The Dubai-based company said the investment will help bolster payment systems infrastructure and financial inclusion and contribute to the digital transformation undertaken by the Egyptian government.

Network International, a major player in digital commerce in the Middle East and Africa (MEA) region announced on Monday, August 28 an investment of EGP 1 billion ($32.3 million) to support Egypt's economic growth through innovative payment solutions.

According to the company's press release, a"significant portion" of the capital will be spent to buy, deploy, and maintain around 100,000 point-of-sale (POS) machines in several regions of Egypt. The rest will be devoted to the implementation and smooth operation of Network One, the company's state-of-the-art payments technology platform.

"This investment underscores our ongoing commitment to providing innovative payment solutions to Egyptian businesses. Our presence in the Egyptian economy spans more than two decades, during which we have served numerous banks and financial institutions," said Nandan Mer, CEO of Network International.

Network International's new investment in Egypt aligns with its government’s efforts to implement the country's national digital transformation strategy called "Digital Egypt 2030". The latter  aims to "realize the digital economy through ICT, to ensure prosperity, freedom, and social equity for all".

Network International's presence in Egypt will significantly contribute to financial inclusion and GDP growth. The player strives to modernize financial technology to facilitate the transition from cash to digital payments.

Samira Njoya