Network International, a company listed on the FTSE, has introduced its cutting-edge and acclaimed digital payment platform, Network One, in Nigeria.

As per the official statement released on Wednesday, the platform is now prepared to integrate and support banks, mobile network operators, and fintech companies in Nigeria and the broader West African region.

In alignment with the Central Bank of Nigeria’s directive for in-country transaction routing, Network International strategically deployed its flagship Network One platform within Nigeria. This deployment enhances the company’s local processing capabilities.

“The 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, tokenisation, enterprise fraud prevention, embedded finance data and advisory solutions and many more. Network International is strategically investing in rolling out the platform in key markets to effectively serve its local and regional clients and partners across the MEA region,” the statement partly read.

In reference to the launch, the Group Chief Executive Officer of Network International, Nandan Mer, stated that this significant milestone was achieved within a few months due to the dedication and seamless collaboration of the local team with cross-functional colleagues across various regions. This collaboration ensured the delivery on Network One’s commitment to innovation, resilience, and agility. The launch of Network One in Nigeria is an integral part of the company’s ongoing commitment to the country and the continent.

“Our successful entry into the Nigerian market through Network One underscores our commitment to becoming a truly localized entity in the African markets we operate in.”

Nigeria, with its robust consumer spending and position as the fourth-largest GDP in Africa, presents a significant opportunity for the expansion of digital payments. It is projected that the transaction value within the domestic digital payments market will reach $21.32 billion by 2024, with an anticipated annual growth rate (CAGR 2024-2028) of 10.06 percent, leading to a total value of $31.28 billion by 2028.

The Network One platform offers a comprehensive payment suite, encompassing both merchant and issuer solutions, hosted and supported within the country. It leverages a combination of best-in-class technologies to provide end-to-end payment processing capabilities within a highly adaptable environment.

“Our on-the-ground presence and understanding of the unique requirements of the local market have allowed us to develop a solution that perfectly meets the needs of Nigerian businesses.

The establishment of a hub equipped with all necessary technology not only enables our clients to improve their value proposition but also allows Network to play a significant role in promoting financial inclusion and the democratization of payments, thereby catering to the needs of a vast consumer base across the continent, stated Dr. Reda Helal, Group Managing Director of Processing, Africa, and Co-Head of Group Processing at Network International.