Network International which operates across Africa and the Middle East, has seen strong underlying growth in payment transactions with an increase in merchant solutions growth acceleration vs pre-pandemic during Q4 2022; successfully launched direct-to-merchant services in Egypt, with the first Small and medium-sized enterprises (SME) merchants onboarded and transacting through Network’s point-of-sale terminals; figures include growth for DPO Group, acquired by Network International in 2021, whose new capabilities continue to diversify merchant reach across sectors.
Network International has announced a 13% increase in year-on-year revenue for Q4 2022. The business, comprised of a group of companies, is a leading enabler of digital commerce across the Middle East and Africa, providing a full suite of technology-enabled payment solutions to merchants and financial institutions of all types and sizes.
We ended 2022 in a position of strength, having set out a refreshed strategy and delivering on several key commitments, including revenue growth acceleration and financial results in-line with guidance. In the merchant business we saw a record number of wins alongside new capability launches. The successful acquisition of DPO in Africa has doubled our e-commerce merchant revenues, added alternative payment capabilities, and accelerated SME signings across the Group. In the processing business we saw strong full year revenue growth as a result of new customer wins and the accelerated transition to digital payments across all our markets. We have also launched a number of new revenue growth opportunities; including processing services in Saudi Arabia where we are live with a number of customers, merchant payments in Egypt and commercial payment services in the region. Looking ahead we continue to see a high growth outlook, supported by structural market expansion, and continued strategic delivery.
Nandan Mer, Chief Executive Officer, Network International
