Network International Expands Role in Nigeria’s Fintech Boom
Network International is expanding its role in Nigeria’s fintech sector by providing secure transaction infrastructure for startups. The firm is committed to enhancing financial inclusion and cashless growth in the region. With a focus on collaboration with local banks and technology improvements, Network International aims to support the growing digital economy in Nigeria.
Network International, a prominent digital payments provider, is stepping up its involvement in Nigeria’s booming fintech sector. The firm is set to enhance the transaction infrastructure as startups flourish in one of Africa’s most rapidly evolving digital markets. Operating from its headquarters in Dubai, Network International has identified Nigeria as a critical market among its expansive footprint in over 50 nations.
In an interview with The PUNCH, Dr. Reda Helal, the Group Managing Director for Processing in Africa and Co-head of Group Processing, emphasized that their Lagos office is now serving as the regional headquarters for all West African operations. He pointed out this move signifies their long-standing commitment to developing Nigeria’s digital payment landscape. “Nigeria is a strategic hub,” Helal remarked. “We are investing in technology, local partnerships and talent to support financial inclusion and cashless growth.”
The company provides essential backend infrastructure, alongside application programming interfaces (APIs), which enable fintech firms to seamlessly integrate various payment channels, including cards, wallets, and bank transfers. Additionally, as Helal noted, they utilize AI-driven fraud detection systems to enhance security.
Given the ongoing issues with transaction delays and failures in Nigeria’s payments landscape, Helal stated that Network International has deployed redundant systems and real-time monitoring. This proactive measure aims to bolster reliability, assuring users that payment processes are continuously operational. “We work around the clock in Nigeria to keep payments flowing,” he said, adding, “If one route fails, another one kicks in automatically.”
The company is not only focusing on technology; Helal stressed the necessity of working alongside local banks and regulatory authorities to enhance payment settlements. He noted that mere technological solutions cannot suffice in fostering financial inclusion, especially in rural regions where Nigerians often lack access to smartphones or formal banking options. “You have to meet people where they are,” he advised, emphasizing the importance of using Unstructured Supplementary Service Data (USSD) and collaborating with local agents and community partners like cooperatives.
USSD allows users to interact with their phones by sending short codes, which can facilitate transactions without internet access. In this regard, Network International is actively creating user-friendly services aimed at rural populations, collaborating with mobile money operators and other local stakeholders.
With the Central Bank of Nigeria advocating for reduced cash dependence, Helal indicated that Network International is on board with this shift. They are advancing initiatives such as virtual cards, QR code payment systems, and other tools tailored for micro, small, and medium-sized enterprises to adopt digital payment methods. “We’re doing this in partnership with banks, fintechs and regulators to ensure solutions fit the local context,” he concluded.
Overall, Network International is making strategic moves to strengthen Nigeria’s fintech landscape by offering robust payment infrastructures. With a firm commitment to local partnerships and leveraging technology, the company aims to facilitate cashless transactions while addressing the challenges faced in the region. As they cater to diverse user needs, including those in rural communities, Network International positions itself as a pivotal player in Nigeria’s digital transformation.
Original Source: punchng.com
