Network International Expands Role in Nigeria’s Fintech Sector

Network International is expanding its role in Nigeria’s fintech market by providing secure transaction infrastructure and AI-driven fraud detection. The company’s Lagos office serves as its West Africa hub, emphasizing financial inclusion with a focus on rural areas. It partners with banks and local entities to reduce cash reliance and enhance digital payment solutions.

In a significant move, Network International, recognized as a key player in digital payments, is advancing its operations in Nigeria’s robust fintech sector. The company, which has its headquarters in Dubai, is investing in secure transaction infrastructure as the region emerges as one of Africa’s top digital economies. This decision reinforces its commitment to Nigeria, which it views as a cornerstone of its African strategy.

The firm operates across more than 50 countries, but Nigeria stands out as a crucial market due in part to its rapidly growing fintech scene. Dr. Reda Helal, the Group Managing Director for Processing in Africa, emphasized in a conversation with The PUNCH that the Lagos office has established itself as the regional hub for West Africa. “Nigeria is a strategic hub,” Helal pointed out, underscoring their long-term investment in technology and talent to facilitate financial inclusion and foster cashless growth.

Network International is equipping fintech startups with backend infrastructure and application programming interfaces (APIs), enabling them to merge various payment channels, from cards to bank transfers. Using advanced artificial intelligence, the company also implements fraud detection systems, enhancing the security of transactions, as noted by Helal. APIs enable different software applications to communicate seamlessly, facilitating smoother operations across multiple platforms.

In a country like Nigeria, where transaction failures can be all too common, Network International is making strides in ensuring better reliability. Helal noted that they have introduced redundant systems and real-time monitoring. “We work around the clock in Nigeria to keep payments flowing,” he explained. In scenarios of route failures, a secondary route can automatically take over.

The company is also collaborating with local banks and regulatory bodies to optimize payment settlements. Helal pointed out that relying solely on technology won’t bridge the gap in financial inclusion, especially in rural areas. He emphasized the need to engage directly with communities, using tools such as Unstructured Supplementary Service Data on basic phones, enabling people without smartphones to access banking services.

“Meeting people where they are” is key, according to Helal, who advocates for partnerships with local agents and trustworthy organizations like cooperatives. USSD, which allows users to perform actions through simple codes, is a vital service for individuals without internet access.

Network International is already working with mobile money operators to further support rural initiatives. As the Central Bank of Nigeria intensifies efforts to diminish cash reliance, Helal noted that the company’s innovations, including virtual cards and QR code payment systems, will assist in this transition. Moreover, they are focused on providing tools that help micro, small, and medium-sized enterprises accept digital payments effectively.

“We’re doing this in partnership with banks, fintechs and regulators to ensure solutions fit the local context,” he asserted. This collaborative approach is expected to enhance the payment landscape significantly in Nigeria.

In summary, Network International is significantly deepening its commitment to Nigeria’s fintech ecosystem. By investing in essential infrastructure, offering cutting-edge technology, and forming local partnerships, the company aims to enhance secure digital payments while promoting financial inclusion. Working closely with various stakeholders, they are directly addressing the challenges faced by the country’s payment landscape and furthering the goal of reduced cash reliance, particularly in underserved regions.

Original Source: punchng.com