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Network International Reports Strong H1 2022 Results with Revenue Up 31% and Profit Increasing 113%

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4 years ago

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Network International

Network International’s offering includes acquiring and processing services, and an ever-evolving range of value-added services

DUBAI, United Arab Emirates, August 11, 2022/APO Group/ — 

The company, which operates across Africa and the Middle East, has seen financial outcomes that reflect solid trading and strategic delivery, driving strong cashflow generation; Figures include new financial institution wins and merchant signups; accelerated transaction growth; cross-selling and launching of new value-added services; and new products and capabilities gaining momentum; Customer wins in the Kingdom of Saudi Arabia and direct-to-merchant services underway in Egypt; Consistent growth across Africa with revenue increased by 55.8% y/y to USD 68.5 million; Total Processed Volumes (“TPV”) increased 43% y/y supported by strategic focus on SME and online merchants.

Network International interim results 

Network International reports strong H1 2022 results with total revenue growing 31% y/y demonstrating broad-based growth across all regions and business lines, with Africa growing 21% y/y excluding DPO Group and the Middle East up 22% y/y.

Profit for the period was USD 32.0 million, up 113% y/y. Underlying free cash flow was USD 40.0 million, up 90% y/y; and cash flow from operating activities was USD 90.6 million, supported by strong underlying business performance and higher net profit.

Network International, comprised of a group of companies, is a leading enabler of digital commerce across the Middle East & Africa, providing a full suite of technology enabled payment solutions to merchants and financial institutions of all types and sizes.

Network International’s offering includes acquiring and processing services, and an ever-evolving range of value-added services. In 2021, Network International acquired DPO Group, a leading African digital payments company, in a landmark deal for the African payments landscape.

Network International has offices in Nigeria, South Africa, Kenya, Ghana and Egypt, and client presence across almost all other African countries.

Nandan Mer, Chief Executive Officer, commented:

“We are encouraged by the continued progress of our growth strategy, with another strong trading period delivering 31% y/y revenue growth. This is supported by the acceleration of digital payments growth across our markets, successful strategic execution and share gains in our home market of the UAE. Our market entry into the Kingdom of Saudi Arabia is progressing well, having recently secured a second new customer this year. We also see an opportunity to return excess cash to shareholders through a share buyback programme, whilst retaining our existing flexibility to take advantage of additional growth opportunities which may arise.

Overall, our performance in the first half underpins our outlook and guidance for the year ahead, which is reconfirmed. Whilst we remain conscious of rising global macroeconomic and inflationary pressures, we continue to see steady trading in our major markets.”

New customer wins: continues to develop at record levels

The pace of new Financial Institution (FI) customer wins in Acquirer Processing and Issuer Solutions remains ahead of pre-pandemic levels. Network secured nine new customers in the period, including Money Fellows, Network’s first fintech win in Egypt; Fair Money Digital Bank, one of Nigeria’s premier digital banks; and Alain Finance PJSC, the company’s first non-banking FI customer in the UAE. Network renewed three existing contracts and expanded portfolios with customers through successful cross-selling; including the deployment of N-GeniusTM payment terminals to Access Bank in Botswana, among others. 

Network also saw a record period for new merchant sign ups such as Chanel, Hilton Palm Jumeirah and Landmark Group in the UAE, alongside Talabat and Marriot Amman in Jordan, amongst many others. The focus within the SME space remains successful, with signings doubling year-on-year vs H1 2021, supported by the launch of automated onboarding, low cost ‘Tap on Phone’ payment acceptance and web-store services associated with the ‘DPO Pay’ package. DPO has also rolled out proprietary N-GeniusTM payment terminals to the entire Roads and Transport Authority taxi fleet in Dubai.

Capabilities: a widening revenue pool and increasing customer loyalty through new capabilities

Network provided new services for FIs and credential issuing customers including:

  • Implementing more APIs, accelerating customer onboarding process and simplifying the integration of new capabilities, which is particularly attractive for fintech customers.
  • Providing real time, improved credit-based analysis and approvals to FIs through the Falcon Fraud Prevention solution, in partnership with FICO.
  • Launching Chat banking services to FI customers in Africa with Infobip, enabling real-time customer service chat and push notifications to consumers, whilst supporting Network’s commitment to improving financial inclusion. 
  • Launching the N-GeniusTM Terminal Management System, a web tool enabling FIs to independently manage their merchant customers’ Point-Of-Sale device, in real time.
  • Continuing good progress on initiatives with Mastercard, having onboarded several FIs with 3D Secure 2.0 biometric authentication fraud checking capabilities. Network has also seen ‘Fintech in a box’ gain traction across new markets including Ghana, Nigeria, Egypt, South Africa and Jordan; where it can support the issuance of cards and undertake processing for fintechs.

