Network International, a prominent payment solutions provider and a key ally of Nigerian banks, has unveiled its state-of-the-art Network One platform in Nigeria
This award-winning digital payment solution positions Network International, a FTSE-listed entity, as a crucial enabler for local and regional markets, even amidst challenging conditions.
The company is now poised to onboard and empower banks, mobile network operators (MNOs), and fintechs across Nigeria and West Africa.
With a 30-year legacy in digital payments, Network International began as the processing arm of Emirates Bank in the UAE and has since expanded into markets like Egypt and South Africa under different brands. After two decades in Nigeria, the company continues to bolster its presence and commitment to the region.
Network One transforms Nigeria
The introduction of Network One in Nigeria aligns with the Central Bank of Nigeria’s directive for in-country transaction routing, boosting local processing capabilities. This integrated platform offers a comprehensive suite of payment products and services for banks, financial institutions (FIs), and fintechs in Nigeria, including digital solutions, loyalty programs, tokenisation, enterprise fraud prevention, embedded finance, and advisory services.
Nandan Mer, group CEO of Network International, stated, “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.”
Nigeria, with its fourth-largest GDP in Africa and strong consumer spending, is primed for a digital payments surge. The domestic digital payments market's total transaction value is expected to hit US$21.32bn in 2024, growing at an annual rate of 10.06% to reach US$31.28bn by 2028.
Electronic payments offer advantages over cash transactions, which are costly due to printing, storing, and transporting money, representing 2% to 5% of a country's transaction costs. In contrast, electronic payments are more secure, cost-effective, and faster, fostering economic growth.
Network One is an integrated payment suite that provides both merchant and issuer solutions, hosted and supported locally. It combines top technologies to offer end-to-end payment processing in a highly adaptable environment.
Network International's investment in local technology infrastructure aims to meet the needs of local and regional entities with market-relevant digital payment solutions.
Dr Reda Helal, Group MD – Processing, Africa and co-head group processing, Network International, explained, “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.”
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 in Ghana and South Africa enable efficient service to its African clientele.
The company’s investment in Nigeria includes fostering a skilled local workforce. By collaborating with local banks and mobile operators, Network International enhances its support for small and medium-sized enterprises and payment experts.
Network recently advanced its BBBEE status from level 4 to level 1 in a year, reflecting its growing trust among African institutions as a preferred payments partner.
Dr. Helal added, “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.”
Network International’s investments across Africa have improved economies of scale, allowing the provision of advanced technology at lower costs compared to internal development. This affordability, combined with cutting-edge features, attracts a broad audience and supports 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.
The company prioritises creating a secure digital payment sector to foster trust among consumers, banks, and other stakeholders. Network International has invested in comprehensive cybersecurity and fraud prevention, utilizing AI tools to monitor transaction patterns and device usage for fraud detection.
By focusing on connecting buyers and sellers through digital payments, Network International aims to reduce cash reliance and boost the Nigerian economy. The company promotes financial inclusion by partnering with telecoms and fintechs to reach underserved populations, including those in remote areas.
The platform’s virtual wallet feature simplifies access to digital products for the unbanked, enabling users to obtain cards directly from their phones and load them via mobile wallets. This feature is crucial for driving financial inclusion, providing banks with enhanced capabilities to serve end-users efficiently.
Network International is also committed to corporate social responsibility, adopting a school to promote financial literacy among young students as part of its effort to support financial inclusion and digital transformation in Nigeria from an early age.
A collaborative industry environment, supported by government policies, is vital for accelerating digital payments and financial inclusion. Network International is ready to engage with government-sponsored programs and infrastructure developments to enhance Nigeria’s digital economy.
The company’s platform handles high transaction volumes with speed, security, and scalability, ensuring reliable and trustworthy digital payments.
Network International debuts Network One in Nigeria
The introduction of Network One in Nigeria aligns with the Central Bank of Nigeria’s directive for in-country transaction routing, boosting local processing capabilities. (Image source: Adobe Stock)
