Government-led programmes key for financial inclusion – Network International
By Fummilola Gboteku
Mr Nandan Mer, the Group Chief Executive Officer, Network International, says government-sponsored programmes and infrastructure are crucial for the acceleration of financial inclusion in Nigeria.
Mer said this at the launch of the company’s Innovative Network One Payment Platform on Wednesday in Lagos.
According to him, the government needs to put in place a financial inclusion target for all ecosystem participants.
He, however, said that the government could not do it alone, adding that ecosystem players must embrace government’s mandates, policies and regulations.
Mer noted that when government gets involved through different initiatives, there was always a tremendous force for good.
“I believe the Nigeria Inter-Bank Settlement System is doing a good job in terms of interbank payments, and the proposed domestic card scheme is a step in the right direction.
“Network International is committed to embracing these initiatives and recognising the transformative power of government involvement.
“While government responsibility is not sole, its engagement accelerates progress. Alignment among government, policymakers, and central banks is vital,” Mer said.
Speaking on the launch, Mer said the company had aligned with the Central Bank of Nigeria’s directive for in-country transaction routing, enhancing its local processing capabilities by deploying its flagship Network One platform on soil.
According to him, the platform is now ready to onboard and empower banks, Mobile Network Operators and fintechs in Nigeria and throughout the West African region.
Mer said the integrated platform provides banks, financiaI institutions and fintechs with a comprehensive range of payment products and services locally in Nigeria for both issuers and acquirers.
He said the suite was complemented by a variety of value-added services such as digital, loyalty, tokenisation, enterprise fraud prevention, embedded finance and data and advisory solutions and many more.
According to Mer, Network International is strategically investing in rolling out the platform in key markets to effectively serve its local and regional clients and partners across the MEA region
“This major milestone took us only a few months to deploy thanks to a local team that worked tirelessly and seamlessly with cross-functional colleagues in various geographies to ensure we deliver on Network One’s promise of innovation, resilience and agility.
“As the country with the fourth-largest Gross Domestic Product in Africa with strong consumer spending, Nigeria is ripe for a digital payment boom.
“Total transaction value in the domestic digital payments market is projected to reach 21.32 billion US dollars in 2024, with an annual growth rate (CAGR 2024-2028) of 10.06 per cent projected to reach a total amount of $31.28 billion by 2028,” he said.
Dr Reda Helal, Group, Managing Director for Processing in Africa, said the Network One platform was an integrated payment suite offering both merchant and issuer solutions, hosted and supported in-country.
Helal explained that it relies on a consolidation of best-in-class technologies brought together to provide end-to-end payment processing capabilities in a highly adaptable environment.
“Our presence on the ground and comprehension of the specific needs of the local market have enabled us to tailor a solution that is ideally suited for Nigerian enterprises.
“Our capability to establish a hub equipped with all the essential technology not only empowers our clients to enhance their value proposition but also positions the Network to effectively contribute to financial inclusion and democratisation of payments.
“It has also allowed us to effectively address the needs of a large population of consumers across the continent,” he said.
Explaining how the company operates, the Regional Managing Director for West and Central Africa, Chinwe Uzoho, said the company serves only financial institutions, Fintechs and Telcos.
“We are the ones giving Fintechs and financial institutions products and services that enable them to serve the end users,” Uzoho said.
The News Agency of Nigeria (NAN) reports that Network International provides technology-enabled payments as a service to merchants and financial institutions in the Middle East and Africa.
It is also listed on the London Stock Exchange and is a constituent of the FTSE 250 Index. (NAN)
Edited by Chinyere Nweokeoma
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