Network International, a Mea provider of digital payments and commerce solutions, has announced an EGP 1 billion investment to support Egypt’s economic growth with its payment solutions.
The investment aims to contribute to the country’s progress in financial inclusion goals and GDP growth.
Group CEO, Nandan Mer, 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 plus Egyptian colleagues serve 160 plus banks across Africa and 65 banks in the Middle East.”
A large part of the investment will be allocated to acquiring, installing, and maintaining about 100,000 advanced point-of-sale machines, which are seen as instrumental for the future of digital payments in Egypt.
The rest of the money will be directed to the implementation and operation of Network One, Network’s payments technology platform.
Group managing director of processing, Africa, Reda Helal, 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.”
