Category: News

Dubai, UAE, 10 April 2025 –– Al Ansari Financial Services PJSC (“AAFS” or “the Group”) one of the leading integrated financial services groups in the UAE and the parent of Al Ansari Exchange, today announcesthe successful completion of its acquisition of BFC Group Holdings (“BFC”), after receiving all the required regulatory approvals, solidifying its position as the largest non-banking financial institution (NBFI) in the Gulf Cooperation Council (GCC) region in terms of branch network.

This transformative USD 200 million transaction expands AAFS’s presence across Bahrain, Kuwait and India, increasing the Group’scustomer base by 29% and branch network by 60%. The integration of BFC enhances AAFS’s operational scale and geographic diversification, creating substantial value for shareholders, customers, and employees.

Leading the Digital Frontier

AAFS has long been at the forefront of digital innovation in the financial services sector. With its award-winning Al Ansari Exchange app and a full suite of advanced digital solutions, the Group continues to lead the market in delivering seamless, secure, and customer-centric experiences. AAFS has also been actively integrating artificial intelligence across various business functions to enhance efficiency, personalisation, and fraud prevention.  The Group now intends to replicate its digital model across BFC Group entities further strengthening AAFS’s position as a dominant digital-first player in the NBFI landscape.

Strategic Impact and Value Creation

• Market Leadership: AAFS is now the largest non-banking financialservices provider in the GCC, reinforcing its dominance in remittances and foreign exchange.
• Geographic Expansion: The acquisition strengthens AAFS’s regional footprint, securing a #1 market position in Bahrain, #3 in Kuwait, and access to a wider customer base in India, in addition to its leading position in the UAE remittance and foreign exchange market.
• Enhanced Digital Capabilities: BFC’s fintech expertise and digital solutions complement AAFS’s growth strategy and current digital solutions, accelerating customer engagement.
• Operational Synergies: The integration is expected to benefit from economies of scale generating cost efficiencies, improving profitability and driving revenue growth.

 Financial Impact

The acquisition is immediately earnings-accretive, with double-digit EBITDA growth.

The consolidated financial impact based on 2024 data (subject to any post-acquisition adjustments / integration impact) is as follows:

• Estimated 20% increase in operating income.
• EBITDA projected to grow by 13%.
• Net profit after tax expected to grow by 13%.
• Stronger cash flow generation, enhancing dividend distribution potential.

Rashed A. Al Ansari Group CEO of Al Ansari Financial Services commented: “Today’s acquisition represents a pivotal step for Al Ansari Financial Services, underscoring our dedication to regional growth, innovation and enhancing our financial strength.

We are confident that this move will deliver long-term value for our shareholders. Moreover, the anticipated boost in cash flow post-integration reinforces our commitment to providing strong returns for our investors.”

 

Future Outlook

With a strengthened market position and an expanded footprint, AAFS is well-positioned to drive sustainable growth across key markets. The Group remains focused on unlocking new revenue streams, optimising operational efficiencies, and accelerating digital transformation. The acquisition of BFC is expected to unlock further opportunities for strategic partnerships, product innovation, and market penetration across key remittance corridors.

BFC Payments BSC (C), the Fintech arm of BFC Group Holdings WLL, launched an advanced multi-currency Visa card, BFC PAY TRAVEL BUDDY, that offers international travellers the convenience of digital payments. The card features fast top-ups anywhere, instant currency conversion, worldwide shopping and dining in multiple currencies at any of Visa’s 80-plus million merchant partners worldwide, and provides cardholders access to Visa Platinum loyalty programs.

With the rise in business and leisure travel, a safe and seamless digital payment instrument becomes crucial for travellers. A significant advantage of the BFC Pay Travel Buddy card is the ability to instantly load BHD and transfer to five different currencies in the wallet at attractive exchange rates. The exchange rate lock feature allows the forex (FX) rate to be secured when converting the currency. The BFC Pay Travel Buddy Card is highly economical for international travel, given the higher forex markups charged by other payment solutions.

“For Travel Buddy, we wanted to offer our customers a superior digital experience. Everything is done instantly through the BFC Pay mobile app, whether applying for the card, loading the money or buying FX. We want customers to travel cash-free and give them the most cost-effective solution on all their international spending, be it booking tickets online or shopping while you travel,” says Davis Parakal, General Manager of BFC Payments.

“With over 100 years in the forex business, we have created an end-to-end Digital Solution to cater to our customers’ travel needs. As one of the leading digital fintech players in Bahrain, BFC Payment’s primary focus is to ease and enhance our customer’s experience. BFC Pay Travel Buddy is a testament to our commitment to that digital transformation. I am excited to welcome new and existing customers to experience “The Travel Buddy Card”, says Ebrahim Nonoo, MD & CEO of BFC Group Holdings.

