ila Bank taps Arab Financial Services for prepaid card offering
Arab Financial Services (AFS) is powering a prepaid card offering that has recently been introduced by ila Bank, the Bahraini digital mobile-only bank.
Mohamed Al Maraj, CEO, ila Bank
ila Bank’s prepaid card offering is a Bahraini denominated card that users can load with a set amount to pay for transactions in both an in-store and online setting.
The card offering promotes various elements of user control, including the ability to set a limit for retail transactions, ATM cash withdrawals and the number of daily transactions, as well as the ability to enable/disable contactless and internet transactions.
It’s also linked with insurance products, including Schengen medical insurance and travel medical insurance to add product value to the offering.
The card has been developed in part by AFS, which has remained the bank’s partner since its inception in 2019.
The bank’s CEO, Mohamed Al Maraj, affirms its continued commitment to “offering innovative digital banking products that cater to different market segments and thereby drive financial inclusion in the country”.
“Not only is this part of our support of Bahrain’s vision for a cashless society, but also key to our technology-led approach to payments,” adds Al Maraj.
AFS has previously worked with ila Bank to launch its Blue and Switch credit card offering in late 2021, alongside the ila ATM in Bahrain, enabling debit and credit card processing and mobile application integration and services.
