UAE-based digital payments major Network International has annnounced that it is ahead of schedule with plans to enter Saudi Arabia.
The company, which reported 24 percent growth in revenue last year to $352.2 million and a near 10-fold jump in net profit to $56.6 million, said Saudi services will launch “in the coming weeks”.
Network said it expects its first customer revenues in 2022 and sees the country as at least a $50 million revenue opportunity in the medium- to long-term.
Network added that it also intends to begin providing payment services directly to merchants in Egypt, realising a further growth opportunity.
While it currently offers outsourced merchant and issuer payment services in Egypt to financial institutions, going directly to merchants will be a new service offering. The company added that it will seek the appropriate licences and establish a local sales team this year.
The 2022 expansion plans come on the back of record new merchant sign ups last year, the company said.
CEO Nandan Mer said: “Network made significant strides in 2021 and ended the year in a position of strength. Our key performance indicators not only recovered to pre-pandemic levels but showed solid growth, reflecting our successful strategic delivery and the broader regional economic recovery.
“I am particularly proud of the accelerated growth we achieved in our UAE merchant business… Looking ahead, my focus remains on the delivery of our organic growth strategy, as we work towards our target of 20+ percent revenue growth. Our plans are not limited to organic expansion and we will also continue to evaluate acquisition opportunities on an ongoing basis.”
He added: “I continue to be positively surprised by the scale of opportunities in our markets. I am confident that Network’s capabilities will best serve the industry in which we operate and we will deliver on our ambition to be the fastest growing and most innovative customer centric payments company in our regions.”
Total revenue last year was 5 percent higher than pre-pandemic levels in 2019 while the company expects revenue growth of 27-29 percent in 2022.
The company added that its acquisition of DPO, the largest e-commerce payments platform operating across Africa, also provided a strong launch pad to realise its ambitions, enabling access to direct-to-merchant services in 21 African markets.
