Network International, a payment solutions provider and trusted partner of Nigerian banks, has launched its cutting-edge Network One platform in the country.
With this award-winning digital payment platform, Network International, listed on the FTSE, is helping the local and regional markets to thrive in a challenging environment.
The company is now ready to onboard and empower banks, MNOs, and fintechs in Nigeria and throughout the West African region.
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 on soil, 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, FIs, 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.
Network International is strategically investing in rolling out the platform in key markets to effectively serve its local and regional clients and partners across the MEA region.
Nandan Mer, Group CEO, Network International, said: “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.
Electronic payments, on the other hand, are more secure, cost-effective, and faster, facilitating a higher velocity of money in the economy, which can lead to economic growth.
Domestic Deployment Good for Local and African Clients
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 Dr Reda Helal Group, MD – Processing, Africa and Co-Head Group Processing, Network International.
Network International operates on a hub-and-spoke model, with Nigeria serving as the hub for West Africa and Francophone Sub-Saharan Africa. Additional hubs are located in Ghana and South Africa, allowing the company to efficiently serve its African clientele.
Swift Growth of Local Talent Yields Significant Outcomes
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.
Network International’s investments throughout Africa have led to substantial improvements in economies of scale. Consequently, the company can provide state-of-the-art technology at a lower cost than what companies might incur if developed internally. This affordability, coupled with the technology’s advanced features, appeals to a broad audience and furthers the company’s mission to expedite digital transformation across the continent.
“Network One’s successful touchdown in Nigeria embodies our ambition to establish ourselves as a company that is authentically local in the African markets we serve,” Mer concluded.
Again, the company’s mission of creating a secure digital payment sector is important for enabling trust among consumers, banks, and other stakeholders.
Network International has invested in comprehensive cybersecurity and fraud prevention measures to ensure the safety and privacy of transactions. This includes utilising AI tools to detect potential fraud by analysing transaction patterns and device usage.
In focusing on connecting buyers and sellers through digital payments, Network International aims to reduce the reliance on cash and contribute to the growth of the Nigerian economy. The company emphasises its role in enabling financial inclusion by partnering with telcos and fintechs to reach underserved populations, including those in remote areas.
The platform’s virtual wallet proposition simplifies access to digital products for the unbanked, allowing users to obtain cards directly from their phones and load them via mobile wallets. This feature is essential for driving financial inclusion, offering banks enhanced capabilities to serve end-users efficiently.
Network International is also dedicated to corporate social responsibility, having adopted a school on the mainland to promote financial literacy among young students. This initiative is part of the company’s technique to support financial inclusion and digital transformation in Nigeria from an early age.
A collaborative industry is essential for success, with government policies playing an important role in accelerating digital payments and financial inclusion. Network International is prepared to embrace government-sponsored programs and infrastructure developments, advocating for a synergistic approach to enhance the digital economy in Nigeria.
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.
Author
