Cairo - Mubasher: Network International, the leading enabler of digital payments and commerce across the MEA region, has injected EGP 1 billion investment to boost economic growth in Egypt with advanced payment solutions.
Network will further evolve its payment technology and capabilities in the African country to accelerate the transition from cash to digital payments, according to a press release.
The investment will anchor the state's objectives to achieve financial inclusion and accelerate gross domestic product (GDP) growth.
The majority share of the investment will be used to procure, deploy, and maintain nearly 100,000 innovative point-of-sale (POS) machines.
Meanwhile, the remaining amount will be directed into the implementation and operation of Network One, Network’s enhanced payments technology platform.
Nandan Mer, Group CEO of Network International, highlighted: “The investment goes beyond monetary value – our focus includes continuing to hire and develop local talent and leadership.”
“Egypt has been our Africa headquarters for many years and our 700+ Egyptian colleagues serve 160+ banks across Africa and 65 banks in the Middle East,” Mer added.
Reda Helal, Group Managing Director, Processing Business – Africa, noted: “Aligning with Egypt’s financial inclusion journey, we are making digital payment acceptance economically feasible for many small merchants through low-cost payment acceptance solutions.”
Helal underlined: “The Egyptian government has been implementing a robust strategy to accelerate digital transformation objectives. Network is at the forefront of this transformation, aligning with the nation's 2030 agenda.”
