Al Masraf (ARBIFT - Arab Bank for Investment & Foreign Trade) and Network International, the leading payment solutions provider in the Middle East and Africa region, have signed a Memorandum of Understanding (MoU) on payment infrastructure. Under the agreement, Network International will provide payment processing services including Secure POS (Point of Sale) and E-commerce payment gateway solutions to Al Masraf Corporate & SME customers, enabling the bank to offer merchant acquiring services across the UAE.  

The MoU was recently signed at Al Masraf Head Office in Abu Dhabi. Samer Soliman, Managing Director Middle East at Network International, Hussein Ohida, AGM Corporate Support Services and Yousif Adel Kruse, Head of SME UAE at Masraf attended the signing ceremony.

Commenting on the sidelines of the MoU signing ceremony, Al Masraf’s CEO, Faisal H Galadari said, “At Al Masraf we are always looking to provide our valued customers with convenient business banking solutions. This is another step towards the actualization of our vision, of making Al Masraf the bank of first choice for customers with best-in-class products and services. We are entering into this strategic partnership with NI given its payments domain expertise. We intend to leverage our mutual capabilities to maximize the value we deliver to our clients and customers. The inclusion of POS and e-commerce offerings to our existing product suite is aimed at providing our customers a comprehensive end-to-end banking experience.”

Yousif Adel Kruse, Al Masraf’s Head of SME UAE added, “Merchants and consumers are increasingly switching to digital payment options. The future of transactions is cashless, and to remain competitive it is imperative for us to offer a secure, convenient and seamless payments experience. We believe that Al Masraf can play a key role by adapting to this fast-evolving payments landscape that is moving away from a traditionally cash-driven market place. As a federal bank, we have explored and identified synergies with Network International, one of the leading payment solutions providers in the region, aligned to the needs of the fast-changing electronic and mobile payments market.”

Samer Soliman, Managing Director Middle East at Network International commented, “Network International has gained a reputation for equipping our customers with superior, future-proof and secure payments infrastructure. We are delighted to support Al Masraf and its expanding customer base by empowering them with world-class solutions, innovative range of products and best-in-class customer support teams.”

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© Press Release 2018