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Leading Digital Payment Solutions Provider Network International Reports a Strong Strategic Execution with Q3 Revenue up 28%

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Network International

Network is a leading enabler of digital commerce across the Middle East & Africa, focused on helping businesses and economies prosper by simplifying commerce and payments

DUBAI, United Arab Emirates, October 19, 2022/APO Group/ — 

The company, which operates across Africa and the Middle East, has seen another quarter of financial and strategic delivery, underpinning full year expectations; Figures include positive licensing updates to access new revenue pools; A record period of new wins with four new financial institution, totaling 13 year-to-date. Also signed first credit processing agreement in South Africa; Direct-to-merchant TPV in Africa (DPO) increased 30% y/y in constant FX.

Network International Holdings Plc, Q3 2022 trading update

Network International has announced a 28% increase in year-on-year revenue for Q3 2022. Network is a leading enabler of digital commerce across the Middle East & Africa, focused on helping businesses and economies prosper by simplifying commerce and payments.

Nandan Mer, Chief Executive Officer, commented: “We continue to make positive strides in executing against our strategy, delivering yet another high growth quarter with 28% y/y revenue growth. During the period we won record levels of new business in the UAE and continued our market entry in Saudi Arabia. I am also thrilled to see Network leading the industry with positive licensing updates in the UAE, Egypt, Kenya and Saudi Arabia, whilst continuing to strengthen our relationship with major customer Emirates NBD. We face the future with excitement knowing we have several growth levers available, supported by the scale, capabilities, people and trusted brand to fulfill our purpose of helping the economies and customers we serve to grow and prosper.”

Strategic update, twelve months post Capital Markets Day

The largest consumer payments business across the Middle East and Africa

Network is a high growth payments business operating at scale across countries with large consumer spending pools, young populations and an accelerating secular shift from cash to digital payments. It is the largest acquirer delivering payment services directly to over 150,000 merchants in the UAE, Jordan, South Africa and a further 20 markets across Africa. It also manages over 17 million digital payment credentials for over 200 financial institutions in more than 50 countries. Whilst operating at scale, Network remains a local business with on-the-ground presence in over 20 markets.

Successful delivery of strategic priorities

Network’s growth-oriented strategy is focused on scaling existing markets, targeting new markets, expanding capabilities and diversifying revenue streams. Its focus markets in Africa remain Egypt, South Africa and Kenya. At its Capital Markets Day in September 2021, Network set out a new strategy to drive faster growth and has already delivered on a number of key commitments:

  • Financial growth: on track to deliver 2022 financial guidance of 27-29%1 revenue growth and modest underlying EBITDA margin expansion; returning excess cash of up to USD 100m through a buyback.
  • Acquisition of Africa direct-to-merchant business (DPO): has broadly doubled e-commerce revenue, added alternative payment capabilities and accelerated SME signings across the Group.
  • Financial institution processing business: seeing record levels of revenue growth as a result of new customer wins, accelerated transaction growth and the cross-selling of value-added services.
  • Further growth opportunities: launching direct-to-merchant services in Egypt and have successfully started to establish contract wins in the commercial payments processing space.

Several regulatory approvals in African key markets

Network welcomed the increasing regulatory frameworks being introduced across its markets, having recently received approvals to provide direct-to-merchant business in two markets:  

  • Kenya: Network has been authorised by the Central Bank of Kenya to act as a Payment Service Provider and continue providing payment gateway services in Kenya, with direct-to-merchant services by DPO.
  • Egypt: Network has approval to operate as a payment facilitator and a payment service provider working through local Financial Institutions. It intends to launch direct-to-merchant payment services during the fourth quarter. (As a reminder, Network’s existing processing activities on behalf of financial institutions do not require a license).

