soliman, AFS Chief Executive Officer stated that AFS is proud of the successful rollout and performance of ila Bank’s prepaid card solution, advising that to date, AFS has successfully rolled out ila Bank’s ATM enabling, debit and credit card processing, and mobile application integration and services. With the addition of ila’s prepaid card solution to the list, the spokesperson believes this to underscore AFS’ position as the preferred payments partner for banks, fintechs, and financial institutions across the region. Per their statement, having previous experience in working with ila, the close collaboration has enabled the company to provide a unique product that they believe will address and fulfil customers’ expectations.

AFS offering and mission A Central Bank of Bahrain regulated and majority-owned by Bank ABC company, AFS offers a multitude of end-to-end digital payment services and solutions, spanning debit, credit, and Islamic card processing, merchant acquiring, fintech, and a suite of value-added services. .