FTSE-listed Network International, a key payment partner for Nigerian banks, has strengthened its commitment to the local and regional markets with the launch of its cutting-edge digital payment platform, Network One, in Nigeria. This platform is now set to empower banks, mobile network operators (MNOs), and fintechs across Nigeria and the broader West African region.
The deployment of the Network One platform within Nigeria is in alignment with the Central Bank of Nigeria's directive for in-country transaction routing, enhancing local processing capabilities. This integrated platform offers banks, financial institutions, and fintechs a comprehensive suite of payment products and services tailored for both issuers and acquirers in Nigeria. Additionally, it includes a range of value-added services such as digital solutions, loyalty programs, tokenization, enterprise fraud prevention, embedded finance, and data and advisory services. Network International's strategic investment in launching this platform in key markets demonstrates its dedication to serving local and regional clients across the Middle East and Africa (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 US$21.32bn in 2024, with an annual growth rate (CAGR 2024-2028) of 10.06% projected to reach a total amount of US$31.28bn by 2028
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 the 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 democratization 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
Swift growth of local talent yields significant outcomes
A crucial aspect of Network International's sustained investment in Nigeria is nurturing an empowered local workforce. By growing local personnel, Network is positioned to collaborate and co-innovate 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 commitment to the transformation of 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.
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