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Network International Delivers Strong 2023 Revenue growth at 15% y/y and free cashflow growth of 16% y/y

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Network International

The company’s ongoing focus on the SME segment continues to pay off, delivering significant growth in UAE SME signings, up 20% year on year

Our new market entry and expansion is progressing well with major new client wins in Saudi Arabia and strong interest for our newly launched direct-to-merchant services in Egypt

CAPE TOWN, South Africa, March 29, 2024/APO Group/ — 

Revenue up 15% (CCY[1]) y/y to USD 490 million in 2023, supported by a 30% (CCY[1]) rise in the total value of consumer payments processed by merchant customers (TPV) across the MEA; Very strong performance in the UAE driven by growing consumer confidence and tourism; payments processed at UAE merchants from domestic consumers[5] up 24% y/y and international payments[6] from UAE tourists and visitors up 55% y/y; Significant growth at SME merchants, with UAE SME merchant volumes up 53% y/y; Excellent new business wins, with the addition of major new UAE merchant customers including Talabat, Moncler and additional branches of Carrefour and Lulu; Underlying EBITDA up 13% to USD 200 million reflecting revenue growth and cost discipline; Merchant signups for newly launched direct-to-merchant services in Egypt reached over 2,000. 

 Group Financial Summary (USD‘000)FY 2023FY 2022[7]y/y change
 Total revenue490,132435,53512.5% (15% ccy[1])
 Merchant Services231,942180,51128.5% (31% ccy[1])
 Outsourced Payment Services250,719242,5103.4% (5% ccy[1])
 Other revenue7,47112,514(40.3)%
 Underlying EBITDA[2]200,330177,65312.8%
 Underlying EBITDA margin[2]40.9%40.8%10bps
 Profit for the period66,50779,154(16.0)%
 Underlying free cash flow[2]95,62381,77916.9%
 Cash flow from operating activities181,347119,20252.1%
 Leverage[3]0.6x0.7x(0.1)x

Network International Holdings Plc (LSE:NETW) (“Network” or the “Company”) today announced its financial results for the year ended 31 December 2023. The full Annual Report can be found at https://apo-opa.co/3IXLncr

Nandan Mer, Chief Executive Officer, commented:

“Network delivered a robust performance in 2023. Network’s revenue in 2023 increased 15% in constant currency, demonstrating the resilience of our business as well as the very strong underlying growth of our home market in the UAE, despite challenging macro-economic conditions in some of our markets across Africa which impacted consumer spending and customer outsourcing.

We continued to make strides with our strategic focus on high-growth segments such as SME, online and hospitality, enabled by targeted technology investments and industry breadth of payment acceptance. Our new market entry and expansion is progressing well with major new client wins in Saudi Arabia and strong interest for our newly launched direct-to-merchant services in Egypt.”

Strong financial performance

Network delivered revenue of USD 490 million in 2023 up 13% (15% in constant currency) compared to the same period last year, driven by stellar performance from the Middle East, with Merchant Services up 28% (31% in constant currency) and Outsourced Payment Services up 3% (5% in constant currency). The Middle East witnessed significant growth in the value of merchant payments processed from domestic consumers and international visitors, increasing 24% and 55% year on year respectively, reflecting the UAE’s resilient domestic consumer spending and strong influx of tourists in addition to the strength of Network International’s competitive offering. Across the group, which includes African markets, the total value of consumer payments processed with merchants grew 29% (30% in constant currency) year on year, supported by Network International’s strategic focus on the high-growth SME, online and hospitality sectors.

The company’s robust performance despite the challenging macro environment in Africa stemming from a combination of softening economic growth, currency instability and rising inflation, demonstrates Network’s ability to navigate and deliver value in complex market conditions. 

Underlying EBITDA increased 13% to USD 200 million in 2023, compared to the same period last year, with an attractive margin of 41%. This reflects Network’s strong revenue performance and cost control, while it continued investing in its product capabilities and future growth.

Profit for the period was USD 67 million, down 16% year on year, impacted by increasing interest rates, higher depreciation and amortisation from increased investments and a higher effective tax rate due to growing profits across Africa. Network generated robust underlying free cash flow of USD 96 million, up 17% year on year.

Significant UAE SME signings and strong momentum in KSA

Major merchant sign-ups and strong SME performance:

Network International continued to attract a significant number of key account and SME merchants, with major new wins during the year including Talabat, Moncler and additional branches of Carrefour and Lulu.

