Network International to invest $32m in Egypt
Reda Helal, Group Managing Director of Processing Business – Africa and Co-Head of Group Processing at Network International, has announced that the company plans to invest approximately EGP 1bn in the Egyptian market to expand its investments.
These investments will focus on developing the digital technology sector and providing a comprehensive and integrated package of payment solutions supported by modern technologies for merchants and financial institutions of all sizes and types.
Additionally, a portion of the investments will be allocated to developing local talent, to increase the number of employees in Egypt from the current 700 to 1500.
Fintechs —across several verticals—have enormous potential in Egypt, a country where 2 of every 3 individuals are partly or totally excluded from formal financial services but 50% of its 100 million people actively use smartphones. In addition to high mobile and internet penetration, the North African country boasts a young and tech-savvy population with 61% below 30. That explains why a huge financial services company like Network International, is doubling on investments in the North African nation, thereby helping to further drive the booming fintech sector.