Issuer Solutions business line review

Revenue driven by new business and digital transaction growth

Solid revenue growth is reflective of the large number of customers signed in the prior year and ongoing strength in the number of transactions, which has continued to grow throughout the year-to-date. Both the Middle East and Africa saw y/y growth in the number of credentials hosted and transactions processed, with performance in Africa being particularly strong.  

Signed four new financial institutions, totaling 13 new wins year-to-date

Network secured four new financial institution customers during the quarter. It also expanded its relationship with Access Bank to support the launch of their credit card services in South Africa.

New capabilities include the launch of commercial payments services

  • New business in commercial payments: Network has started to launch commercial card processing services with a number of wins in the space. The commercial payments landscape represents a potential new revenue pool and a cross-selling opportunity to existing customers.
  • Payment installment by SMS: introduced for two existing financial institution customers.
  • Partnership with Mastercard expands: having collaborated with Brighterion, Mastercard’s artificial intelligence arm, to provide fraud mitigating services which can identify anomalistic transaction behaviours and fraud monitoring.

Merchant Solutions business line review

Merchant Solutions revenue momentum in Africa

Africa (DPO Group): DPO saw TPV up 14% y/y or 30% in constant FX1, whilst revenue grew 16% y/y or 29% in constant FX1.Merchant signings have reached new record levels, supported by SME wins

New signings in Q3 reached record levels, above the rates seen in the first half of the year, with no significant customer losses. The pace of SME signings accelerated through the period, which has been supported through the recent launch of ‘DPO Pay’ services in the UAE and tap-on-phone signings, which allows a merchant to take payments through an app on their own mobile phone.

Enhancing capabilities and value-added-services

  • Roll out of the WooCommerce plugin for SME merchants: creating an online store, shopping cart and checkout in 48 hours.     
  • Introduced online government payments in Namibia: through proprietary N-GeniusTM gateway in partnership with Standard Bank.
  • Continued development of Unified Commerce services: enriching ‘Click & Collect’ services through the option to ‘Buy online and return in store’.
  • Extended longstanding data analysis partnership: with one of the region’s leading retail and shopping facilities operators.

DPO’s new capabilities broadening their merchant reach

Customer wins at DPO remain healthy with the group securing several key merchants in the period, including Radisson Blue, Homemark, KFC Ghana and Zamtel. DPO has integrated payment capabilities with Odoo, a widely used e-commerce software, simplifying the process for retail merchants to choose DPO as their payment provider. DPO has also partnered with IATA Financial Gateway (IFG), IATA’s global distribution system, widening their potential merchant customer base to a further one-hundred airlines including British Airways and Air Canada.

Egypt direct-to-merchant payment services launching before the end of the year

Network will soon be launching direct-to-merchant services in Egypt following approval of the relevant licenses by the Central Bank. As a reminder, Network is already a large-scale provider of processing services to financial institutions in the country. Direct-to-merchant services will be a new revenue opportunity which is expected to be built from 2023 and will be focused on SMEs and expanding existing relationships with large-scale customers in the region.

Growing acquirer processing business via partnerships across Africa

Network has extended its partnership with Tymebank to support the growth of the bank’s payment acceptance capabilities in South Africa through the roll-out of tap-on-phone payments; enabling its SME merchant customers to take payments using an app on their own mobile device. Similarly, Network has also further extended its acquirer processing offer through agreements with I&M Bank in Kenya and Access Bank in Ghana, expanding its acquirer processing services across Africa.

Distributed by APO Group on behalf of Network International.

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A New Era of Manipulation: How Deepfakes and Disinformation Threaten Business (By Anna Collard)

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Anna Collard

The WEF’s 2024 Global Risk Report named misinformation and disinformation as the top global risk, surpassing even climate and geopolitical instability

 A reality where falsity feels familiar, and information is weaponised to polarize societies and manipulate our belief systems

JOHANNESBURG, South Africa, April 14, 2025/APO Group/ —By Anna Collard, SVP Content Strategy & Evangelist, KnowBe4 Africa  (www.KnowBe4.com).