The company’s ongoing focus on the SME segment continues to pay off, delivering significant growth in UAE SME signings, up 20% year on year. The company’s success was supported by additional investments in its sales team and the launch of new capabilities including its digital onboarding process and sector-specific solutions.

Financial institution (FI) wins:

Network secured 16 new customers across acquirer and issuer processing. It also continues to rapidly expand its customer base in Saudi Arabia signing six new financial institutions, taking the company’s total processing customers in the Kingdom to 12.

Growth in newly launched direct-to-merchant services in Egypt

Having successfully launched direct-to-merchant services in Egypt at the start of 2023, Network’s offering continues to receive a strong reception, having secured over 2,000 merchants. The entry into direct-to-merchant services in Egypt builds on Network’s already well-established presence as a processing services provider in the country.


[1] Ccy – In Constant currency terms.
[2] This is an Alternative Performance Measure (APM), financial definitions and further details on financial disclosures are available in the company’s regulated RNS on the London Stock Exchange.
[3] Leverage ratio computation and reconciliations are available in the company’s regulated RNS on the London Stock Exchange.
[4] TPV: Total Processed Volumes – the aggregate monetary volume of purchases processed by the Group within its Merchant Services business line.
[5] Domestic TPV represents spending from consumers domiciled in the region.
[6] International TPV represents consumer spending by overseas visitors.
[7] Certain comparative figures have been restated, further details on financial disclosures are available in the company’s regulated RNS on the London Stock Exchange.

Distributed by APO Group on behalf of Network International.

Energy

U.S.-Africa Energy & Minerals Forum Expands to Critical Minerals and Supply Chain Security

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Africa

This year’s U.S.-Africa Energy & Minerals Forum in Houston signals a strategic shift toward integrated energy and critical minerals investment, strengthening U.S. partnerships across Africa’s resource and industrial value chains

HOUSTON, United States of America, February 26, 2026/APO Group/ –The U.S.-Africa Energy & Minerals Forum (USAEMF) has relaunched with a dedicated focus on critical minerals, marking an important evolution in its role as a platform for U.S.-Africa commercial engagement. Building on its foundation in energy, power and industrial projects, the forum’s expanded scope positions it at the center of investment conversations shaping the future energy economy.

 

Scheduled for July 21–22, 2026, in Houston, Texas, USAEMF comes at a time of surging global demand for copper, cobalt, lithium, manganese and rare earth elements, driven by electrification, battery storage, AI infrastructure and advanced manufacturing. Africa is increasingly critical to securing these materials, highlighting how energy and minerals are now interconnected pillars of industrial growth, geopolitical stability and decarbonization.

The forum’s minerals mandate deepens engagement with African producers – particularly the Democratic Republic of Congo (DRC), home to some of the world’s largest copper and cobalt reserves. Momentum is building through the U.S.–DRC strategic minerals framework and the U.S.-backed Orion Critical Mineral Consortium, a major investment platform supported by the DFC and private partners. The consortium is pursuing a 40% stake in the Mutanda and Kamoto copper-cobalt operations in a $9 billion transaction, securing long-term supply for allied markets while reinforcing cooperation on infrastructure, security and supply-chain governance.

Placing critical minerals at the center while maintaining strong hydrocarbons engagement strengthens U.S.-Africa commercial ties

U.S. financing is also expanding across the region, with the DFC managing a continental portfolio exceeding $13 billion to support mining, processing and transport infrastructure for critical mineral supply chains. Recent commitments include rare earth, graphite and potash projects in Malawi, Mozambique and Gabon; broader investments in Uganda, Tanzania, Zambia and South Africa; and $553 million linked to the development of the Lobito Corridor. The DFC is also a major backer of TechMet, a U.S.-supported investment firm valued at over $1 billion, which is raising up to $200 million to expand copper, cobalt, lithium and rare earth assets and pursue new opportunities across the DRC and Zambia. Together, these initiatives underscore Washington’s push to diversify battery-mineral supply while positioning Africa as a long-term partner in clean energy and industrial value chains.

Houston’s role as host city reflects the alignment between American industrial capacity and African resource development. Long established as a global energy hub, the city is expanding into energy transition technologies, advanced materials, carbon management and industrial innovation. By convening African governments with U.S. private equity, development finance institutions, exporters, insurers and technical service providers, the forum creates a commercial platform capable of converting mineral potential into bankable projects.

