FTSE-listed Network International, a payment partner of Nigerian banks, has stressed the need for financial inclusion partners to drive financial inclusion plans of the Federal Government.

With 20 years of operations in Nigeria, Network International noted that while the Federal Government, through the Central Bank of Nigeria (CBN), sets the target and creates the enabling environment, “it is critical that the ecosystem partners, including the banks, financial institutions, fintechs, telcos come around to drive it.”

Speaking in Lagos yesterday during a media interaction to announce Network One in Nigeria, an advanced digital payment platform, the Group Chief Executive Officer, Nandan Mer, said the move underscored its commitment to local and regional markets, including Nigeria.

Mer, who said on a group level, the firm processed over $100 billion payment digitally, disclosed that the new platform is now ready to onboard and empower banks, MNOs and fintechs in Nigeria and throughout the West African region.

The GCEO said by deploying its flagship Network One platform on soil, the firm aligns with the CBN’s directive for in-country transaction routing, enhancing its local processing capabilities.

He explained that the integrated platform provides banks, FIs, and fintechs with a comprehensive range of payment products and services locally in Nigeria for both issuers and acquirers.

Mer said: “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. Taking Network One live in Nigeria is integral to our company’s continued commitment to the country and the continent.”

The firm noted that as the fourth-largest GDP in Africa with strong consumer spending, Nigeria is ripe for a digital payments boom. It noted that total transaction value in the domestic digital payments market is projected to reach $21.32 billion in 2024, with a yearly growth rate (CAGR 2024-2028) of 10.06 per cent projected to reach $31.28 billion by 2028.

Mer, who said about $250 million was deployed into Network One technology, noted that the firm is strategically positioning its proprietary technology infrastructure, which is developed, hosted, and maintained on a local level, to cater to the needs of local and regional entities seeking market-relevant digital payment solutions for their consumers.

On her part, Managing Director, Processing in Africa, Network International, Chinwe Uzoho, said ecosystem players are trying and doing all that is possible to deepen financial inclusion, stressing that the new solution was aimed at further enabling partners to expand services, especially to remote areas in the country.

Group, MD, Processing, Africa and Co-Head Group Processing, Network International, Dr. Reda Helal, said the firm’s presence on the ground and comprehension of the specific needs of the local market have enabled it 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 Network to effectively contribute to financial inclusion and democratization of payments, addressing the needs of a large population of consumers across the continent,” he stated.

Helal revealed that a crucial aspect of Network International’s sustained investment in Nigeria is nurturing an empowered local workforce. He said by growing local personnel, Network is positioned to collaborate and co-innovate with local banks and mobile network operators, providing proximity to small and medium-sized enterprises and payment experts, right in the heart of their operations.