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

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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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Afreximbank Launches Inaugural Accelerator Programme Cohort to Scale Africa’s Digital Trade Ecosystem

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March 27, 2026

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The programme underscores Afreximbank’s growing role as a catalyst for Africa’s trade and innovation ecosystem, providing a structured platform to identify and scale high-impact ventures

Afreximbank is proud to be a partner, an enabler and a committed stakeholder in the success of the next generation of African trade champions

CAIRO, Egypt, March 26, 2026/APO Group/ –African Export-Import Bank (Afreximbank) (www.Afreximbank.com) has officially launched the inaugural cohort of its “Afreximbank Accelerator Programme,” bringing together eight high-potential startups from across Africa and the diaspora for an intensive kick-off week taking place in Cairo from 23-27 March 2026.

 

Selected from a highly competitive pool of over 1,600 applications, the cohort represents some of the most promising ventures building digital infrastructure for intra-African trade from across the continent. These startups operate across key sectors including cross-border payments, digital logistics, agri-export platforms, AI-powered enterprise solutions, supply chain finance and diaspora investment mobilisation.

Participating in the cohort are the startups Fincart.io of Egypt; OnePort 365, which operates in Nigeria, Ghana and Kenya; Timon, a pan-African entity active in 15 countries; Zowasel, also active in Nigeria, Kenya and Tanzania; Gebeya, which is both Ethiopian and pan-African; Fluna, also a pan-African startup active in 10 countries; Capsa Technologies of Nigeria; and Daba Finance whose operations cover Francophone Africa.

Under the programme, which has been conceptualised, designed, and operated by Afreximbank, qualifying startups will be supported with investment of up to US$250,000, subject to standard investment criteria and due diligence, complemented by mentorship, market access, and strategic partnerships designed to accelerate their expansion across Africa.

The Cairo kick-off week, that commenced at Afreximbank’s headquarters on March 24, 2026 features a series of high-level engagements with the Bank’s leadership, industry experts, mentors and ecosystem partners. The week will culminate in an exclusive Social Mixer at the Grand Egyptian Museum, symbolically linking Africa’s rich heritage with its rapidly evolving innovation future.

Driving Africa’s Digital Trade Future

Speaking during the kickoff meeting, Mr. Haytham Elmaayergi, Executive Vice President, Global Trade Bank at Afreximbank, highlighted the significance of the event: “Today, we move from promise to execution, because we understand a fundamental truth: trade does not happen within the pages of policy documents. Trade happens through businesses. It happens through entrepreneurs. It happens through builders. What excites me the most about this cohort is not only who you are, but what you represent. You are building the digital rails that will define how Africa trades in the 21st century.”

He added: “This Accelerator Programme is part of a much broader ambition: an Africa where start-ups scale across the continent as a matter of course, where businesses trade seamlessly across borders, and where the continent operates as a truly integrated economic force.  Afreximbank is proud to be a partner, an enabler and a committed stakeholder in the success of the next generation of African trade champions.”

In addition to the core sessions, the eight startups met with Afreximbank President, Dr. George Elombi and the senior leadership team for expert-led briefings on a variety of topics.

The Accelerator Programme offers a differentiated value proposition by combining:

  • Direct access to Afreximbank’s pan-African network of governments, financial institutions, corporates, and trade partners
  • Market access and deal facilitation opportunities across key African trade corridors
  • Regulatory and policy guidance, leveraging the Bank’s relationships with central banks and regulators
  • Integration pathways into the Bank’s digital trade ecosystem, including the Africa Trade Gateway (ATG) and the Pan-African Payments and Settlement System (PAPSS)

This approach positions Afreximbank as a strategic enabler of cross-border trade and continental scale, helping startups navigate licensing, compliance and market entry across multiple jurisdictions. Beyond this, the Bank plays a central role in shaping Africa’s digital trade ecosystem, combining market access, partnerships, and infrastructure to support the growth of scalable, continent-wide solutions.

