Category: News

BFC Payments, a subsidiary of Al Ansari Financial Services PJSC and a leading digital payments and financial services provider in Bahrain, has entered a strategic partnership with the Labour
Market Regulatory Authority (LMRA) to offer expatriate workers voluntary, instant access to digital financial services upon their arrival in the Kingdom of Bahrain.

This initiative is part of the Kingdom’s ongoing commitment to strengthening labour market systems and safeguarding the rights of all stakeholders through secure, accessible and inclusive
financial solutions.

Through this partnership, expatriates arriving at Bahrain International Airport will be issued a BFC Payments digital wallet, which they may activate at their discretion. This initiative provides them with convenient, secure and inclusive tools to manage their finances with confidence.

The digital wallet comes with an International Bank Account Number (IBAN) and a comprehensive suite of services, including virtual card issuance, local and international transfers, QR code-
based payments and utility bill settlements. It also offers a customized rewards programme with cashback, merchant discounts and additional benefits designed to support the everyday financial
needs of expatriates.

H.E. Nibras Mohamed Talib, CEO of the Labour Market Regulatory Authority (LMRA) and Chairman of the National Committee for Combatting Trafficking in Persons, stated, “This partnership with BFC Payments marks an important step in further safeguarding the rights of all parties by ensuring immediate access to secure digital financial services. It also reflects the vital role of private sector collaboration in supporting the successful implementation of LMRA’s ongoing policies and strategies.”

Vineet Karumat, General Manager of BFC Payments commented, “We are proud to work alongside LMRA to deliver innovative and inclusive financial solutions that address real-world
challenges. From the moment expatriates land in Bahrain, they will have the tools to participate in the economy, support their families and manage their finances with confidence and security.”

For more information about BFC Payments, visit www.bfcpay.com.

Manama, Bahrain 06-06-2025 – BFC Payments, a subsidiary of Al Ansari Financial Services PJSC, and Bahrain’s leading digital payments and financial services platform, is pleased to announce a major enhancement to its flagship Travel Buddy multi-currency prepaid card. The card now supports an expanded portfolio of 32 currencies, reinforcing its position as the go-to financial solution for global travelers and digitally empowered consumers seeking seamless, borderless spending.

Enhancing its already robust multi-currency capabilities, the Travel Buddy card now supports 15 additional currencies, further expanding its global reach. New additions include the Japanese Yen (JPY), Malaysian Ringgit (MYR), Indian Rupee (INR), Azerbaijani Manat (AZN), Egyptian Pound (EGP), Swedish Krona (SEK), Jordanian Dinar (JOD), Philippine Peso (PHP), Iraqi Dinar (IQD), Moroccan Dirham (MAD), South African Rand (ZAR), Indonesian Rupiah (IDR), Chinese Yuan (CNY), Hong Kong Dollar (HKD), and Czech Koruna (CZK).

These newly added currencies complement the Travel Buddy card’s existing offering, which includes the Bahraini Dinar (BHD), United States Dollar (USD), British Pound Sterling (GBP), Euro (EUR), United Arab Emirates Dirham (AED), Omani Rial (OMR), Qatari Riyal (QAR), Saudi Riyal (SAR), Kuwaiti Dinar (KWD), Turkish Lira (TRY), Thai Baht (THB), Singapore Dollar (SGD), Australian Dollar (AUD), Canadian Dollar (CAD), Swiss Franc (CHF), Georgian Lari (GEL), and Norwegian Krone (NOK).

“At BFC Payments, we remain dedicated to redefining how our customers experience and manage their finances through smart, intuitive, and innovative solutions. The BFC Pay Travel Buddy card is crafted to elevate both global travel and everyday spending, and this expanded currency support marks a significant step forward in that mission. We’re continually reimagining everyday finance – whether you’re a frequent flyer, an avid digital shopper, or living life across borders, the Travel Buddy card delivers unparalleled financial control and convenience right in your pocket,” said Vineet Karumat, General Manager of BFC Payments.

The Travel Buddy card stands out as the only card in Bahrain offering support for over 30 currencies within a single, unified wallet. This positions it as a powerful tool for customers seeking unmatched convenience and financial control—whether spending locally or abroad. In addition to its seamless multi-currency capabilities, the card offers up to 7% cashback on domestic transactions, making everyday purchases even more rewarding. With this combination of flexibility, value, and ease of use, the Travel Buddy card redefines modern money management for both daily life and international travel.

The BFC Pay App continues to lead Bahrain’s digital payment revolution with a comprehensive suite of financial services. Key features include a stored value wallet with a virtual IBAN for seamless bank transfers, Scan & Pay via BenefitPay QR, WPS salary accounts for effortless payroll management, global money transfers, bill payments, international mobile recharges, and school fee payments. Customers also enjoy exclusive merchant offers and real-time in-app chat support, ensuring convenient, connected, and prompt financial service at their fingertips.

For more information about BFC Payments, visit www.bfcpay.com.

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.