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Network International, a FTSE-listed payment provider, has launched its award-winning digital payment platform, Network One, in Nigeria. This significant move aligns with the Central Bank of Nigeria’s directive for in-country transaction routing, enhancing the company’s local processing capabilities.
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The deployment of the Network One platform in Nigeria aims to support banks, mobile network operators (MNOs), and fintechs throughout West Africa. The platform offers a comprehensive range of payment products and services, including digital, loyalty, tokenization, enterprise fraud prevention, embedded finance, and data and advisory solutions.
Network One promises innovation, resilience, and agility
“This major milestone took us only a few months to deploy thanks to a local team that worked tirelessly and seamlessly with cross-functional colleagues in various geographies. [They ] ensure we deliver on Network One’s promise of innovation, resilience, and agility. Taking Network One live in Nigeria is integral to our company’s continued commitment to the country and the continent,” said Nandan Mer, Group CEO of Network International.
The launch comes as Nigeria’s digital payments market is projected to reach a transaction value of $21.32 billion in 2024, with an annual growth rate of 10.06% expected to bring this to $31.28 billion by 2028.
Dr. Reda Helal, Group MD of Processing, Africa and Co-Head of Group Processing, highlighted benefits of the local deployment.
She said: “Our presence on the ground and comprehension of the specific needs of the local market have enabled us to tailor a solution that is ideally suited for Nigerian enterprises.
Adding: “Our capability to establish a hub equipped with all the essential technology not only empowers our clients to enhance their value proposition but also positions Network to effectively contribute to financial inclusion and democratization of payments.”
Network International focuses on building local talent
A crucial aspect of Network International’s strategy is the development of local talent, which allows for closer collaboration with local banks and MNOs. The company has also enhanced its staff complement, achieving a significant increase in its BBBEE status within a year, reflecting its growing trust among African institutions.
“By recruiting the right talent, we are assured that our teams in Nigeria can achieve quicker results with reduced reliance on our international teams. [This will] lead to significant operational benefits for our clients locally and regionally,” Dr. Helal added.
Network International’s investments across Africa have yielded substantial improvements in economies of scale, enabling the company to offer advanced technology at a lower cost, thus expediting digital transformation across the continent.
“Network One’s successful touchdown in Nigeria embodies our ambition to establish ourselves as a company that is authentically local in the African markets we serve,” Mer concluded.
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- L-R: Dr. Reda Helal, Group Managing Director, Processing, Africa, Network International; Mrs. Chinwe Uzoho, Regional Managing Director, West and Central Africa, Network International; Mr. Nandan Mer, Group Chief Executive Officer, Network International and Mrs. Lola Agbebiyi, Managing Director, Nigeria, Network International announcing launch of Network One Payment.
