Network International Sees a Strong Underlying Growth in Q4 2022

Network International have announced that they have seen it’s revenue go up 13% y/y in the fourth quarter of 2022.

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

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