“The evolution from USAEF to USAEMF reflects a broader shift toward integrated energy and mineral development,” states Nadine Levin, Portfolio Director at Energy Capital & Power, forum organizers. “Placing critical minerals at the center while maintaining strong hydrocarbons engagement strengthens U.S.-Africa commercial ties and advances projects that deliver long-term shared value.”

While critical minerals define the forum’s strategic expansion, the U.S.’ longstanding role in Africa’s energy sector remains central to the platform’s value proposition. American energy companies continue to advance exploration and development across key upstream markets, support gas monetization in the Gulf of Guinea and revitalize mature production in North Africa. U.S. export credit and development finance are also helping unlock large-scale LNG capacity in Mozambique while supporting optimization and expansion across existing gas infrastructure in West Africa – demonstrating how American capital, engineering expertise and risk-mitigation tools convert resource potential into delivered energy systems.

USAEMF is the leading platform connecting U.S. capital and technical expertise with Africa’s energy and minerals sectors. For more information or to participate at the upcoming forum, please contact sales@energycapitalpower.com

Distributed by APO Group on behalf of Energy Capital & Power.

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Business

Pesalink and Pan-African Payment and Settlement System (PAPSS) Unlock Cross-Border Payments in Local Currencies in Kenya

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Pesalink

The Pesalink–PAPSS partnership will reduce costs, speed up settlements, and help individuals, SMEs and businesses send money more efficiently across borders

NAIROBI, Kenya, February 26, 2026/APO Group/ —

  • Instant 24/7 bank-to-bank transfers across African borders in local currencies.
  • Simpler cross-border payments for individuals, businesses, and SMEs.
  • 80 plus Pesalink network participants now linked to 160 plus PAPSS participating banks.

 

Pesalink, Kenya’s de facto instant payment network, has partnered with the Pan-African Payment and Settlement System (PAPSS) to ease cross-border payment and speed up regional financial integration.

 

The partnership enables instant 24/7 cross-border payments from PAPSS participants into banks and mobile money operators within the Pesalink network in Kenya, all settled in local currencies. This reduces complex correspondent banking requirements and reliance on foreign reserve currencies.

 

Kenyan banks will now be able to offer faster, cheaper cross-border payments

PAPSS, an initiative of the African Export-Import Bank (Afreximbank) in collaboration with the African Union and the AfCFTA Secretariat, enables cross-border payments between African countries. Pesalink is now a Technical Connectivity Provider. It means that 80 plus Kenyan bank, fintech, SACCO and telco participants on the Pesalink network will be connected to 160 plus commercial banks and fintechs on the PAPSS platform.

 

Cross-border payments remain expensive and slow for many African businesses. The 2023 (http://apo-opa.co/4baDSh7) World Bank Remittance Prices report indicates that sending money across African borders incurs on average 7-8% of the total value sent (above the global average of 6–7%). Settlement can also take three to seven business days.

 

The Pesalink–PAPSS partnership will reduce costs, speed up settlements, and help individuals, SMEs and businesses send money more efficiently across borders.

 

Speaking during the partnership signing held at Pesalink offices in Nairobi, PAPSS CEO Mike Ogbalu III said, “For PAPSS to deliver true impact, collaboration with national and private switches like Pesalink is essential. Pesalink is the first switch we’ve piloted for transaction termination in Kenya, and we are already seeing greater adoption by opening more channels for seamless, local-currency cross-border payments across Africa.”

 

Pesalink CEO, Gituku Kirika, said “Kenyan banks will now be able to offer faster, cheaper cross-border payments. They will be helping their customers grow more regional trading relationships and thrive in a more integrated digital economy.”

Distributed by APO Group on behalf of Afreximbank.

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Events

Africa Trade Conference Returns to Cape Town with Esteemed Speakers Driving Africa’s Trade Agenda

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Africa

Second edition convenes global policymakers, business leaders, and innovators to accelerate Africa’s integration into global trade

CAPE TOWN, South Africa, February 26, 2026/APO Group/ –Access Bank Plc (www.AccessBankPLC.com) is proud to announce the distinguished line-up of speakers for the second edition of the Africa Trade Conference (ATC 2026), scheduled to take place on March 11, 2026, at the Cape Town International Convention Centre, Cape Town, South Africa. Building on the strong foundation of its inaugural edition, ATC 2026 will convene an exceptional assembly of global and African leaders, policymakers, investors, and business executives committed to shaping the future of trade on the continent.

