MICROCAPITAL BRIEF: Network International Unveils “Networkpay” Tools for SMEs in Egypt to Accept Digital Payments

UAE-based Network International recently rolled out its “networkpay” brand to bring its “direct-to-merchant” payment systems to Egypt. The service menu includes tools allowing retailers to accept point-of-service and online payments as well as offering customers pay-over-time and reward programs. The services are meant to be “user friendly and intuitive” so they are accessible to unbanked and underbanked customers. Network International has attracted 500 merchants to the service, mostly small and medium-sized enterprises (SMEs).

Network International Managing Director Andrew Key reportedly said, “With attractive demographics and a growing addressable market for digital payments, Egypt is a key growth accelerator for Network. Over the years, we have established ourselves as a leading acquirer in the UAE and Jordan, and we are quickly expanding our expertise to the Egyptian market as well. It is our endeavor to tap into the growth opportunity the country presents, whilst supporting the Central Bank of Egypt’s strategy towards turning into a cashless economy and Egypt Vision 2030.”

Network International is a unit of Network International Holdings, which enables digital commerce in the Middle East and 40 African countries. The group was established in 1988 in UAE and is traded on the London Stock Exchange. During 2021, it facilitated 979 million user interactions, processing transactions valued at a total of USD 42 billion for approximately 150,000 merchants.

By Anaya Jhaveri, Research Associate

Sources and Additional Resources

Zawya article
https://www.zawya.com/en/press-release/companies-news/network-international-to-drive-financial-inclusion-and-make-digital-payments-more-accessible-in-egypt-gh174yij

Network International homepage
https://www.network.ae/

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