Network International expands into Saudi Arabia with $50M revenue target in medium-long term
Network International continues to expand its business and strengthen its foothold in Saudi Arabia. With a $50 million revenue target in the medium-long term, the payments giant has defined strategic priorities to bolster its aspirations and drive market presence across the Kingdom.
Saudi Arabia was the fastest growing G20 economy in 2022 and has seen rapid growth in its payments landscape. The KSA payments market is expected to grow at a CAGR of 15.4% from 2022 to 2027 . The introduction of government initiatives such as the enablement of new payment acceptance methods, launch of mobile payments such as Apple Pay and MADA Pay, and a point-of-sale device mandate for retail outlets, among others, have further promoted digital payments in the region.
Given its rapidly evolving payments ecosystem, KSA is a key priority market for Network. As a leading enabler of digital commerce, Network is committed to driving the adoption of digital payments in KSA fulfilling its goal of contributing to the prosperity of the economy and business by simplifying commerce and payments. As Network’s KSA business continues to expand at pace demonstrating a robust demand for its offering in the market, the company has identified growth opportunities across three specific streams.
Driving customer growth and expanding offerings
Since entering the Kingdom in 2022, Network has quickly grown its customer base of processing customers to a total of nine. One of its most recent customer wins includes Alinma Bank, one of the region’s top five banks, lending weight to Network’s ongoing commitment to promoting financial inclusion through greater digital payment penetration. The company is considering further investments to open an additional line of business through offering merchant payment services in the Kingdom. The planning for this offering has indeed been initiated following the receipt of an ‘in-principle’ approval from the Saudi Central Bank to offer advanced acquiring and acceptance services such as Payment Gateway and Soft POS, among others.
Value Added Services
Network has successfully launched differentiated Value-Added Services (VAS) in outsourced payments and acquiring and acceptance services across other markets in the Middle East. The introduction of VAS aims to enrich the digital commerce experiences of processing clients as well as their customers. Network offers a host of innovative VAS offerings including payment through biometrics and unattended machines and unique solutions for sectors including hospitality, aviation and tourism. Its enterprise fraud solutions protect customers against losses from fraudulent activities and its advanced loyalty solutions are customisable and managed from one single online platform. Network continues to build up these capabilities to meet the present and future needs of the KSA market.
Commercial Cards: An untapped segment
Commercial cards represent an untapped potential in the Kingdom. Network has advanced commercial payment solutions inclusive of cutting-edge expense management that can support SMEs, corporate and government entities to track their payments instantly, control the use of cards and provide further insights about an entity’s overall payments digitally.
Abdulaziz Al-Dahmash, Managing Director at KSA at Network International, commented, “Our ambitions in KSA are built on Network’s legacy of over three decades, helping economies digitise. KSA is a top priority for us – we are investing for the long term to deliver payments innovation to Saudi banks and businesses; create secure, sustainable payments infrastructure; drive financial inclusion; and generate employment opportunities in support of Vision 2030.”
