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Solid first quarter with good revenue and strong margin performance, supported by record merchant wins

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Network International

Network International has announced a solid first quarter with constant currency revenue growth of 16% y/y

DUBAI, United Arab Emirates, April 19, 2023/APO Group/ — 

Very strong growth in Group TPV of 27% y/y in constant FX and continued progress in strategic focus areas, with Group online TPV up 43% y/y (excl. Government) and Group SME volumes up 36% y/y. Constant currency revenue growth of 16% y/y, supported by growth in credentials hosted and strong double-digit performance in transactions processed across both the Middle East and Africa. New financial institution (FI) wins including Vodacom Financial Services, one of Africa’s top mobile network operators and e& money, the fintech arm of e& life, a leading regional telecom operator.

Network International Holdings Plc, Q1 2023 trading update

Network International has announced a solid first quarter with constant currency revenue growth of 16% y/y. The business is a leading enabler of digital commerce across the Middle East and Africa, providing a full suite of technology-enabled payment solutions to merchants and financial institutions of all types and sizes.

Nandan Mer, Chief Executive Officer, commented: “We have seen a solid start to the year. This demonstrates economic strength across key markets, supported by the accelerated transition from cash to digital payments and continued successful strategic execution of our growth-oriented strategy. Merchant Services performance remains very strong, with trends reflecting buoyant UAE consumer spending and the region’s attractiveness to international visitors. Merchant Services performance across Africa has improved when compared to the exit rates we saw at the end of 2022 and the launch in Egypt is progressing well. Momentum in Outsourced Payment Services has also improved, with growth supported by new business and continued strength in the existing portfolios. We are encouraged by the start to the year.”

Rohit Malhotra, Chief Financial Officer, commented: “Financial performance in the first quarter has underpinned our guidance and outlook for the full year. Revenue growth of 16% y/y in constant currency saw good delivery from across the business, with Merchant Services showing particularly strong growth and Outsourced Processing seeing an uptick in momentum compared to the exit rate in 2022. We have maintained disciplined cost control, with a corresponding strong margin position. Cash generation is healthy, and the balance sheet remains strong, with our capital allocation policy focused on deploying investment towards new growth opportunities, as well as the ongoing execution of our USD 100 million share buyback programme.”

Growing International Presence

Good progress in newly launched Egypt Merchant Services

Momentum in Outsourced Payment Services has also improved, with growth supported by new business and continued strength in the existing portfolios

Merchant Services in Egypt launched in January and is progressing well, with transactions live. Network is focused on the fragmented and underserved SME segment, enabling SMEs with digital payment acceptance methods through point-of-sale devices and ‘Tap-on-Phone’ smartphone app technology.

Strong Customer Growth Across the Business

New merchant wins remain at record levels

Following a record year of merchant wins in 2022, strong momentum in new signings continued through Q1 2023. Network secured several new merchants including Tourvest Holdings, the duty-free provider for airlines in Africa, where Network is enabling digital payments on all Kenya Airways flights. The company also became the payments partner of choice for the Namibian government, enabling digital payments for e-visas and passport applications across the country. The continued strength in Group SME TPV growth of 36% is supported by the pace of new signings which accelerated through the period, supported by Network’s fully digital onboarding process which now features 3D Secure 2.0 as a default for new merchants.

New Outsourced Payment Services customer wins

Network secured three new FIs across its markets, including Vodacom Financial Services, one of Africa’s most renowned MNOs, to provide merchant acquirer processing services in South Africa. Network also renewed an existing contract with Polaris Bank in Africa for a further five years, providing one of Nigeria’s leading retail banks with card hosting, operational and management services. Furthermore, the company’s partnership with Mastercard remains strong, with the commercialisation of many recently agreed services and capabilities, including fraud mitigating services through Brighterion and ‘Click to Pay’.

Enhanced capabilities including new payment acceptance methods and value-added-services

This quarter Network partnered with Ecocash, a Mobile Network Operator in Zimbabwe, to enable even more merchants to accept mobile money payments. The company also became the single point of contact for merchants through its expanding range of value-added services and by providing its merchant customers with additional tools to further grow their businesses.

Cross-sell and new product launches

Network’s fraud monitoring capabilities continued to gain traction this quarter, having signed a new agreement with United Arab Bank for the provision of fraud monitoring solutions, in partnership with FICO, with Arab African International Bank also extending its portfolio to include fraud monitoring.

Network remains the card issuer of choice in its markets, having strengthened its relationship with Access Bank in South Africa to issue virtual cards and launching new pre-paid cards for Blink Neobank.

Distributed by APO Group on behalf of Network International.

Events

As global power structures shift, Invest Africa convenes The Africa Debate 2026 to redefine partnership in a changing world

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The Africa Debate 2026 will provide a platform for this essential, era-defining discussion, convening leaders to explore how Africa and its partners can build more balanced, resilient and sustainable models of cooperation

LONDON, United Kingdom, February 5, 2026/APO Group/ –As African economies assert greater agency in a rapidly evolving global order, Invest Africa (www.InvestAfrica.com) is delighted to announce The Africa Debate 2026, its flagship investment forum, taking place at the historic Guildhall in London on 3 June 2026.

Now in its 12th year, The Africa Debate has established itself as London’s premier platform for African investment dialogue since launching in 2014, convening over 800 global decision-makers annually to shape the future of trade, finance, investment, and development across the continent.

Under the theme “Redefining Partnership: Navigating a World in Transition”, this year’s forum will focus on Africa’s response to global economic realignment with greater agency, ambition and economic sovereignty.

