Network International reports solid start to 2023

Network International posted a big jump in revenues for the first quarter of the year.

"We have seen a solid start to the year. This demonstrates economic strength across key markets, supported by the accelerated transition from cash to digital payments and continued successful strategic execution of our growth-oriented strategy," said chief executive officer Nandan Mer.

Over the three months ending on 31 March, the company reported total revenues ahead by 16% at constant currencies, buoyed by growth of 23% in its merchant services revenues.

The Middle East and Africa payments solutions provider for merchants and financial institutions credited an "excellent" performance in the United Arab Emirates and Jordan for the latter, together with record merchant wins.

Signings across small and medium-sized enterprises in the UAE and key enterprise merchants were up significantly year-on-year, helped by the strength of its business proposition and improvements in its automated onboarding.

Mer added that Merchant Services performed better across Africa in comparison to 2022's exit rates with its launch in Egypt performing well.

At the company's Outsourced Payment Services arm, revenues were ahead by 10% at constant currency.