Network International invests $32mln in Egypt’s digital payments sector

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Egypt - Network International, the leading provider of digital payments and commerce solutions in the Middle East and Africa (MEA) region, has announced a EGP 1bn investment to support Egypt’s economic growth with innovative payment solutions.

The investment reflects the Network’s confidence in Egypt’s economic potential and its vision to help economies and businesses grow by simplifying payments and commerce.

Network International will upgrade its payment technology and capabilities in Egypt to facilitate the shift from cash to digital payments. The investment will contribute to the country’s remarkable progress in financial inclusion goals and GDP growth. A large part of the investment will be allocated to acquiring, installing, and maintaining about 100,000 advanced Point-of-Sale (POS) machines, which will enable the future of digital payments in Egypt. The rest of the investment will be directed to the implementation and smooth operation of Network One, Network’s state-of-the-art payments technology platform.

Nandan Mer, Group CEO of Network International, said: “This investment demonstrates our ongoing commitment to bringing innovative payment solutions to Egyptian businesses. We have been serving the Egyptian economy for over two decades, working with numerous banks and financial institutions. The investment is not only monetary – we also focus on 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 the Middle East.”

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. In line with Egypt’s financial inclusion journey, we are making digital payment acceptance affordable 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.”