Network International, a leading payment solutions provider listed on the London Stock Exchange, has introduced its cutting-edge digital payment platform, Network One, to the Nigerian market. This move marks a significant step in expanding digital payment options in Africa’s largest economy.
Network One is an integrated payment suite that offers both merchant and issuer solutions. It’s designed to serve banks, mobile network operators, and fintech companies in Nigeria and across West Africa. The platform provides a wide range of payment products and services, including digital solutions, loyalty programs, tokenization, fraud prevention, and data analytics.
Nigeria represents a prime market for digital payment growth. With the fourth-largest GDP in Africa and strong consumer spending, the country’s digital payments market is projected to reach $21.32 billion in 2024. Experts forecast an annual growth rate of 10.06% between 2024 and 2028, potentially reaching $31.28 billion by 2028.
By deploying Network One within Nigeria, Network International complies with the Central Bank of Nigeria’s directive for in-country transaction routing. This move enhances the company’s local processing capabilities and demonstrates its commitment to operating within the country’s regulatory framework.
Key Features:
1. Comprehensive payment solutions for both issuers and acquirers
2. Value-added services like loyalty programs and fraud prevention
3. Embedded finance data and advisory solutions
4. Tailored to meet specific needs of the Nigerian market
Nandan Mer, Group CEO of Network International, emphasized the speed and efficiency of the platform’s deployment, crediting the collaboration between local and global teams. He stated, “Taking Network One live in Nigeria is integral to our company’s continued commitment to the country and the continent.”
Dr. Reda Helal, Group MD of Processing for Africa and Co-Head of Group Processing, highlighted the platform’s potential impact: “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.”
Network International sees this launch as more than just a business expansion. The company aims to contribute to financial inclusion and democratization of payments in Nigeria. By providing advanced payment technologies, Network One could help address the needs of a large population of consumers across the continent.
The successful launch of Network One in Nigeria is part of Network International’s larger strategy to establish itself as a local presence in African markets. The company is investing in rolling out the platform in key markets to effectively serve both local and regional clients across the Middle East and Africa region.
The introduction of Network One in Nigeria represents a significant development in the country’s digital payment landscape. As Nigeria continues its journey towards a more digital economy, platforms like Network One could play a crucial role in facilitating secure, efficient, and inclusive financial transactions. The success of this initiative could set a precedent for similar deployments across other African markets, potentially accelerating the continent’s digital financial transformation.