Whilst we remain conscious of rising global macroeconomic and inflationary pressures, we continue to see steady trading in our major markets

Network has also launched or will be launching value-added services including:

  • Supporting merchants through a dedicated value-added-services team, managing the development of products, partnerships and enhancing go-to-market strategy.   
  • Enabling faster sign up of merchants having launched fully automated digital onboarding.
  • Developing Unified Commerce services by providing a single, centralized view of transactions across online and offline payment channels, as well as enhanced reporting tools and data insights on consumer spending. Network already offers merchants the ability to enable ‘Click and Collect’ payment services and ‘Buy Online, Return in Store’ via its proprietary N-GeniusTM platform. Looking ahead, the company intends to expand these services to include a wider range of cross-channel refunds, such as ‘Buy in-store and refund online’, provide real-time access to consumer transaction data and reporting, real-time fraud screening analytics and additional tools such as merchant cost efficiency reporting.  
  • Launching a fully integrated payments platform tailored to the hospitality industry, in partnership with FreedomPay. The omni-channel platform provides merchants with a unified view of transactions across their entire operation, including front desk reservations, restaurants, bars, theme parks and spas.
  • Launching ‘Foodics Pay’, for SMEs in the food and beverage space, reducing costs for merchants by unifying tasks such as single receipts, daily settlements and chargeback support on a single app. The sector-specific solutions support our strategic focus on SMEs.

DPO: acceleration in trading through the first half, supported by the launch of new capabilities

DPO delivered good growth in the first half of 2022 with Total Processed Volume (TPV) increasing 27% year-on-year (33% in constant FX); whilst revenue increased 23% year-on-year (29% in constant FX). Trading volumes accelerated through the period, with Q2 revenue up 35% year-on-year in constant FX, compared with the Q1 up 22% year-on-year in constant FX.

DPO secured several new key merchants including Dischem Baby City, Europcar and Pernod Ricard. The wins and improving trading performance were supported by marketing channel developments which have accelerated new merchant acquisitions and the introduction of real-time onboarding in 18 countries outside of South Africa. DPO also added new payment methods, rolling out Airtel money in a further three markets and enabling account-to-account payment for all DPO merchants in South Africa and Nigeria.

New markets: customer wins in the Kingdom of Saudi Arabia; direct-to-merchant services in Egypt

Network has signed two additional FIs for Issuer Solutions processing services in the Kingdom of Saudi Arabia. These contracts provide a solid underpin to Network’s revenue target. Full technology deployment on-soil and established connectivities with domestic and international card schemes has been completed.

In Egypt, Network is launching direct-to-merchant payment services focusing on the SME segment during the second half of 2022. The company expects the revenue opportunity to build from 2023 onwards.

Africa: a robust and consistent growth

DPO’s Africa segment operates across 40 countries and contributed 33% of total revenue in the period (H1 2021: 28%). The majority of business activities relate to payment processing on behalf of Financial Institutions across Issuer and Merchant Solutions, and also includes direct-to-merchant services in 21 markets through DPO.

Africa revenue increased by 55.8% y/y to USD 68.5 million (H1 2021: USD 44.0 million), including a USD 15.2 million contribution from DPO. Excluding DPO, revenue growth was 21.1% y/y.

Overall performance in Africa remains robust, with growth consistent between the quarters. Excluding DPO, performance was relatively stronger in Northern and Sub-Saharan Africa than seen in Southern Africa. The region saw continued expansion in all associated KPIs, with particularly strong growth in the number of transactions processed across Issuer Solutions services.   

Contribution for the Africa segment increased 80.0% y/y, to USD 50.2 million (H1 2021: USD 27.9 million), with margins up 980 bps y/y to 73.3% (H1 2021: 63.5%), driven by the inclusion of DPO which has higher contribution margins. Excluding DPO, contribution for Africa increased by 36.4% y/y to USD 38.1 million, with margins of 71.5%, up 800 bps y/y, reflecting the significant revenue growth and inherent operating leverage in the business.

Issuer Solutions revenue: strong growth in Africa

Issuer Solutions represents 50% of total revenue (H1 2021: 55%) and is broadly balanced between the Middle East and Africa regions.

