Network International Announce Its Investment Of R500 Million To Localize Its Digital Payments Technology Platform
Network International Announce Its Investment Of R500 Million To Localize Its Digital Payments Technology Platform. Financial services company Network International has announced that its cloud-based, integrated payment suite for merchants, banks, fintechs and MNOs will be hosted and operated in South Africa from June 2023. The company took to LinkedIn to share this message.
The post read, “We’re going big and local in South Africa! 🚀 Thrilled to announce our investment of R500 million to localize our Digital Payments technology platform and accelerate building new products relevant to South Africa.With this strategic investment, our South African customers can look forward to cutting-edge innovation in digital payments products and experiences.”
Over the past 25 years, Network International has built a business based on long-standing and trusted relationships with many of the leading merchants, financial institutions and payment networks operating in the Middle East and Africa. Such relationships are based on the company’s comprehensive capabilities, scale, local presence in the multiple markets in which it operates, alongside its trusted reputation. This gives the company significant scale and leadership in the region, where it operates in more than 50 countries, serve over 140,000 merchants and 200 financial institution and fintech customers, whilst managing more than 16 million customer credentials.
“Network International’s digital payments technology is already deployed and trusted by over 200 banks, fintech’s and MNO’s across the Middle East and Africa,” Chris Wood, Regional Managing Director, Southern Africa at Network International told Tech Financials. “What we are doing now is bringing Southern Africa its very own on-soil cloud hosted version. Having technology customised to meet the growing demand from a broad segment of South African customers and plugging directly into BankServ, Visa, and Mastercard locally has been warmly welcomed by existing Southern African clients and has already secured significant interest from potential clients in the retail, banking, fintech and telco space. The strategic decision to invest significantly in on-soil processing capability is in support of the ever-growing need for localisation and the directives of the Reserve Bank of South Africa.”
