Network International witnesses shift to e-payments, eyes expansions in Saudi Arabia: CEO

Nandan Mer, CEO of Network International

Network International Holdings Plc, listed on the London Stock Exchange (LSE), is witnessing an accelerated shift to e-payments amid the numerous long-term investment opportunities available in the region, group CEO Nandan Mer told Argaam in an exclusive.

The company is also planning to strengthen its foothold in Saudi Arabia and open a data center in the Kingdom at the earliest, he noted, adding that presence in Saudi Arabia will be a key driver for business growth going forward.

“We’re committed to enter the Saudi market when life normalizes,” Mer said.

Network International reported a steep decline in 2020 net profit, due to the COVID-19 pandemic and the related precautionary measures and recession.

Despite last year’s headwinds, Network International made several achievements on business level. It received strong demand for e-payment solutions and enhanced its capacities by launching a digital payment platform in partnership with MasterCard.

Meanwhile, Network International, in which Emirates NBD owns a 5.7% stake, posted a drop in its net profit to $6.2 million in 2020, from $57.6 million a year earlier, Mer explained.

Network International has been operating in Africa for 15 years. It provides e-payment services to 200 financial institutions operating in the Middle East and Africa, and over 80,000 merchants in more than 50 countries, backed by its strategic partnerships with prominent global payment platforms.