UAE’s Network International to spend $32m on its Egypt payment processing network
Investments by UAE payments firm will be on extensive upgrades to network
Dubai: Dubai-headquartered Network International will invest more than $32 million (1 billion Egyptian pounds) to expand its payment processing network in Egypt.
The company will upgrade its payment technology and capabilities in the North African market to ‘accelerate the transition from cash to digital payments’. Much of the new funds will be deployed on procuring, deploying, and maintaining approximately 100,000 innovative point-of-sale (POS) machines. The remaining will be on the implementation and operation of Network One, its payments technology platform.
According to Nandan Mer, Group CEO of Network International: “Our presence in the Egyptian economy spans over two decades, during which we've served numerous banks and financial institutions. The investment goes beyond monetary value – our focus includes continuing to hire and develop local talent and leadership.”