Last weekend, at a typical South African braai (barbeque), I found myself in a heated conversation with someone highly educated—yet passionately defending a piece of Russian propaganda that had already been widely debunked. It was unsettling. The conversation quickly became irrational, emotional, and very uncomfortable. That moment crystallised something for me: we’re no longer just approaching an era where truth is under threat—we’re already living in it. A reality where falsity feels familiar, and information is weaponised to polarize societies and manipulate our belief systems. And now, with the democratisation of AI tools like deepfakes, anyone with enough intent can impersonate authority, generate convincing narratives, and erode trust—at scale.

The Evolution of Disinformation: From Election Interference to Enterprise Exploitation

The 2024 KnowBe4 Political Disinformation in Africa Survey (https://apo-opa.co/3RTVMu1) revealed a striking contradiction: while 84% of respondents use social media as their main news source, 80% admit that most fake news originates there. Despite this, 58% have never received any training on identifying misinformation​.

This confidence gap echoes findings in the Africa Cybersecurity & Awareness 2025 Report, (https://apo-opa.co/4ikY0xv) where 83% of respondents said they’d recognise a security threat if they saw one—yet 37% had fallen for fake news or disinformation, and 35% had lost money due to a scam.

What’s going wrong? It’s not a lack of intelligence—it’s psychology.

The Psychology of Believing the Untrue

Humans are not rational processors of information; we’re emotional, biased, and wired to believe things that feel easy and familiar. Disinformation campaigns—whether political or criminal—exploit this.

  1. The Illusory Truth Effect: The easier something is to process, the more likely we are to believe it—even if it’s false (Unkelbach et al., 2019). Fake content often uses bold headlines, simple language, and dramatic visuals that “feel” true.
  2. The Mere Exposure Effect: The more often we see something, the more we tend to like or accept it—regardless of its accuracy (Zajonc, 1968). Repetition breeds believability.
  3. Confirmation Bias: We’re more likely to believe and even share false information when it aligns with our values or beliefs.

A recent example is the viral deepfake image of Hurricane Helena shared across social media. Despite fact-checkers clearly identifying it as fake, the post continued to spread (https://apo-opa.co/3RMZHZH). Why? Because it resonated emotionally with users’ felt frustration and emotional frame of mind.

Deepfakes and State-Sponsored Deception

According to the Africa Centre for Strategic Studies, disinformation campaigns on the continent have nearly quadrupled since 2022. Even more troubling: nearly 60% are state-sponsored, often aiming to destabilise democracies and economies. The rise of AI-assisted manipulation adds fuel to this fire. Deepfakes now allow anyone to fabricate video or audio that’s nearly indistinguishable from the real thing.

Why This Matters for Business

This isn’t just about national security or political manipulation —it’s about corporate survival too. Today’s attackers don’t need to breach your firewall. They can trick your people. This has already led to corporate-level losses, like the Hong Kong finance employee tricked into transferring over $25 million during a fake video call with deepfaked “executives.” These corporate disinformation or narrative based attack can also result in:

  • Fake press releases can tank your stock.
  • Deepfaked CEOs can authorise wire transfers.
  • Viral falsehoods can ruin reputations before PR even logs in.

The WEF’s 2024 Global Risk Report named misinformation and disinformation as the top global risk, surpassing even climate and geopolitical instability. That’s a red flag businesses cannot ignore.

The convergence of state-sponsored disinformation, AI-enabled fraud, and employee overconfidence creates a perfect storm. Combating this new frontier of cyber risk requires more than just better firewalls. It demands informed minds, digital humility, and resilient cultures.

Building Cognitive Resilience

What can be done? While AI-empowered defenses can help improve detection capabilities, technology alone won’t save us. Organisations must also build cognitive immunity—the ability for employees to discern, verify, and challenge what they see and hear.

