Payment solutions provider, Network International, on Wednesday in Lagos, launched its cutting-edge ‘Network One’ platform in the Nigeria financial marketplace.
The company, which stated that it is now ready to onboard and empower banks, MNOs, and fintechs in Nigeria and throughout the West African region, pointing to its commitment to local and regional markets by bringing its innovative award-winning digital payment platform, Network One, into these markets, is also listed of the FTSE.
With the launch of the digital payment platform, Network International, listed on the FTSE, is helping the local and regional markets to thrive in a challenging environment.
Founded 30 years ago, Network International has a rich history in the digital payment industry. The company was originally the processing arm of Emirates Bank in the UAE, but has now expanded its reach, establishing operations in countries such as Egypt and South Africa under different names.
With two decades of experience in Nigeria, Network International continues to invest in the region, strengthening its long-standing presence and commitment to the country.
With the deployment of its flagship Network One platform in Nigeria, Network International aligns with the Central Bank of Nigeria’s directive for in-country transaction routing, enhancing its local processing capabilities.
The integrated platform provides banks, Financial Institutions, and fintechs with a range of payment products and services locally in Nigeria for both issuers and acquirers.
The suite is complemented by a variety of value-added services such as digital, loyalty, tokenisation, enterprise fraud prevention, embedded finance, data and advisory solutions, and many more.
Group CEO, Network International, Nandan Mer, said of the launch: “This major milestone took us only a few months to deploy, thanks to a local team that worked tirelessly and seamlessly with cross-functional colleagues in various geographies to ensure we deliver on Network One’s promise of innovation, resilience, and agility. Taking Network One live in Nigeria is integral to our company’s continued commitment to the country and the continent.”
As the fourth-largest GDP in Africa with strong consumer spending, Nigeria is ripe for a digital payments boom. Total transaction value in the domestic digital payments market is projected to reach $21.32 billion in 2024, with an annual growth rate (CAGR 2024-2028) of 10.06% projected to reach a total amount of $31.28 billion by 2028.
The importance of electronic payments is emphasised by the cost implications of handling cash. Cash transactions are costly due to printing, storing, and transporting physical money, which can represent 2% to 5% of a country’s total transaction costs.
The Network One platform is an integrated payment suite offering both merchant and issuer solutions, hosted and supported in-country. It relies on a consolidation of best-in-class technologies brought together to provide end-to-end payment processing capabilities in a highly adaptable environment.
Network International is strategically positioning its proprietary technology infrastructure, which is developed, hosted, and maintained on a local level, to cater to the needs of local and regional entities seeking market-relevant digital payment solutions for their consumers.
“Our presence on the ground and comprehension of the specific needs of the local market have enabled us to tailor a solution that is ideally suited for Nigerian enterprises. Our capability to establish a hub equipped with all the essential technology not only empowers our clients to enhance their value proposition but also positions Network to effectively contribute to financial inclusion and democratisation of payments, addressing the needs of a large population of consumers across the continent,” explained Group, MD – Processing, Africa and Co-Head Group Processing, Network International, Dr Reda Helal.
An important aspect of Network International’s sustained investment in Nigeria is promoting an empowered local workforce. In growing local personnel, Network collaborates and co-innovates with local banks and mobile network operators, providing proximity to small and medium-sized enterprises and payment experts, right in the heart of their operations.
As a show of its goal to enhance the local entity, the company is firming up its staff complement and will continue to enhance its resources and talents. Network recently marked its move from level 4 BBBEE status (in July 2023) to level 1 a year later as it continues to gain trust among African institutions as a payments partner of choice.
“By recruiting the right talent, we are assured 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,” Dr Helal added.
The company’s platform connects millions of buyers and sellers, handling high transaction volumes with speed, security, and scale. Network International’s technology ensures swift and secure electronic transactions, mirroring the speed of cash exchanges, and providing reliability and trust in the digital payment sector.
