Network International’s multimillion-dollar initiative for Egyptian fintech sector will support CBE financial inclusion drive
Published On : 29 June 2021
Pledge to waive up to USD 1 million in multi-year fees per eligible company to support fintechs, microfinance companies and start-ups
Will facilitate issuance of local and international cards as well as enable APIs and integrations
Initiative will encourage banks and fintechs to accelerate cashless economy
In a milestone campaign to support digital payments transformation among Egyptian fintechs, microfinance companies and start-ups, Network International, the leading enabler of digital commerce across the Middle East and Africa (MEA), has pledged to waive up to USD 1 million in fees over a multiple-year period for each eligible start-up client. The promotional campaign will include new and existing clients signing up for a 5-year contract, before 31st December 2021.
As one of Egypt’s leading payment solution providers, Network International will help accelerate the cashless economy and support the Central Bank of Egypt (CBE) initiative on financial inclusion through this first-of-its kind initiative. Network will facilitate the issuance of local and international cards as well as enable APIs and integrations for Egyptian start-ups to accept digital payments. New and existing clients will be offered a wide range of attractive benefits during the promotional period including zero hosting fees, zero minimum charges, and up to 75% discount on joining and implementation fees, with only transaction fees payable during the five-year contract term.
The initiative is aimed at supporting cash-strapped start-ups by eliminating the financial burden of digital payments transformation in addition to offering them the benefits of Network’s on-ground expertise, trusted and secure payment infrastructure, and decades-long experience in issuing card solutions for prominent financial institutions across the MEA region.
The Middle East and Africa remain amongst the most underpenetrated digital payments markets in the world, where cash transactions still dominate. As the COVID-19 crisis escalated the urgency to go cashless, Network International has continued to enable fintechs, start-ups and microfinance companies to make the transition to digital payments to help people benefit from the increased safety, security, convenience and flexibility of cashless transactions.
Commenting on the initiative, Hany Fekry, Regional President - Northern and Sub-Saharan Africa, Network International, said: “We are delighted to support the Central Bank of Egypt's initiative to promote financial inclusion and the digitisation of the financial sector. In our ongoing efforts to encourage the promising entrepreneurship ecosystem in Egypt, we are introducing meaningful benefits for start-ups to help them innovate and expand faster. As the leading enabler of digital commerce across the MEA region, we care deeply about financial inclusion and look forward to continuing to enable fintechs to help transform financial services for millions of people across our region.”