IFC helps Network International expand access to payment infrastructure in MEAIFC, a member of the World Bank Group, and the IFC Middle East and North Africa Fund, managed by IFC Asset Management Company, has announced a combined indirect equity investment of $30 million via the WP/GA consortium fund in Network International, a leading provider of payment solutions, to expand the payment infrastructure in the Middle East and Africa. IFC and the MENA Fund have each invested $15 million to acquire indirect stakes in Network International, which is jointly controlled by the Emirates NBD Bank and Warburg Pincus/General Atlantic consortium. “Network International is well positioned to offer affordable and innovative solutions to merchants, banks and consumers, strengthening the payment infrastructure,” said Bassel Hamwi, Head of the IFC Middle East and North Africa Fund. Network International’s expansion will also promote cross-regional integration of the financial and payment infrastructure. “Network International is our strategic partner in establishing and expanding shared financial infrastructure across the Middle East and Africa,” said Andi Dervishi, Global Head of IFC’s Fintech Investment Group.

Source: The North Africa Journal March 22, 2017 05:26 UTC