  1. Adopt a Zero Trust Mindset—Everywhere
    Just as systems don’t trust a device or user by default, people should treat information the same way, with a healthy dose of scepticism. Encourage employees to verify headlines, validate sources, and challenge urgency or emotional manipulation—even when it looks or sounds familiar.
  2. Introduce Digital Mindfulness Training
    Train employees to pause, reflect, and evaluate before they click, share, or respond. This awareness helps build cognitive resilience—especially against emotionally manipulative or repetitive content designed to bypass critical thinking. Educate on deepfakes, synthetic media, AI impersonation, and narrative manipulation. Build understanding of how human psychology is exploited—not just technology.
  3. Treat Disinformation Like a Threat Vector
    Monitor for fake press releases, viral social media posts, or impersonation attempts targeting your brand, leaders, or employees. Include reputational risk in your incident response plans.

The battle against disinformation isn’t just a technical one—it’s psychological. In a world where anything can be faked, the ability to pause, think clearly, and question intelligently is a vital layer of security. Truth has become a moving target. In this new era, clarity is a skill that we need to hone.

Distributed by APO Group on behalf of KnowBe4

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Tema Oil Refinery Managing Director (MD) Joins Accra Investor Briefing, Targets Greater Fuel Security in Ghana

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Taking place on April 14, 2025 in Accra, the briefing will spotlight emerging opportunities across Ghana’s oil, gas and broader energy sectors

Dr. Yussif Sulemana, Managing Director of the Tema Oil Refinery (TOR) in Ghana, has confirmed his participation in the Invest in African Energies: Accra Investor Briefing, as the company aims to enhance operational efficiency and reinforce Ghanaian fuel security. Taking place on April 14, 2025 at the Kempinski Hotel in Accra, the event serves as a prelude to the African Energy Week (AEW): Invest in African Energies conference, returning to Cape Town from September 29 to October 3, 2025.

The Accra briefing will explore emerging opportunities across Ghana’s energy landscape, from upstream acreage to regulatory reforms to downstream infrastructure developments. With over 17 oil and gas projects expected to come online by 2027, Ghana is poised for a significant expansion in crude production. Backed by over 1.1 billion barrels of crude oil reserves and 2.1 trillion cubic feet of natural gas, the country is ramping up both production and refining efforts. Key projects such as the Jubilee and TEN fields are central to this growth, as Ghana continues to attract upstream investment.

The company’s forward-looking strategy to boost capacity will undoubtedly generate substantial value for both the company and the country

Established in 1963, the Tema Oil Refinery stands as Ghana’s flagship refining facility and hosts the country’s largest single storage tank. The refinery has a crude storage capacity of 1,925,348 barrels across 59 tanks, representing 44% of Ghana’s national storage capacity. TOR is also the country’s sole producer of Premix fuel and operates the largest LPG storage facility in Ghana. Looking ahead, the refinery is seeking $25 million to support the maintenance and reactivation of an essential unit within its crude distillation unit. The goal is to enhance operational efficiency and ensure TOR’s continued role in sustaining national fuel distribution and energy security.

As Managing Director, Dr. Sulemana has committed to revitalizing the refinery’s operations by focusing on productivity, overcoming operational challenges and seizing emerging opportunities. This includes fostering collaboration with industry stakeholders. A recent visit by the National Petroleum Authority in Q1 2025 identified areas for performance improvement, while the refinery’s Finance and Audit team benefited from a KPMG-led in-house training program aimed at aligning internal audit practices with global standards.

“As one of Africa’s first eight refineries and Ghana’s premier facility, the Tema Oil Refinery plays a vital role in reducing petroleum imports and ensuring fuel security in West Africa. The company’s forward-looking strategy to boost capacity will undoubtedly generate substantial value for both the company and the country,” stated NJ Ayuk, Executive Chairman of the African Energy Chamber.

