Dubai-based Al Ansari Becomes GCC’s Biggest Non-Banking Financial Company

Al Ansari Financial Services has been dominating digital innovation in the financial services industry.

Dubai-based Al Ansari Financial Services (AAFS), one of the leading integrated financial service groups in the United Arab Emirates (UAE) and a parent company of Al Ansari Exchange has announced that it has successfully acquired BFC Group Holdings (BFC) after getting all necessary regulatory approvals. This acquisition makes it the largest non-banking financial services company in the Gulf Cooperation Council (GCC).

BFS Group Holdings specializes in sending and receiving money safely and effectively across the world and offers foreign currency exchange solutions. It has around 160 branches across the globe.

It also has an international reach of over 200 countries through its partnership with MoneyGram, Transfast, and EzRemit.  

This 200 million USD deal enables AAFS to expand its presence across Bahrain, Kuwait, and India, increasing its customer base by 29% and branch network by 60%. It secured first market position in Bahrain, third in Kuwait, and access to a broad customer base in India. The deal with BFC will help enhance AAFS’s operational scale and geographic diversification, creating significant value for investors, clients, and employees.

For a long time, AAFS has been dominating digital innovation in the financial services industry. The Group maintained its market leadership by providing seamless, secure, and customer-centric experiences through its award-winning Al Ansari Exchange app and a comprehensive range of advanced digital solutions.

AAFS has also actively incorporated artificial intelligence (AI) into various business operations to improve efficiency, personalization, and fraud prevention.

The Group aims to produce its digital model across BFC Group, reinforcing AAFS’s status as a leading digital-first entity in the non-banking financial institution (NBFI) sector.

The integration will also benefit from economies of scale, producing cost efficiencies, increasing profitability, and driving income.

The acquisition will increase their income, accompanied by double-digit EBITDA (earnings before interest, taxes, depreciation, and amortization) growth.

Their consolidated financial statement based on 2024 data estimates that operating income will increase by 20%, EBITDA rise by 13%, net earnings increase by 13%, and stronger cash flow generation.

Rashed A. Al Ansari, Group CEO of Al Ansari Financial Services, remarked that the acquisition is crucial for the company, highlighting its commitment to growth and innovation to strengthen its finances.

He added that they are confident that this move will deliver long-term value for their shareholders and boost cash flow to deliver robust returns for the investors.  

The AI Ansari shares are trading at Dh0.96 on the Dubai Financial Market (DFM), while the 52-week peak is Dh1.06.

Since its initial public offering (IPO), AI Ansari Financial Services has spoken about widening its role beyond the United Arab Emirates through acquisitions or organic growth.

AAFS is well-positioned to drive sustainable growth across key markets with a strengthened market position and expanded footprint.

The Group continues to focus on opening new income streams, optimizing operational efficiencies, and speeding digital transformation. The acquisition of BFC will create more opportunities for strategic partnership, product development, and market penetration in key markets.  

Remittance volumes from the United Arab Emirates and other GCC economies continue to show significant growth due to the annual increases in resident populations.

Top officials from Al Ansari have noted that traditional remittance companies face strong competition from fin-techs and banks. This is where the BFC deal offers additional influence and access to a new customer base.