Here are some of the significant features of the card:

• One card | Six currencies: Fixed and attractive rates for USD, GBP, EUR, SAR, AED and BHD currency wallets and more currencies coming soon.
• Protects from foreign exchange volatility: Foreign currency balance is safeguarded against currency fluctuations.
• Access to Visa Platinum offers: Visa Platinum offers and loyalty programs are made accessible for BFC Pay Travel Buddy Visa cardholders.
• No hidden fees: Zero loading fees or FX buy charges on the card.
• Fully digital: Complete control, from card application to managing the card, through the BFC Pay App.
• Easy top-up: Card can be seamlessly loaded with any debit card or through the BenefitPay App.

BFC Payments BSC (C) is licensed by the Central Bank of Bahrain (CBB) as an Ancillary Service Provider and a leading player in mobile and salary wallets, prepaid cards, and local and cross-border payments.

BFC Payments B.S.C. (C), the Fintech arm of BFC Group Holdings, is all set to expand its digital payment solutions portfolio with the launch of the BFC Pay Cards.

The fintech has partnered with Visa and Benefit to launch two unique card products designed to meet the evolving needs of banked and underbanked individuals, supported by a feature-rich mobile app and contactless payment technology.

The first variant, BFC Pay Salary Card, is developed for the Kingdom’s unbanked customers, providing financial services to meet their daily financial needs. BFC Payments caters to this segment through the Wages Protection System (WPS) compliant salary services, and the Salary Card will empower them with an additional touch point. The second variant, BFC Pay VISA Prepaid Card, addresses the growing needs and increasing demands for cashless spending. These products enable BFC Pay cardholders to shop online or offline at various merchant and ATMs in Bahrain. BFC Pay Cards will play a crucial role in fuelling digital transactions and contributing to the country’s vision of a cashless economy.

Commenting on the launch, Davis Parakal, General Manager, BFC Payments, said, “It is an exciting phase for BFC Payments. Adding cards to our portfolio allows us to achieve Bahrain’s financial inclusion goals. With the physical and digital approach, the BFC Pay mobile app will be the central touchpoint for customers while bringing physical elements like the BFC Pay Cards.”

With the launch cards, the BFC Pay Wallet offering will provide a unique proposition where customers can easily access their salary through the BFC Pay mobile app, BFC Pay Card and an extensive network of BFC branches. In addition, the flagship product BFC Pay mobile app, launched in November 2021, offers international money transfers along with mobile recharges, utility bill and school fees payment, gaming vouchers and lots more.

Ebrahim Nonoo, Managing Director & CEO, BFC Group Holdings, said, “Our vision is to serve our customers with market-leading digital products and cutting-edge solutions that deliver great customer experiences. The BFC Pay Card is just the first step towards achieving our goals and we have many more exciting products in the pipeline.”

BFC Payments is pleased to announce the launch of the new and powerful BFC Pay App. The enhanced App has a digital wallet that includes easy account opening using eKYC and can load money or receive your salary directly to the mobile wallet. The app enables customers to do international remittance, local bill payments, wallet to wallet money transfer and much more using 3 different payment methods – BenefitPay App, Benefit Payment Gateway and BFC Pay wallet.

BFC Payments, the Fintech arm of BFC Group, provides digital payments services for Corporates, SMEs and Consumers. One of the significant features on the new BFC Pay App, is the digital wallet, was to comply with LMRA’s Wage Protection System (WPS) initiative that provides the unbanked sector in the Kingdom of Bahrain with digital salary accounts. This law will require employers to pay their employees through any medium that is licensed by CBB, protecting worker’s financial rights which are governed by their contracts of employment.

Mr. Davis D Parakal, Head of Business Development, Strategic Partnerships & Innovation of BFC Payments said, “Bringing superior and innovative customer experience to Bahrain’s FinTech space is part of our overarching strategy and BFC Pay is a major milestone towards it. While offering local and international payments to our Banked customers, BFC Pay will be a salary account for the unbanked segment. Now our WPS digital Payroll system work hand-in-hand with the new app which enables our corporate and SME clients to disburse the salary straight to customers mobile wallet.’’

The new BFC Pay App also enables users to remit money worldwide at great rates – quickly, safely and conveniently.

Mr. Deepak Nair, CEO of BFC said, “This is a major digital leap for us and is part of the Group’s significant commitment to invest in digital innovation. With BFC powering international remittance on the BFC Pay App, we are delighted to extend our online money transfer services, increasing customer convenience.”

The BFC Pay App comes with additional features such as secure biometric and PIN login, instantly adding and managing beneficiaries, keeping a track of remittance, bill payments and wallet transaction history, rates notifications, and much more.

The BFC Pay App can be downloaded on Google Play Store, App Store and Huawei AppGallery.

BFC Payments is a part of BFC Group which is one of the financial leaders in the region that includes an international network of money exchanges across four countries. The history of the companies that are incorporated under the Group date back over 100 years, with Bahrain Financing Company (BFC) trading in gold bullion and continually growing its services.

For more information on BFC Payments, please visit www.bfcpay.com or by getting in touch with a BFC Payments on +973 1700 4548 / 1771 1775.