During the first half, revenue increased by 17.5% y/y to USD 101.8 million (H1 2021: USD 86.7 million). Strong growth was seen in both quarters, with trends in KPIs also robust as credentials hosted increased 4.3% y/y and growth in the number of transactions accelerated, up 30.1% y/y. Whilst the performance is reflective of solid trading across all regions, Africa delivered particularly strong growth, supported by an increase in credentials hosted following the onboarding of new customers in the prior year and an improvement in cross-sell. The overall momentum in new business wins, cross-selling and expansion of existing client portfolios remains positive, resulting in revenues from new contracts and renewed card portfolios alongside value added and project-based services.

Merchant Solutions revenue

Merchant Solutions is focused on direct-to-merchant payment services, alongside acquirer processing activities for Financial Institutions. Revenues are predominantly generated in the UAE and Jordan, with the addition of DPO expanding direct-to-merchant presence across Africa.

Revenue for Merchant Solutions, which represents 50% of total revenue (H1 2021: 43%), grew 53.1% y/y to USD 101.8 million (H1 2021: USD 66.5 million).

Excluding DPO, TPV and revenue growth trends were particularly strong in Q1. Domestic TPV was supported by improving consumer confidence and general economic conditions, whilst International TPV was supported by high visitor numbers, Dubai EXPO and sporting events. KPIs remained comfortably ahead of pre-pandemic levels, with domestic TPV up 18% vs. H1 2019 and International TPV up 7% vs. H1 2019.

Revenue growth at DPO improved significantly through the period, where Q1 was impacted by the mix of strategic merchant and gateway volumes. Q2 saw an acceleration, supported by exceptionally strong growth outside of South Africa following a strong recovery from the pandemic, and the launch of new capabilities including automated merchant onboarding. 

Distributed by APO Group on behalf of Network International.

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Forget Energy Transition, Produce Oil Like Nothing Before

Published

18 hours ago

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June 9, 2026

By

African Energy Chamber

The future requires more oil and gas production – not less

BUENOS AIRES, Argentina, June 9, 2026/APO Group/ –The world does not have an energy problem. It has an energy supply problem. As demand rises, populations grow, and billions of people continue to live without reliable access to electricity and clean cooking technologies, the case for producing more energy has never been stronger. From Africa to Latin America, governments and operators are responding with renewed investments in exploration, production and infrastructure, signaling a shift away from energy subtraction and toward energy addition.

Speaking during the ARPEL Conference 2026 in Buenos Aires, Argentina, NJ Ayuk, Executive Chairman of the African Energy Chamber (AEC) – the voice of the African energy sector – delivered a direct message to policymakers, investors and industry leaders: “Forget transition. Let’s talk about addition. Let’s give people what they need.”

The numbers support the argument. Energy poverty remains one of the greatest barriers to economic development globally. In Africa alone, more than 600 million people remain without access to electricity, with nearly one billion people living without access to clean cooking technologies – the most disproportionately affected of which are women. Asking developing economies to produce less energy while these realities persist is fundamentally disconnected from the needs of billions of people.

“For far too long, we have been told to build less, produce less and pay more for energy,” Ayuk stated. “In Africa, we believe this is a moment for energy addition, not energy subtraction. Drill, baby, drill. It’s more important today than ever before.”

Africa offers the clearest justification for increasing oil and gas production. Despite holding more than 125 billion barrels of crude oil reserves and 620 trillion cubic feet of proven gas reserves, the continent relies heavily on imported petroleum products to sustain its economies. Inadequate investment flows across the energy value chain have impacted development and industrialization, leaving millions in the dark.

The global energy transition further compounds this challenge. Opposition by environmental groups, a shift toward aid rather than commercial business structures and diminishing investment for oil and gas projects have brought significant implications to the continent. While developed economies are pursuing a shift towards alternative energy sources, Africa needs its oil and gas – now more than ever before.

For far too long, we have been told to build less, produce less and pay more for energy

Efforts are being made across the continent to produce more oil and gas. Leading producers such as Nigeria and Angola strive to increase output, targeting brownfield development, accelerated exploration and enhanced recovery. Emerging producers such as Namibia are fast-approaching first oil, while discoveries made in Ivory Coast, investments made in the Republic of Congo, and new LNG builds in Mozambique and Tanzania are supporting greater production continent-wide.

