Group M1 Launches “areeba” Company for Electronic Payment Technology after acquiring it from Bank Audi
In a pioneering move in the economic and financial field in Lebanon, M1 Financial Technologies (Holding), a company of M1 Group, announced that it had acquired all the shares of areeba, owned by Bank Audi sal, during a press conference held at the new headquarters of the company at M1 building, Omar Al Daouq Street Beirut.
Bank Audi had previously transferred the entire payment cards and electronic services division at the bank to areeba as an independent financial institution in early 2017.
areeba’s main objective is to enhance and develop electronic payment solutions using state-of-the-art payment technologies. areeba will also focus on providing the best electronic solutions and loyalty programs to banks, merchants and governments in Lebanon and the region, in line with the latest innovations and security standards, noting that areeba is a regulated company on the list of financial institutions issued by the Banque du Liban and licensed by international institutions MasterCard and Visa, In addition to a partnership with American Express.
Maher Mikati, CEO of areeba said: “Based on the long experience of the M1 Group in technology and services in the telecommunications sector, and our endeavor to diversify our investments in this field, we anticipated great potential for growth in the field of electronic payment in Lebanon and in the region. As a result, we have acquired areeba with all its technological devices for cards issuance and contactless devices and mobile payment, in addition to all points of sale and payment gateway for e-commerce and all loyalty programs. We have also moved most of the previous Bank Audi teams who are highly qualified and experienced in the field of electronic payment for the management of this company”.
Mikati added: “areeba will play a vital role in upgrading the electronic payment technology industry and loyalty programs in Lebanon and the region to become one of the leading companies in this field, by introducing many new innovative payment solutions to the market, commiting to adopt the latest electronic systems and constantly investing in human resources”.
Ramzi Saboury, the company’s chief commercial officer, said: “We aim to bring up technology to higher levels through innovative products and services to banks, merchants and governments. We are currently working on a strategic business plan to expand our activities locally and regionally. In fact we have started to further strengthening the company’s activity in Lebanon and looking into more cooperation with other financial institutions, in addition to other promising plans for regional expansion”.
Prior to joining areeba, Saboury held the position of Manager for Lebanon and Iraq at Visa and played a prominent role in enhancing the company’s business and building strategic relationships with customers from banks and financial institutions.
areeba is an electronic payment technology company licensed by Visa and MasterCard and has an agreement with American Express. Established in 2017, areeba adopts latest technology and provides solutions and payment services to banks, governments and merchants to suit their aspirations and needs.
areeba offers services tailored to global requirements, from card issuance and management, non-contact payment solutions, contactless and mobile payment, 24-hour contact center services and co-branded programs. It also provides merchants and governments with the latest e-commerce platform and point-of-sale machines that adopt the highest standards and safety systems. areeba operates a wide range of loyalty programs, including: collecting points and miles, cashback programs, and providing consultancy services for the planning, design and development of electronic products and payment solutions.
areeba’s philosophy is based on three core principles: upgrading technology to higher levels, innovation in products and services, and establishing reliable and long-term relationships with its customers.