Network Intl plans expansion drive

UAE-based payment solutions major Network International, claimed to be the largest merchant acquirer in the Middle East and Africa, has envisaged a three-pronged expansion strategy, pushed by its reputation in its existing markets, apart from the growing demand in other newer geographies.

As part of its future plans over the next three years, the company aims to spread geographically. “Currently, we operate in 41 countries in the Middle East and Africa. But we do aim to explore options in Sub-Saharan Africa and other surrounding areas. We are also exploring South and Southeast Asia, where the modes of payments have diversified, and there are opportunities,” Network International CEO Bhairav Trivedi told Deccan Herald over phone from Dubai.

“Our aim is to become an entity of AED 1 billion in annual revenues over the next three years. Hence, we are also focusing on developing our company from the product side to all aspects of the payments value-chain,” Trivedi said.

The company is also growing its core businesses and is working to develop majorly in booming areas such as online, electronic, and mobile transactions.

India means tech
While considering potential markets in South Asia (especially smaller markets such as Sri Lanka), the company has chosen India to develop a global centre. The company plans to put up support infrastructure for its business here, which will support global talent.

The company opened its first Indian off-shoring facility in Bengaluru, this week, which will support its technology and back-end needs.

“In India, we are offering high-paying jobs to people creating value-add. The facility will start off with work on technologies required for our processes. In the near future, we will integrate other areas such as analytics, financial functions, other offshore applications, and data analysis, among others. Our goal is to get all our outsourced needs in-house,” he said.

An investment of around $10 million has gone into setting up of the facility, which will have around 220 staff working there by the end of this month. By the end of this year, a part of the facility will also have a Network Innovation Laboratory, which will support small startups involved in developing payment technologies.