Leading Middle East financial services platform acquires Bahrain Financing Company

TDT | Dubai

The Daily Tribune – www.newsofbahrain.com

On the heels of its acquisition of Finablr, the leading fintech and remittance platform in the MENA region and India, Prism Group AG and Royal Strategic Partners have signed a SPA to acquire BFC Group Holdings (BFC) and its subsidiaries (subject to Regulatory Approval): BFC Bahrain, BEC Exchange (Kuwait), BFC Payments and BFC Forex and Financial Services (India) via their newly created WizzFinancial platform. BFC Bahrain is the largest money transfer and currency exchange company in the Kingdom of Bahrain. The acquisition creates a regional powerhouse with licenses to operate in over 30 countries. BFC Group’s Managing Director and CEO Ebrahim Ezra Nonoo will join WizzFinancial and lead its international money transfer business with activity in 170 countries.

The deal creates the largest remittance services and currency exchange group in the MENA region and becomes the only operator with a direct presence in all six GCC countries. It combines two of the largest and most well-established remittance-service companies in the region and creates a market-leading financial services group with tremendous growth potential in some of the fastest-growing markets in the world. Additionally, WizzFinancial will invest in a digital transformation plan that will modernize and streamline the way customers interact by making it easier and faster for customers to transact.

BFC Group specializes in global money transfers, foreign exchange and wholesale currency services and has a growing network of 120 retail branches throughout Bahrain, Kuwait, and India. BFC Bahrain was founded in 1917 and has been active in the remittance market since the 1970s with 50 strategically located branches across the Kingdom of Bahrain. The companies are respectively licensed by the Central Bank of Bahrain, Central Bank of Kuwait and the Reserve Bank of India, and specialize in money transfers, Retail FX, Payment Services and Wholesale Currency Services. It is licensed and regulated in Bahrain, India, and Kuwait, with robust compliance, AML and audit capabilities. The company has long-term partnerships with global financial services companies such as Citibank, Visa, MoneyGram, XpressMoney and UnionPay.

“We’re delighted to team up with the BFC team and Ebrahim Nonoo to offer the widest range of payment, transfer and FX capabilities to customers across the GCC, India and Africa. WizzFinancial offers unrivaled technology, product and compliance capabilities in the emerging markets, and we are in the process of consolidating additional remittance providers and alternative financial institutions onto our platform,” said Prism Group Chairman Amir Nagammy. “I’m confident we’ll benefit from the deep experience, management capabilities, and customer reach of BFC’s leadership, and look forward to announcing additional strategic initiatives in the coming months.”

“We welcome BFC, one of the oldest exchange houses in the Middle East, to our company and are excited about taking this strategic next step together as it will enable us to raise the level of resilience, agility and core competencies to create an integrated financial eco-system based on the accumulated experiences that BFC possesses in the remittance sector,” said Royal Strategic Partners CEO Dr. Hamad Al Ali. “This will further enhance the level of governance and confidence among all stakeholders.”

“As the GCC plays an increasingly larger role on the global economic stage, we are excited to leverage the latest technologies to create the largest remittance services and currency exchange group in the region,” said BFC’s Managing Director and CEO Ebrahim Ezra Nonoo. “I’m confident that by harnessing our collective expertise, we will be able to serve more customers.”

Prism Group AG, together with its partner Royal Strategic Partners, recently acquired the Finablr group of companies, the leading financial services platform in the Middle East, India and Africa. As part of the acquisition, Finablr was rebranded as WizzFinancial. The Group includes over 5,000 employees, relationships with 140 correspondent banks, as well as a presence across the MENA region, India, Africa and numerous subsidiaries in North America, Europe and Asia.

Prism Group AG is a Switzerland headquartered investment group with offices in the United Kingdom and the United Arab Emirates that invests in innovative technology and financial services companies with significant growth potential. Founded by Amir Nagammy and Guy Rothschild, the group includes a team of entrepreneurs, investors and technologists skilled in building and managing companies. For more information, visit www.prismgroup.ch.

BFC Group Holdings (BFC Group / The Group) is the holding company for Bahrain Financing Company (BFC), Bahrain, Bahrain Exchange Company (BEC), Kuwait, BFC Forex & Financial Services PVT Ltd (BFC Forex), India and BFC Payments, Bahrain. The Group specializes in sending and receiving money securely and efficiently across the globe and offers foreign currency exchange solutions at the best available rates. BFC Group continues to grow its retail network and currently has over 120 branches located across the world. In addition, BFC Group also has an extensive global reach of over 200 countries through its partnership & alliances with International third-party remittance solution providers. For more information visit www.bfcgroupholdings.com.