Network International, has invested over $250m on the newly deployed digital payment platform, Network One, in the Nigerian market to provide banks, mobile network operators (MNOs) and fintechs innovative payment solutions.
The cloud-based, integrated digital payment suite provides a comprehensive range of payment products and services, including value-added services like digital, loyalty and enterprise fraud prevention.
Group CEO, Network International, Nandan Mer, at a briefing in Lagos to unveil the Network One stated that the solution would help banks, fintechs to provide low-cost digital payment.
He disclosed that its global payment network processes over $100bn transactions annually across the globe.
He stated that the company had in the last 20 years served several banks in Nigeria, telecommunication service providers, and the government thereby deepening financial inclusion.
He said the adoption of an electronic payment system would help in boosting the gross domestic product of the country, adding, “Cash is expensive to handle. If you think about it, countries that are cash heavy spend a lot of money on production and transportation of cash.
“The speed of payment is very important and that is why we have invested a lot of money to bring in this technology. There is less loss in transmission in electronic payment than cash payment. It is safer, the cost is lower. Electronic payment reduces the cost of moving money from Point A to Point B. So our plan is to help banks, MNOs and businesses by simplifying payment.
Mer added: “This major milestone took us only a few months to deploy thanks to a local team that worked tirelessly and seamlessly with cross-functional colleagues in various geographies to ensure we deliver on Network One’s promise of innovation, resilience, and agility. Taking Network One live in Nigeria is integral to our company’s continued commitment to the country and the continent.”
Managing Director, Processing, Africa and Co-Head Group Processing, Network International, Dr. Reda Helal stated that the firm is working with the Central Bank of Nigeria (CBN) to deepen financial inclusion.
“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. Our capability to establish a hub equipped with all the essential technology not only empowers our clients to enhance their value proposition but also positions Network to effectively contribute to financial inclusion and democratization of payments, addressing the needs of a large population of consumers across the continent,” he explained.
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