Network International announces AED 5 million in support measures for UAE merchant partners
Published On : 24 March 2020
Network International, the leading enabler of digital commerce across the Middle East & Africa (MEA), has announced a total of ~ AED 5 million in cash and other practical relief measures for merchant partners, in support of the economic stimulus packages announced earlier by the UAE’s forward-thinking leadership and the UAE Central Bank, to help the nation’s businesses through this unprecedented period of economic uncertainty.
As part of its support, the payments company will contribute nearly AED 3.7 million in cash to 1,000 of its most severely impacted merchant clients operating in the SME (Small and Medium Enterprise) sector, a key contributor to the national economy and, at this time, among the most vulnerable. The contribution will alleviate financial pressures among the small businesses that have been affected severely by the ongoing Covid-19 pandemic.
Network International has put in place the following relief measures for its UAE-based SME merchant partners, with immediate effect:
1,000 SME merchant clients that have been severely impacted economically will each receive AED 3,673 / (USD 1,000) in cash.
New small business users of N-GeniusTM Online will benefit from 0% Merchant Service Fees over the next 3 months to help them quickly enable their business online.
Minimum transaction fees have been waived for all Network’s merchant clients in the UAE across all industries for the next 3 months.
Commenting on the support measures, Samer Soliman, Managing Director for Network International’s Middle East operations, said: “Genuinely caring for the health and safety of our teams, clients and the wider community is at the heart of the decisions we are taking during this time. As concerns around the global COVID-19 pandemic evolve, we recognise that some of our merchant partners have been severely impacted by this extraordinary situation and we are standing by those that need us most, with immediate and practical relief measures over the next few months. Our cash support will offer these businesses much needed liquidity to help relieve the stress on their cash flow so they can carry on operations.”
Added Soliman, “In addition to supporting clients that have been severely impacted, we are also waiving minimum monthly service fees for all merchant clients for the next three months. And, as more people opt to make purchases online we are helping small businesses transition to online payments by waiving Merchant Service Fees for the next three months for new users of N GeniusTM Online, our market leading internet payment gateway.
“The UAE payments industry is among the fastest growing in the world and we maintain business confidence in the UAE’s vision for growth as we continue enhancing the nation’s payment infrastructure to create a best-in-class payment ecosystem. We are fortunate to have the exceptional guidance of the nation’s wise leadership who have taken remarkable actions to keep the nation safe and prosperous. We are grateful for the loyalty and trust our customers, partners and teams show in us, and I am optimistic this time will help us collaborate further and share innovative ideas to meet the changing needs of the marketplace and positively impact the UAE’s economy,” concluded Soliman.