United Arab Emirates-based payments processing company Network International is expanding its influence in North Africa’s digital payments landscape with deals in Egypt and Libya.
In Libya, it is a partnership with the country’s Al Seraj Islamic Bank (SIB) to support what an announcement describes as “secure, modern and inclusive financial services.”
Per the agreement, Network International will supply the bank with an end-to-end system for processing digital payments which will go a long way in boosting financial inclusion in the country.
The agreement also comes with “Visa sponsorship, prepaid issuing capabilities, and a suite of innovative value-added services” which will enable the bank to “enhance customer experience, streamline operations, and expand access to secure digital payment options nationwide in Libya.”
Regional Managing Director in charge of processing for North Africa at Network International, Mohamed Abu Gebba, described the partnership as a significant milestone for Libya’s financial sector.
“Al Seraj Islamic Bank’s decision to partner with us reflects our leadership in the MEA region and our ability to deliver innovative, dependable solutions that transform payment ecosystems. Together we aim to advance financial inclusion, support the bank’s growth ambitions, and empower communities with secure, modern payment services,” Gebba stated.
The CEO of SIB, Foze Ghaith, also lauded the deal, saying it reflects a strategic decision and an understanding of Network International’s work in Libya’s financial ecosystem.
Tokenization deal in Egypt
Early this month, Network International also announced that it powered card tokenization to enable Apple Pay for customers of four Egyptian banks.
According to the announcement, the development, which follows the issuance of tokenization licenses to some banks in Egypt, underscores not only Network’s innovation, but also strengthens the country’s digital payments landscape.
The company’s Group Managing Director of Processing for Africa & Co-Head of Group Processing at Network International, Dr. Reda Helal, said the partnership adds to its more than 20 years of experience in the digital payments space. He expressed gratitude to the Central Bank of Egypt and the four banks for their “trust and partnership as we continue to help accelerate secure and scalable digital payments across Egypt.”
Network International in January also announced support for banks in the UAE on biometric payment initiatives with its processing technology.
Last year, the CEO of the company, Mohamed Elbelamachi, discussed broad issues around Africa’s digital payment future in an interview with Biometric Update. He noted that inclusive and interoperable digital public infrastructure (DPI) is a critical factor in strengthening the continent’s instant payments architecture.
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Article Topics
Africa | biometric payments | biometrics | digital payments | Egypt | financial inclusion | Libya | Network International | tokenization
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