Network International has announced a 33% increase in year on year revenue for Q1 2022. The business which comprised of a group of companies is a foremost enabler of digital commerce across the Middle East & Africa, providing a full suite of technology enabled payment solutions to merchants and financial institutions of all sizes.
A statement said Network International’s offering includes acquiring and processing services, and an ever-evolving range of value-added services. “In 2021, Network International acquired DPO Group, a leading African digital payments company, in a landmark deal for the African payments landscape”. Network International has offices in Nigeria, South Africa, Kenya, Ghana and Egypt, and client presence across almost all other African countries.
In the statement, Nandan Mer, Chief Executive Officer said “We have started the year strongly with 33% y/y Q1 revenue growth. Key markets are seeing a continued improvement in consumer spending and increasing numbers of international visitors, driving accelerated growth in both domestic and international TPV. This has been supported by customer wins and capability launches. DPO Group has also seen good volume growth of 33% year on year, as well as the benefit of another cross-selling arrangement with an existing Network customer – RCS Group. Overall, the growth in the period is evidence of successful delivery on our strategic objectives and a solid foundation for the year ahead.”
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The statement further said that Network secured three new financial institution customers; and renewed two existing contracts, including the renewal of its processing agreement with Commercial Bank of Dubai. “In new business wins, the company has signed a five-year agreement with Taj Bank in Nigeria for virtual and physical cards, the first Islamic bank to be onboarded onto Network’s Nigerian platform.
Network is now providing processing services to Blink Neo Bank in Jordan, the region’s first licensed digital-only bank, a win which is evidence of Network’s enriched digital banking experience, delivering card issuing, hosting and personalisation services. Other new clients included Albaraka Bank, the company’s second financial institution win in Sudan”.
It also said strong performance was seen across all regions. According to the company, issuer solutions saw an excellent start to the year, which reflects the benefits of customers signed in the prior year, cross-selling to existing customers and strong underlying digital transaction growth. “Performance was broadly based across both the Middle East and Africa, with the number of transactions increasing strongly in the quarter. The number of credentials hosted also remains in positive growth territory, with Northern Africa and Jordan particularly supportive through the period.
The statement also said that Network is in the process of onboarding its new processing customer in Saudi Arabia and has a healthy new business pipeline in the country. The company expects The Kingdom to become a key market, as the adoption of digital payments continues to accelerate in line with Vision 2030.
In Egypt, Network is currently in the process of applying for a payment service provider license with its technology stack already in the deployment phase. The company expects the revenue opportunity to build from 2023 onwards.
Network has launched ‘fintech in a box’, where it is now able to issue, host and process credentials for fintechs in southern Africa having partnered with Access Bank.
This allows Network to significantly scale its partnerships with fintechs and provide them with services across the entire payments value chain, a model which will be shared across the broader group and regions.
On how existing financial institutions can unlock opportunities through partnerships with payment platforms, Chinwe Uzoho, the Network International’s Regional Managing Director for West and Central Africa said partnerships between service providers and financial institutions are key to supporting growth in any market.
“As the leading payment solutions provider in Africa and the Middle East, we know the true potential of strategic partnerships – leveraging the expertise of banks and using technology to deliver their products and services to huge audiences. We work closely with governments and other stakeholders to build and develop these communities, and provide them with opportunities to improve their livelihoods and business opportunities”, Chinwe who was group head for retail banking at Access Bank said.
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