Network International has received approval from Central Bank of Egypt to launch its new ‘direct-to-merchant’ service offering in Egypt. The service is being offered under the new ‘networkpay’ brand which will enable merchants to accept payments from their customers and which will facilitate greater digital payment penetration in the country.
For the past 20+ years, Network has been providing outsourced merchant and issuer payment processing services in Egypt to leading banks and financial institutions and is now entering the direct merchant acquiring space.
Network is offering Egyptian merchants various channels for acceptance on both physical (POS and tap-on-phone) and digital (e-commerce) platforms.
Aside from supporting Egypt’s financial inclusion journey, the networkpay service will also make digital payment acceptance more economically feasible for many small merchants for the first time in the country by giving them low-cost tap-on-phone payment acceptance capability.
Backed by strong efforts by the Egyptian government to fulfil Egypt’s Vision 2030, Egyptian businesses and consumers are increasingly embracing digital payment methods.
Network has been at the forefront of driving digital payments acceptance and broader financial inclusion in Africa and the Middle East, offering end-to-end payment solutions to a growing customer base in more than 50 countries.
Andrew Key, Group Managing Director – Acquiring at Network International, said, “We are excited to be working closely with several of our existing processing customers and the Central Bank of Egypt on our direct-to-merchant payment services. This is a great opportunity to further strengthen our acquiring footprint in Egypt and across Africa while helping broaden financial inclusion in the region.”
Ahmed Samir, Regional Managing Director- Acquiring, Egypt at Network International, said, “Egypt is an important market for Network and a potential future growth accelerator for the business. Over the years, we have been successful in boosting the digital payments ecosystem and helping extend banking and financial services to individuals who have little or no access to them across many markets in Africa and the Middle East, and we look forward to achieving the same in Egypt by serving the direct merchant acquiring space via networkpay.”