By Chinenye Anuforo
Nandan Mer, Group CEO of Network International has declared that Nigeria is poised for a digital payments boom. The FTSE-listed payment solutions provider has underscored its commitment to the Nigerian and wider West African markets with the launch of its innovative digital payment platform, Network One.
By establishing a local presence for Network One, Network International is aligning with the Central Bank of Nigeria’s directive for in-country transaction routing, thereby enhancing its domestic processing capabilities. The platform offers a comprehensive suite of payment products and services, including digital payments, loyalty programs, tokenization, fraud prevention, embedded finance, and data analytics. Network International is strategically expanding the platform’s reach across key markets in the Middle East and Africa (MEA) region.
Mer added, “The successful deployment of Network One in Nigeria in a remarkably short timeframe is a testament to the dedication of our local team and the seamless collaboration with our global colleagues. This milestone reinforces our unwavering commitment to Nigeria and the African continent.”
Nigeria’s robust consumer spending and position as Africa’s fourth-largest economy create a fertile ground for the rapid growth of digital payments. Market projections indicate that the total transaction value of domestic digital payments will reach US$21.32 billion in 2024, with an anticipated compound annual growth rate (CAGR) of 10.06% to reach US$31.28 billion by 2028.
Network International’s strategic investment in local technology infrastructure empowers the company to effectively meet the evolving needs of local and regional businesses seeking advanced digital payment solutions.
Dr. Reda Helal, Group Managing Director for Processing, Africa and Co-Head Group Processing at Network International, explained, “Our in-depth understanding of the Nigerian market has enabled us to develop a tailored solution that addresses the specific requirements of local enterprises. By establishing a technology hub, we are not only empowering our clients but also contributing to financial inclusion and the democratization of payments across the continent.”
Network International’s commitment to Nigeria includes a focus on building a strong local workforce. By cultivating local talent, the company is able to foster close collaboration with Nigerian banks, mobile network operators, and small and medium-sized enterprises.
Demonstrating its dedication to the Nigerian market, Network International has achieved a level 1 BBBEE status, solidifying its position as a trusted payment partner in Africa.
Dr. Helal added, “Our talented local team is driving accelerated results, reducing reliance on international support, and delivering significant operational benefits for our clients.”
Network International’s strategic investments across Africa have led to economies of scale, enabling the company to offer state-of-the-art technology at competitive prices. This combination of affordability and advanced features is appealing to a wide range of customers and accelerates digital transformation across the continent.
Mer concluded, “The successful launch of Network One in Nigeria underscores our aspiration to be a truly local partner in the African markets we serve.”