The Africa Trade Conference has rapidly emerged as a premier platform for advancing dialogue and action around Africa’s evolving role in global commerce. The 2026 edition will feature influential voices from across finance, government, development institutions, and the private sector, who will share insights on unlocking trade opportunities, strengthening intra-African commerce, enabling business expansion, and positioning African enterprises for global competitiveness.

The confirmed speakers represent a powerful cross-section of leaders driving Africa’s economic transformation.

Building on the momentum of its maiden edition, which convened senior decision-makers from 28 countries, the 2026 conference with the theme “Turning Vision into Velocity: Building Africa’s Trade Ecosystem for Real-World Impact”, will have the keynote address delivered by Kennedy Mbekeani, Director General, Southern Africa Region, African Development Bank (AfDB), alongside Kwabena Ayirebi, Managing Director, Banking Operations at the African Export-Import Bank. Their joint keynote will address the evolving financing landscape for African trade and the strategic pathways for unlocking continental prosperity.

The welcome address will be delivered by Roosevelt Ogbonna, CEO/GMD, Access Bank Plc, who will set the tone for discussions centered on trade transformation, financial inclusion, and regional competitiveness, while Tolu Oyekan, Managing Director & Partner at Boston Consulting Group, will deliver insights on “Africa Trade Outlook 2026”, examining emerging macroeconomic trends, supply chain shifts, and growth opportunities across key sectors.  The CEO of Pan-African Payment and Settlement System, Mike Ogbalu, will be engaging the conference participants on the topic, “Building a Connected Africa Through Trade, Payments & Technology”, focusing on how payment interoperability and digital infrastructure can accelerate the African Continental Free Trade Area (AfCFTA) agenda.

The calibre of speakers confirmed for this year’s conference underscores the urgency and opportunity before us

The conference will also host a High-Level Ministerial Panel that features Elizabeth Ofosu-Adjare, the Minister for Trade, Agribusiness & Industry, Ghana; Tiroeaone Ntsima, Minister of Trade and Entrepreneurship, Botswana; Mr. Florian Witt, Divisional Head, International & Corporate Banking Oddo-BHF, Ms. Nathalie Louat – Global Director, International Finance Corporation (IFC), Dr Isaiah Rathumba – Head of Department, Limpopo Economic Development, Environment and Tourism and Mr. Alfred Idialu – Chief Rep Officer, Deutsche Bank among other policymakers shaping trade policy across the continent.

Commenting on the announcement, Roosevelt Ogbonna, Managing Director/Chief Executive Officer of Access Bank Plc, said:
“The Africa Trade Conference reflects our unwavering commitment to advancing Africa’s economic transformation by creating a platform that brings together the leaders, institutions, and ideas shaping the future of trade. The calibre of speakers confirmed for this year’s conference underscores the urgency and opportunity before us. Africa is not only participating in global trade, it is helping to redefine it. Through this convening, we aim to catalyse partnerships, unlock new opportunities for businesses, and accelerate Africa’s integration into global value chains.”

“At Access Bank, we see ourselves not just as financiers, but as connectors of markets, ideas, and opportunities. Our role is to help African businesses move from ambition to impact, from local relevance to global competitiveness.”

With operations in 24 countries globally, including 16 across Africa, Access Bank’s expansive footprint places it in a unique position to facilitate cross-border trade, unlock regional value chains, and simplify the complexities of doing business across markets.

“Our presence across Africa and key global corridors gives us a front-row seat to the realities of trade. It also gives us the responsibility to design solutions that are inclusive, scalable, and future facing. ATC 2026 is part of that commitment, Ogbonna added.

ATC 2026 is expected to catalyze partnerships, enable policy dialogue, and provide actionable strategies for businesses operating within and beyond the continent.

The Access Bank Chief puts it thus, “Africa will not be a spectator in the remaking of global trade. We will be one of its architects. ATC 2026 is where those blueprints will be drawn.”

For more information and registration, please visit https://apo-opa.co/4sdXWF7

Distributed by APO Group on behalf of Access Bank PLC.

 

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