The programme underscores Afreximbank’s growing role as a catalyst for Africa’s trade and innovation ecosystem, providing a structured platform to identify and scale high-impact ventures. Through this initiative, the Bank is actively enabling the development of the digital infrastructure underpinning the implementation of the African Continental Free Trade Area (AfCFTA) agreement, positioning itself at the forefront of efforts to drive intra-African trade, market integration and economic transformation across the continent.

Collectively, the eight start-ups operate across more than 15 African countries, spanning key trade corridors in West, East, North and Southern Africa. Their traction highlights the scale and potential of African innovation. Fluna has facilitated more than US$50 million in trade across 10 countries. Capsa has processed over NGN70 billion in supply chain finance. OnePort 365 connects the Nigeria-Ghana-Kenya trade corridors. Timon supports payments in 15 countries, with plans to expand to 40 countries, and Zowasel has connected more than 4,000 verified cooperatives and agribusinesses.

Together, these ventures are building the digital rails for intra-African trade, accelerating the implementation of the AfCFTA and unlocking new pathways for economic integration across the continent and the wider Global Africa network.

Distributed by APO Group on behalf of Afreximbank.

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ESI Africa 2026 Finance & Investment Insights: Charting the Path to Africa’s $4.2 Trillion Infrastructure and Energy Opportunity

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March 27, 2026

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The report, Finance & Investment Industry Insights Volume 1 2026, provides a strategic roadmap for investors, utilities, and policymakers navigating funding of the continent’s infrastructure landscape

CAPE TOWN, South Africa, March 26, 2026/APO Group/ –ESI Africa releases the definitive 2026 Finance & Investment Industry Insights Volume to navigate Africa’s infrastructure transition and South Africa’s R4.2 trillion funding gap.

The report, Finance & Investment Industry Insights Volume 1 2026, provides a strategic roadmap for investors, utilities, and policymakers navigating funding of the continent’s infrastructure landscape.

As African economies face macroeconomic stress from global geopolitical volatility and rising energy prices, the need for structural investment is now more urgent than ever.

The publication arrives at a critical juncture, specifically addressing the R3.6 trillion to R4.2 trillion funding gap South Africa must bridge to achieve energy security and Net-Zero commitments by 2050.

“From the analysis in this Volume, there is no doubt that South Africa faces a critical capital ‘hump’ between 2025 and 2030,” notes Nicolette Pombo-van Zyl, Editor-in-Chief.

“Success here depends less on the global availability of money and more on the country’s internal ability to implement regulatory efficiency. However, regardless of closing the funding gap, end users must prepare themselves for higher electricity bills.”

Key Insights from Volume 1 2026:

From the analysis in this Volume, there is no doubt that South Africa faces a critical capital ‘hump’ between 2025 and 2030

Electricity market reform and tariffs
The volume provides a deep dive into how shifting to multi-market structures and wholesale trading is reshaping electricity bills. It explores the “tightrope” of achieving grid stability while moving toward cost-reflective tariffs, which in South Africa have already doubled in the last five years.

The evolution of sustainable finance
With the green debt market exceeding $800 billion globally, the publication distinguishes between “Green Finance,” for established solutions, and the emerging “Transition Finance” pillar for hard-to-abate sectors.

Carbon markets as an asset class
Driven by corporate net-zero commitments, the carbon credit market is projected to grow to nearly $24 billion by 2030. The magazine examines how “pricing the invisible” can make marginal projects bankable in emerging markets.

Venture capital & innovation
Despite an “AI shadow” that saw some non-specialist funds pivot away from energy, the report highlights the rise of “patient capital” and a 91% surge in venture debt value to $1.8 billion in 2025.

Critical minerals and “friend-shoring”
Following the 2026 Critical Minerals Ministerial in Washington, the report analyses how new tariffs and strategic supply-chain alliances are redrawing the map for African producers.

“The time of a single electricity provider is ending,” states the publication. “The new system is moving toward a market with more players, more pricing options, and clearer decisions about who pays and how.”

Next investable projects
The volume also features an Investable Project Pipeline, showcasing high-impact initiatives such as the 394,000-hectare Rubeho Mountains Carbon Project in Tanzania, forest restoration in Nigeria, and innovative mineshaft pumped hydro storage in South Africa.