“We must remain resolute. We must commit to an industry that builds more, produces more and never apologizes for oil. Many people in Africa are not ashamed of oil. We believe oil has a major role to play in our energy future,” Ayuk said.

Latin America offers a powerful demonstration of what sustained exploration and production can achieve. Brazil’s pre-salt developments remain among the most successful offshore projects in the world, delivering large volumes of low-cost production while attracting continued investment. Guyana continues to expand output at one of the fastest rates globally, while Argentina’s Vaca Muerta shale play is strengthening the country’s position as a major energy producer. Pan American Energy also recently announced plans to invest $680 million to revitalize Argentina’s Cerro Dragon field in the mature Golfo San Jorge basin, reflecting global interest in optimizing South American oil production.

The region’s success reflects a commitment to developing resources rather than restricting them. “Our friends in Latin America have been strong stewards for our industry,” Ayuk said, adding, “Be proud of your energy industry.”

That message extends far beyond Latin America. As governments reassess energy policy, supply security and economic growth priorities, oil and gas continue to provide the foundation upon which modern economies are built. The choice facing both emerging and producing nations is increasingly clear: either create the conditions necessary for investment, exploration and development, or risk falling behind in a world that continues to demand more energy.

“We do not have anywhere to transition to. Where are we going to transition to? From the dark to the dark?” Ayuk asked. “We want to ensure that we have energy that drives development.”

For billions of people still seeking access to affordable, reliable energy, the priority is not producing less. It is producing more.

“Don’t ever apologize for producing energy that drives human flourishing,” Ayuk concluded. “Keep building, keep producing and don’t be scared to say, ‘drill, baby, drill’ whenever you have the chance.”

Distributed by APO Group on behalf of African Energy Chamber.

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Heirs Energies’ US$750 Million Financing Named Best Oil & Gas Deal of the Year

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18 hours ago

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June 9, 2026

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Heirs Energies Limited

The award was presented on 3 June 2026, in London, and recognises one of the largest financings secured by an indigenous African energy company

LONDON, United Kingdom, June 9, 2026/APO Group/ –Heirs Energies Limited, Africa’s leading indigenous-owned integrated energy company, has been recognised on the global stage after its landmark US$750 million dual-tranche Senior Secured Reserve-Based Lending (RBL) facility was named Best Oil & Gas Deal of the Year at the EMEA Finance Project Finance Awards 2026.

 

The award was presented on 3 June 2026, in London, and recognises one of the largest financings secured by an indigenous African energy company. The transaction highlights the growing role of African capital in supporting strategic investments that advance energy security, economic development, and long-term value creation across the continent.

Executed with the African Export-Import Bank (Afreximbank), the US$750 million financing was structured to accelerate field development, optimise production, and support Heirs Energies’ long-term growth ambitions, while maintaining disciplined capital management.

Commenting on the recognition, Osa Igiehon, Chief Executive Officer of Heirs Energies, said: “This recognition reflects the confidence that African and international financial institutions continue to place in Heirs Energies, our strategy, and our long-term vision.

“The transaction demonstrates that indigenous African energy companies can successfully structure and execute world-class financing solutions that support investment, growth, and value creation. We are proud to receive this award and grateful to our financing partners, advisers, and stakeholders whose support made it possible.”

We are proud to receive this award and grateful to our financing partners, advisers, and stakeholders whose support made it possible

Mr. Haytham ElMaayergi, Executive Vice President, Global Trade Bank at Afreximbank, said: “We are truly honoured that the US$750 million dual-tranche Senior Secured Reserve-Based Lending facility for Heirs Energies has been recognised as Best Oil & Gas Deal of the Year by the EMEA Finance Project Finance Awards.

“This recognition underscores the importance of well-structured, Africa-focused financing in supporting indigenous energy companies with strong governance, high-quality assets and clear long-term growth plans. Afreximbank was proud to support this landmark transaction, which demonstrates how African financial institutions can help mobilise capital for strategic businesses that advance energy security, production capacity and sustainable value creation across the continent.

“We congratulate Heirs Energies and all the partners involved in the transaction and are pleased to see this important financing recognised on such a respected international platform.”

Samuel Nwanze, Executive Director and Chief Financial Officer of Heirs Energies, added: “This award validates the strength of the transaction and the confidence our financing partners placed in Heirs Energies.

“The facility was designed to support our long-term growth strategy, enabling continued investment in field development, production optimisation, and sustainable value creation. We are pleased to see the transaction recognised on such a respected global platform.”

