Dubai headquartered-Network International’s protracted acquisition of African-based technology-enabled payments enabler DPO Group is expected to be complete in the current quarter.
CEO Nandan Mer told Arabian Business the deal, which was previously reported to be worth $288 million, had cleared the majority of regulatory approvals and was waiting for the green light from just one more, before it can be complete.
He said: “We had several, in the region of 19 or 20 markets, regulatory approvals. When we last spoke on the subject I think there were five or six, somewhere in that region, in terms of approvals, but now that we’re down to one we’re increasingly confident that it’s imminent.
“We’re very excited about them joining the NI family, amplifying their capabilities in the Middle East is a massive opportunity for us.
Mer was speaking as Network International released its results for the first six months of the year, which showed revenues were up 16.5 percent from the same period last year to $156.4m.
Further highlights include an 18.5 percent increase in the total processed volume (TPV) to $19 billion, compared to the first six months of 2020; while June retail spend was up 45 percent year-on-year and spending on travel and entertainment increased by a huge 211 percent.
“I’m very pleased with the business momentum,” said Mer.
He added that market entry into Saudi Arabia remained in progress, with live operations scheduled to start in the first quarter of 2022.
Nandan Mer, Group CEO, Network International.
According to a statement on Wednesday, Network International expects to deploy a total capital investment of under $10m, and following services commencing with customers, predicts revenues will build up to $50m over a five-year period.
Mer said: “They are primed for our arrival, we are primed to serve them. The team has been hard at work, even through the pandemic when the borders were closed, optimising our entry capability side, making sure we were signing MoUs with prospective customers, having active dialogue with the regulators and also scouting for talent.
“All of that is progressing very well. We hope to be in the market, on the ground, processing locally, in Q1 of next year. We are almost there.”
According to the H1 results, Network International saw an 18 percent increase in the number of cards hosted, to 16.3m, while the total number of transactions was up 29.3 percent year-on-year to 459.8m.
Network International, which boasts a workforce of 1,300, has an on-the-ground presence in seven markets across the Middle East and Africa and serves customers in 55 markets.
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