“The common thread through all these insights is a move toward maturity. Whether it is through smarter revenue collection, more nuanced sustainable finance, or using minerals as leverage, Africa is increasingly positioning itself as a strategic, rather than just a reactive, player in the global energy transition,” says Pombo-van Zyl.

Finance & Investment Industry Insights, Volume 1 2026 is now available for download at https://apo-opa.co/4sCPZKi

Distributed by APO Group on behalf of VUKA Group.

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Delegations from Nigeria, Senegal, Zambia and Djibouti to Meet Investors at Invest in African Energy (IAE) 2026 in Paris

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March 27, 2026

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Senior delegations from Nigeria, Senegal, Djibouti and Zambia will attend IAE 2026 in Paris, offering investors insights into Africa’s growing oil, gas, power and renewable energy markets

PARIS, France, March 26, 2026/APO Group/ –With Africa’s energy landscape accelerating toward new frontiers in gas, power and renewables, the continent is drawing unprecedented investor attention. Senior delegations from Nigeria, Senegal, Djibouti and Zambia are confirmed to attend the Invest in African Energy (IAE) 2026 Forum in Paris, providing a unique platform for investors to engage directly with policymakers and project developers at a time of major energy expansion and infrastructure transition. Their participation highlights the continent’s drive to secure capital, scale domestic production and advance regional energy integration.

 

Nigeria: Gas Expansion and Export Growth
Nigeria’s energy sector continues to benefit from high-growth dynamics under the Petroleum Industry Act and its strategic pivot toward natural gas. The country’s Dangote Petroleum Refinery, with a 650,000-barrel-per-day capacity, reached full operation in February and has begun exports to countries including Ivory Coast, Ghana and Tanzania. Key infrastructure projects include the near-complete Ajaokuta-Kaduna-Kano gas pipeline and the Nigeria-Morocco Gas Pipeline. The 2025 Oil Licensing Round remains active, offering 50 blocks and attracting projected investment of $10 billion.

Senegal: Offshore Oil and LNG Growth
Senegal has achieved commercial production of offshore oil and LNG. The Sangomar field produced 36.1 million barrels in 2025, exceeding expectations, while the Greater Tortue Ahmeyim project’s Phase 1 delivered its first LNG cargo in April 2025. Senegal’s Karpowership LNG-to-power facility began supplying the domestic grid in mid-2025. Future developments include Sangomar Phase 2 and GTA Phase 2, alongside ongoing renewable energy projects under the Just Energy Transition Partnership.

Zambia: Diversifying Power Generation
Zambia is reducing reliance on hydropower, with solar, coal and petroleum projects scaling up. Notable initiatives include the $1.1 billion Ndola refinery, Chisamba and Itimpi II solar plants, and Maamba Collieries Phase II coal expansion. Reforms such as open access for independent power producers and fast-track approvals aim to unlock investment toward the government’s 10 GW generation capacity target by 2030.

Djibouti: Renewables and Regional Energy Hub
Djibouti imports most of its energy but is advancing renewable generation, including the 60 MW Ghoubet Wind Farm and the Grand Bara Solar Plant. Geothermal development at Lake Assal targets 50 MW of continuous power. Electrification currently covers roughly 65–70% of the population, with the government aiming for full access by 2030–2035. Djibouti also functions as a critical logistics hub for regional fossil fuel flows, particularly for Ethiopia.

The confirmed participation of these senior delegations reinforces the IAE 2026 Forum as a strategic platform for investors seeking verified, high-potential opportunities in Africa’s rapidly evolving energy sector, across oil, gas, power and renewable infrastructure. Their presence provides a direct line to key decision-makers and ongoing developments, offering insight into market dynamics, investment pipelines and regional energy growth.

IAE 2026 (www.Invest-Africa-Energy.com) is an exclusive forum designed to connect African energy markets with global investors, serving as a key platform for deal-making in the lead-up to African Energy Week. Scheduled for April 22–23, 2026, in Paris, the event will provide delegates with two days of in-depth engagement with industry experts, project developers, investors and policymakers. For more information, visit www.Invest-Africa-Energy.com. To sponsor or register as a delegate, please contact sales@energycapitalpower.com. 

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

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