- Network International, a Dubai-based payment services provider, has introduced its “$250 million” digital payment platform, Network One, to Nigeria.
- According to Network International, the platform is now “ready to onboard and empower” banks, Mobile Network Operators (MNOs), and fintechs in Nigeria and across the West African region.
- The company stated that this move aligns with the Central Bank of Nigeria's (CBN) directive for in-country transaction routing, aiming to enhance its local processing capabilities.
Network International also said it’d launch the platform in key markets to serve its local and regional clients and partners across the Middle East and Africa (MEA) region.
In Africa, Network International operates centres in Egypt, South Africa, and Nigeria, although its headquarters is in Dubai.
The solution, the Network One platform is an integrated payment suite offering both merchant and issuer solutions, hosted and supported in-country. It utilises advanced technologies to provide end-to-end payment processing capabilities.
The company stated that the solution is tailored specifically for the Nigerian market. Nandan Mer, Group CEO of Network International, called the launch a major milestone, noting that it took several months to deploy with contributions from local teams and international colleagues.
At the Network One launch in Lagos, Mer highlighted that reaching 95% financial inclusion could be aided by government-supported payment initiatives. He stressed that achieving this goal requires collaboration between the government and industry players, who must align with government policies and regulations.
The 30-year-old company claims to be the largest acquirer in the UAE and the leading enabler of digital commerce in the MEA region. It reported processing over $59 billion in payment volumes and more than 1.6 billion transactions for over 250 financial institutions.
Reda Helal, Group Managing Director – Processing, Africa and Co-Head of Group Processing at Network International added, “By recruiting the right talent, we are confident that our teams in Nigeria can achieve quicker results with reduced reliance on our international teams, leading to significant operational benefits for our clients locally and regionally.”
Network International emphasised that it is well-positioned to collaborate and co-innovate with local banks and mobile network operators, reaching small and medium-sized enterprises and payment experts.
