NIGERIA: Digital transactions to receive boost on Network One payment platform debut

Network International, a payment partner of Nigerian banks, has underscored its commitment to local and regional markets by bringing its innovative digital payment platform, Network One, on soil to Nigeria.

By deploying its flagship Network One platform on soil, Network International aligns with the Central Bank of Nigeria’s directive for in-country transaction routing, enhancing its local processing capabilities.

Speaking with BusinessDay in Lagos, Nandan Mer, Group Chief Executive Officer, Network International said the e integrated platform provides banks, FIs, and fintechs with a comprehensive range of payment products and services locally in Nigeria for both issuers and acquirers.

The suite is complemented by a variety of value-added services such as digital, loyalty, tokenization, enterprise fraud prevention, embedded finance and data and advisory solutions”

He said the company spent about $250 million on the platform and it is already serving over 20 million customers across the Middle East and Africa region. According to him the company processes a total of $100 billion transactions annually.

Speaking on the importance of digital transactions, Mer said cash moves slowly, it is more insecure to carry cash as it can be stolen easily. He said electronic payment is fast, reduces cost of moving cash and electronic transactions can result in upto 0.4 percent increase in GDP. “Our purpose therefore is to help businesses and economies grow by simplifying payment and commerce”, Mer said

Also speaking, Reda Helal Group, MD – Africa and Co-Head Group Processing, Network International said the Network One platform was an integrated payment suite offering both merchant and issuer solutions, hosted and supported in-country.

“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.”

Explaining how the company operates, Chinwe Uzoho ,Regional Managing Director for West and Central Africa said the company which operates B2B serves only financial institutions, Fintechs and Telcos.

“We give Fintechs and financial institutions products and services that enable them to serve the end users. We have been serving about 21 banks and the platform is a better sophisticated platform and enhanced. In the last years, we have been helping the banks to ensure that they digitally penetrate the market,” Uzoho said.

Nandan later canvassed for government sponsored schemes to increase the level of financial inclusion in Nigeria comparable to international levels.

He said that financial inclusion has always grown rapidly when government sponsors domestic payments programmes.

Citing other climes, Mer said in China, the government created a scheme called Accelerated Digital Inclusion, accelerated use of digital payment tools; India created similar schemes which took their financial inclusion rate from about 10 percent to over 60 percent.

“When government steps in and puts infrastructure in place, policies and mandates financial inclusion, things will start moving and stakeholders and players in the eco system must embrace government schemes”.

SOURCE:BUSINESSDAY