The Invest in African Energies: Accra Investor Briefing will lay the foundation for deal-signing and engagement during AEW 2025: Invest in African Energies in Cape Town. Uniting key players from across Ghana’s oil and gas sector, the briefing will address sector-wide challenges and opportunities, fostering deeper collaboration as the country seeks to scale up production and strengthen regional energy distribution.

Distributed by APO Group on behalf of African Energy Chamber

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Moneda Invest, FNB Namibia, Ino Capital Sign Memorandum of Understanding (MoU) to Empower small and medium-sized enterprises (SMEs) in Namibia

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Supported by the African Energy Chamber, Moneda Invest, FNB Namibia and InoCapital Investments have joined forces to launch a game-changing Local Content Accelerator, driving SME participation and African-led growth in Namibia’s energy sector

CAPE TOWN, South Africa, April 14, 2025/APO Group/ –In a strategic move aimed at transforming Namibia’s energy sector, Nigerian investment firm Moneda Invest has signed a Memorandum of Understanding (MoU) with FNB Namibia and private equity firm Ino Capital Investments to support and scale local small- and medium-sized enterprises (SMEs) in Namibia’s rapidly growing oil, gas and energy industries. The African Energy Chamber (https://EnergyChamber.org) fully endorses this partnership, viewing it as a prime example of how African institutions and investors must lead the charge in fostering inclusive economic growth across the continent.

The MoU formalizes the collaboration between the parties and establishes the Local Content Accelerator program – an inclusive platform designed to empower Namibian SMEs, suppliers and contractors to fully participate in the energy value chain. Central to this transformative initiative is a shared commitment to building a sustainable and dynamic ecosystem for local content development.

A key contributor to this milestone, Ejike Egbuagu, CEO of Moneda Invest, has played an instrumental role in realizing this vision. Egbuagu’s journey with Namibia began at African Energy Week (AEW): Invest in African Energies – the continent’s premier energy event – which brings together African leaders, global investors and energy executives. As a partner of AEW 2024, Moneda has consistently championed the development of local businesses in the energy sector, recognizing Namibia’s potential as a future energy hub and committing to support the country’s local economic transformation.

Moneda’s partnership with Namibia also deepened during AEW 2022, when the firm signed a three-year collaboration agreement with Namibia’s national oil company, NAMCOR, to share knowledge, enhance skills and unlock investment opportunities for MSMEs within the oil and gas sector. Building on this foundation, Moneda is now taking further steps to invest in Namibia’s energy landscape, strengthening its support for local content initiatives and playing a pivotal role in driving sustainable, inclusive growth in the country’s burgeoning energy sector.

This partnership provides the proper backbone, supported by our experience operating in Nigeria, DRC and other parts of Africa

“We are very honored to sign this partnership with FNB,” Egbuagu stated. “The truth is that the opportunity we see here is vast – it’s huge. However, banks and financial institutions must have an appetite for the unknown. Oil and gas represent the unknown in Namibia. This partnership provides the proper backbone, supported by our experience operating in Nigeria, DRC and other parts of Africa.”

https://apo-opa.co/43RjL4z

The MoU outlines a strategic roadmap for unlocking financing and operational support for SMEs across the energy value chain, from contractors to service providers to logistics firms. The partnership marks a significant turning point – a new phase where African businesses are not only recipients of capital but champions of development. This MoU exemplifies the impact of long-term, strategic investment in African talent and businesses, and serves as a call to action for other African institutions and leaders to invest deeply, remain committed and trust in the continent’s potential.

As Africa’s energy sector continues to expand, the need for effective local content policies, strategies and initiatives becomes more urgent for local job creation and value retention. The upcoming AEW 2025: Invest in African Energies conference, taking place in Cape Town from September 29 to October 3, will highlight how well-designed partnerships can drive SME participation and growth. The event will bring together operators, financiers and investors with local companies, fostering collaboration and strengthening Africa’s energy industries.

Distributed by APO Group on behalf of African Energy Chamber

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