UAE's digital payment Network International to invest EGP 1 bln in Egypt

Ahram Online , Monday 28 Aug 2023

Emirati e-payment company Network International announced plans to invest EGP 1 billion ($32.33 million) in Egypt's digital payment solutions sector, according to a press release on Monday.

Network International headquarters building. Company s website.
Network International headquarters building. Company s website.


The company said that a "significant share" of its investments will be injected into procuring, deploying, and maintaining approximately 100,000 point-of-sale (POS) machines in multiple areas across Egypt.

The remainder of the investments will be directed towards deploying its own payments technology platform, Network One, in Egypt, the company added.

"The investment goes beyond monetary value – our focus includes continuing to hire and develop local talent and leadership. Egypt has been our Africa headquarters for many years and [we have more than] 700 Egyptian colleagues serving over 160 banks across Africa and 65 banks in the Middle East," said Nandan Mer, group CEO of Network International.

"The Egyptian government has been implementing a robust strategy to accelerate digital transformation objectives. Network is at the forefront of this transformation, aligning with the nation's 2030 agenda," commented Reda Helal, group managing director for processing in Africa.

Egypt has made significant progress in recent years towards digitalization. The country inked 29 agreements with foreign businesses, including IBM, Amazon, Microsoft, and Dell Technologies, in December 2022 to establish outsourcing centres, which are projected to increase Egypt's digital exports by $1 billion by 2025 and generate more than 34,000 jobs.

Egyptian digital exports are projected to reach approximately $5.5 billion in FY2022/23, up 12.2 percent from $4.9 billion in FY2021/22.

Last October, the Minister of Telecommunications and Information Technology Amr Talaat stated that Egypt invested EGP 50 billion in digital transformation projects.

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