The financing represented a major milestone in Heirs Energies’ evolution from acquisition-led financing to a capital structure aligned with the long-term development profile of its reserves. It further reinforced the Company’s position as a leading indigenous energy producer and demonstrated the ability of African institutions to finance transformational African businesses.

The EMEA Finance Project Finance Awards recognise outstanding transactions across Europe, the Middle East, and Africa, celebrating excellence, innovation, and impact in project and structured finance.

Distributed by APO Group on behalf of Afreximbank.

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What Human Resource (HR) Professionals Gain from Automation

Published

18 hours ago

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June 9, 2026

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HR

Four examples of automation supporting HR staff

JOHANNESBURG, South Africa, June 9, 2026/APO Group/ –Human resource people are concerned. As automation becomes more featured in modern digital technologies, many HR staff are asking the same question: will automation replace me?

 

Their fears are not unfounded. According to surveys conducted by Gartner (https://apo-opa.co/4uo4fGQ), some companies are using AI as an excuse to reduce HR headcounts, and 79% of Chief HR Officers told AMS (https://apo-opa.co/4xj8Qg9) that they see notable concerns about job security among their teams.

 

Supporting human abilities

 

However, a report published last year by the International Labour Organisation (https://apo-opa.co/3SaBQGM) found that AI and automation are unlikely to replace HR staff. Instead, automation is producing significant productivity improvements for HR staff, says Mignon Wolmarans, HR Product Manager at Deel Local Payroll.

 

“HR jobs require people with complex problem-solving, creativity, and strong interpersonal skills. These are not abilities that a machine or software can replace. But HR people spend most of their time on manual tasks that actually reduce their ability to focus on priorities where their skills are needed the most.”

 

This observation comes from working with clients who adopt automation in their HR environments, she adds.

 

“We sometimes encounter reluctance when we bring up automation, and the resistance is usually around a comfort with manual processes or gaps in training and skills that reduce people’s confidence in technology. But when we work with them to overcome those concerns, they love what automation does and how it gives them more autonomy and focus.”

 

How automation supports HR

 

Modern HR platforms, cloud software, can automate many routine HR tasks, either as processes designed by HR teams or as ready-to-use native features. These latter features match frequent HR tasks that would otherwise require significant manual processing, input from multiple people, or both.

People are most reluctant to adopt automation because of skills gaps, which feeds into fears that the technology will replace them

 

Some examples include:

 

  • Leave management: Automate accruals based on length of service, salary grade, or a combination of the two. Automation applies forfeiture rules automatically, and if an employee’s tenure ends, leave encashment is calculated and processed in a single automated action.

 

  • Claims: Self-service custom forms and document attachments streamline overtime and travel claims. These are processed through established rules and approvals, pushed to the responsible managers or heads of departments. As soon as a claim is approved, it automatically updates payslip information.

 

  • E-onboarding: Instead of HR practitioners capturing new employee information manually, ‌newcomers use online forms to complete their basic profile and address information, and attach key documents, all of which are loaded onto their profile and only require approval from HR.

 

  • Performance management: Set up different performance review layouts, forms, and templates for various roles, objectives, and indicators. Participants can attach supporting documents, while reviewers, managers, and other staff can submit their contributions. All the performance data feeds into central dashboards for complete control and visibility of the company’s performance.

 

These automations reduce manual workloads and errors while extending features to other stakeholders in different departments. Crucially, they don’t replace HR staff and instead give them the capacity to focus on intricate and human-centric activities that require more than capturing data and compiling reports. As mentioned, HR teams can also create automated processes and customised forms.

 

Creating digital confidence

 

The best HR software vendors offer training and skills honing for customers. For example, Deel Local Payroll provides training staff and extensive learning resources for its customers, helping them take charge of automation.

 

“People are most reluctant to adopt automation because of skills gaps, which feeds into fears that the technology will replace them. That’s why we have a dedicated training department, one-to-one training, and e-learning courses that help fill those gaps,” says Wolmarans.

 

The fear that automation will replace HR people is overstated, even if some company leaders consider it an option. Software cannot compare to what skilled HR professionals do best. But those same professionals focus overwhelmingly on manual tasks, taking time better spent on more complex and strategic priorities.

 

Automation doesn’t replace HR professionals. When the right platform and vendor support them, it makes them better at their jobs.

Distributed by APO Group on behalf of Deel Local Payroll, powered by PaySpace.

 

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