FTSE-listed payment infrastructure company, Network International has launched its cloud-based, integrated digital payment suite, Network One to serve banks, MNOs and fintech companies in Nigeria and throughout the West African region.
Incorporated in 1994, Network One provides payment products and services, including value-added services like digital, loyalty, tokenization and enterprise fraud prevention to merchants and financial institutions of all types and sizes.
The company presently operates in 50 countries across the MEA region, including more than 40 African markets. In 2023, Network processed over $59 billion for over 130,000 merchants and $1.6 billion in transactions for more than 200 financial institutions and fintech companies.
Network International has operated out of Nigeria for 20 years, serving 21 banks with digital payment solutions. The company also has physical offices in Ghana, Egypt and South Africa. Deploying its flagship product Network One platform on soil aligns with the Central Bank of Nigeria’s directive for in-country transaction routing, enhancing its local processing capabilities.
Speaking on the company’s footprint in the region, the Managing Director of Processing, Africa and Co-Head of Group Processing, Dr Reda Helal Group explained that the company is strategically positioned to power digital payment services in Africa.
“We serve over 170 banks, from pan-regional to the largest banks across the continent. We serve the largest telco operators in Africa today. We have the largest fintech companies. We also support government entities to serve to reach underserved citizens”, he explained.
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
Speaking with media representatives at a pre-launch event in Lagos, Nandan Mer, Group CEO underscored its commitment to local and regional markets by bringing its innovative award-winning digital payment platform to Nigeria:
“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.”
The Network One integrated platform is an integrated payment suite offering both merchant and issuer solutions, hosted and supported in-country. It provides banks, FIs, and fintechs with a comprehensive range of payment products and services locally in Nigeria for issuers and acquirers.
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.
The suite is complemented by various value-added services such as digital, loyalty, tokenization, 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.
Read also: Fincra launches new HQ at a historical landmark in Ikoyi, Lagos
Network International’s investment in local talent
A crucial aspect of Network International’s sustained investment in Nigeria is nurturing an empowered local workforce.
As a show of its commitment to the Nigerian project, the company is firming up its staff complement and will continue to enhance its resources and talents. The 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.
By growing local personnel, the company 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.
Similarly, Dr Mer told journalists that Network International’s investments in Africa have led to substantial improvements in economies of scale. He added that the company is equipped to 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.
Domestic deployment for local clients
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”, Dr Reda concluded.
Technext Newsletter
Get the best of Africa’s daily tech to your inbox – first thing every morning.
Join the community now!
