Network International to help accelerate growth in digital payments in Egypt with 1 billion EGP investment
Published On : 28 August 2023
Network International (Network), the leading enabler of digital payments and commerce across the Middle East and Africa (MEA) region, has announced an investment of EGP 1 billion to accelerate economic growth in Egypt with innovative payment solutions. The investment is a result of Network’s firm belief in Egypt’s economic potential and is to fulfil Network’s purpose to help economies and businesses grow by simplifying payments and commerce.
Network will further enhance its state-of-the-art payment technology and capabilities in Egypt to accelerate the transition from cash to digital payments. The investment will support the country’s remarkable progress in financial inclusion objectives and accelerate GDP growth. A significant share of investment will be centred on procuring, deploying, and maintaining approximately 100,000 innovative Point-of-Sale (POS) machines, propelling the future of digital payments in Egypt. The remaining portion will be channelled into the implementation and seamless operation of Network One, Network’s cutting-edge payments technology platform.
Nandan Mer, Group CEO of Network International, said, “This investment underlines our continued commitment to bringing innovative payments solutions to Egyptian businesses. Our presence in the Egyptian economy spans over two decades, during which we've served numerous banks and financial institutions. The investment goes beyond monetary value – our focus includes continuing to hire and develop local talent and leadership. Egypt has been our Africa headquarters for many years and our 700+ Egyptian colleagues serve 160+ banks across Africa and 65 banks in Middle East”.
Dr. Reda Helal, Group Managing Director – Processing, Africa said, “Our expertise has not only positioned us as a key partner to most banks but has also enabled us to support the merchant community in Egypt. Aligning with Egypt’s financial inclusion journey, we are making digital payment acceptance economically feasible for many small merchants through low-cost payment acceptance solutions. The Egyptian government has been implementing a robust strategy to accelerate digital transformation objectives. Network is at the forefront of this transformation, aligning with the nation's 2030 agenda”.