Network International, a Dubai-based payment services provider, has launched its innovative $250 million digital payment platform, Network One, in Nigeria, transforming the payment landscape with an effortless, efficient, and secure experience and promoting financial inclusion in the region while empowering banks, fintechs, and businesses to offer innovative payment solutions.
The platform is now ready to onboard and empower banks, mobile network operators (MNOs), and fintechs in Nigeria and throughout the West African area, claims Network International.
The company’s statement added that this move is in line with the Central Bank of Nigeria’s (CBN) directive for in-country transaction routing and aims to enhance its local processing capabilities.
Read also: CBN’s Licence Revocation and Heritage Bank: NDIC’s Role
Network International also said it will launch the platform in key markets to serve its local and regional clients and partners across the Middle East and Africa region.
Exploring Network International’s Impact in Africa
Network International is based in Dubai, although it has operations centres in Egypt, South Africa, and Nigeria throughout Africa.
The Network One platform is a unified transaction suite that provides merchant and issuer solutions. It is hosted and serviced in the country and uses innovative technologies to offer complete payment processing capabilities.
Nandan Mer, Group CEO of Network International, called the launch a significant milestone, noting that it took several months to deploy with contributions from local teams and international colleagues.
The company further stated that the solution is tailored to the Nigerian market.
Read also: CBN lifts Opay, Moniepoint, others account ban following compliance efforts
Collaborative Solutions for Nigeria’s Financial Challenges
During the Network One launch in Lagos, Nigeria, Mer emphasised that government-backed payment initiatives may help achieve 95% financial inclusion. He stressed that to accomplish this, industry participants and the government must work together and adhere to the government’s laws and regulations.
As the premier facilitator of digital commerce in the Middle East and Africa, the 30-year-old corporation asserts its position as the biggest acquirer in the United Arab Emirates. In addition to processing more than 1.6 billion transactions for over 250 financial institutions, it reported handling payment volumes of over $59 billion.
Group Managing Director Reda Helal – Processing, Africa and Co-Head of Group Processing at Network International, added that by recruiting the right talent, they are confident that their teams in Nigeria can achieve quicker results with reduced reliance on their international teams, leading to significant operational benefits for their clients locally and regionally.
To reach small and medium-sized businesses and payment experts, Network International emphasised that it is in a good position to partner and co-innovate with regional banks and mobile network operators.