Network International, a Dubai-based financial services firm, has launched its cloud-based payment suite, Network One, in Nigeria. This technology infrastructure aims to serve banks, telecommunications operators, and other financial institutions, aligning with the Central Bank of Nigeria’s directive for in-country transaction routing.
The platform, valued at $250 million, is designed to enhance local processing capabilities and promote digital payments growth. Nandan Mer, Group CEO of Network International, emphasized the importance of digital payments in driving economic growth and reducing the costs associated with cash handling.
Mer highlighted the benefits of electronic payments, including increased speed and reduced costs, which can lead to a 0.4% increase in GDP for every 1% shift from cash to electronic payments over five years. He reiterated the company’s purpose of simplifying payments and commerce to support business and economic growth.
Reda Helal, Group Managing Director of Processing in Africa, stressed the need for a secure digital payment ecosystem, enabling safe and convenient transactions. He noted the company’s long-standing involvement in financial inclusion initiatives and partnerships with tech operators to expand outreach.
Mer emphasized the crucial role of government-sponsored programs in accelerating financial inclusion, citing examples from other markets. He encouraged ecosystem players to embrace government policies and infrastructure, assuring that Network International would be the first to adopt such policies in Nigeria.