The Africa Debate puts Africa’s priorities at the centre of the conversation, moving beyond traditional narratives to focus on ownership, resilience and long-term value creation.

“Volatility is not new to Africa. What is changing is the opportunity to respond with greater agency and ambition,” says Invest Africa CEO Chantelé Carrington.

“This year’s edition of The Africa Debate asks how we strengthen economic sovereignty — from access to capital and investment to financial and industrial policy — so African economies can take greater ownership of their growth. Success will be defined by how effectively we turn disruption into leverage and partnership into shared value.”

The Africa Debate 2026 will provide a platform for this essential, era-defining discussion, convening leaders to explore how Africa and its partners can build more balanced, resilient and sustainable models of cooperation.

Key challenges driving the debate

Core focus areas for this year’s edition of The Africa Debate include:

This year’s edition of The Africa Debate asks how we strengthen economic sovereignty — from access to capital and investment to financial and industrial policy

Global Realignment & New Partnerships

How shifting geopolitical and economic power structures are reshaping Africa’s global partnerships, trade dynamics and investment landscape.

Financing Africa’s Future

The growing need to reform the global financial architecture, new approaches to development finance, as well as the strengthening of market access and financial resilience of African economies in a changing global system.

Strategic Value Chains

Moving beyond primary exports to build local value chains in critical minerals for the green economy. Also addressing Africa’s energy access gap and mobilising investment in renewable and transitional energy systems.

Digital Transformation & Technology

Unlocking growth in fintech, AI and digital infrastructure to drive productivity, inclusion, and the next phase of Africa’s economic transformation.

The Africa Debate 2026 offers a unique platform for high-level dialogue, deal-making, and strategic engagement. Attendees will gain actionable insights from leading policymakers, investors and business leaders shaping Africa’s economic future, while building strategic partnerships that define the continent’s next growth phase.

Registration is now open (http://apo-opa.co/46b19gj).

Distributed by APO Group on behalf of Invest Africa.

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Business

Zion Adeoye terminated as Chief Executive Officer (CEO) of CLG due to serious personal and professional conduct violations

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After a thorough internal and external investigation, along with a disciplinary hearing chaired by Sbongiseni Dube, CLG (https://CLGglobal.com) has made the decision to terminate Zion Adeoye due to serious personal and professional conduct violations. This process adhered to the Code of Good Practice of the Labour Relations Act, ensuring fairness, transparency, and compliance with South African law.

Mr. Adeoye has been held accountable for several serious offenses, including:

  • Making malicious and defamatory statements against colleagues
  • Extortion
  • Intimidation
  • Fraud
  • Misuse of company funds
  • Theft and misappropriation of funds
  • Breach of fiduciary duty
  • Mismanagement

His actions are in direct contradiction to our firm’s core values. We do not approve of attorneys spending time in a Gentleman’s Club. CLG deeply regrets the impact this situation has had on our colleagues and continues to provide full support to those affected.

We want to express our gratitude to those who spoke up and to reassure everyone at the firm of our unwavering commitment to maintaining a respectful workplace. Misconduct of any kind is unacceptable and will be addressed decisively.

We recognize the seriousness of this matter and have referred it to the appropriate law enforcement, regulatory, and legal authorities in Nigeria, Mauritius, and South Africa. We kindly ask that the privacy of the third party involved be respected.

Distributed by APO Group on behalf of CLG.

 

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The International Islamic Trade Finance Corporation (ITFC) Strengthens Partnership with the Republic of Djibouti through US$35 Million Financing Facility

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This facility forms part of the US$600 million, three-year Framework Agreement signed in May 2023 between ITFC and the Republic of Djibouti, reflecting the strong and growing partnership between both parties

JEDDAH, Saudi Arabia, February 5, 2026/APO Group/ –The International Islamic Trade Finance Corporation (ITFC) (https://www.ITFC-IDB.org), a member of the Islamic Development Bank (IsDB) Group, has signed a US$35 million sovereign financing facility with the Republic of Djibouti to support the development of the country’s bunkering services sector and strengthen its position as a strategic regional maritime and trade hub.

The facility was signed at the ITFC Headquarters in Jeddah by Eng. Adeeb Yousuf Al-Aama, Chief Executive Officer of ITFC, and H.E. Ilyas Moussa Dawaleh, Minister of Economy and Finance in charge of Industry of the Republic of Djibouti.

The financing facility is expected to contribute to Djibouti’s economic growth and revenue diversification by reinforcing the competitiveness and attractiveness of the Djibouti Port as a “one-stop port” offering comprehensive vessel-related services. With Red Sea Bunkering (RSB) as the Executing Agency, the facility will support the procurement of refined petroleum products, thus boosting RSB’s bunkering operations, enhancing revenue diversification, and consolidating Djibouti’s role as a key logistics and trading hub in the Horn of Africa and the wider region.

We look forward to deepening this partnership, creating new opportunities, and leveraging collaborative programs to advance key sectors and drive sustainable economic growth

Commenting on the signing, Eng. Adeeb Yousuf Al-Aama, CEO of ITFC, stated:

“This financing reflects ITFC’s continued commitment to supporting Djibouti’s strategic development priorities, particularly in strengthening energy security, port competitiveness, and trade facilitation. We are proud to deepen our partnership with the Republic of Djibouti and contribute to sustainable economic growth and regional integration.”

H.E. Ilyas Moussa Dawaleh, Minister of Economy and Finance in charge of Industry of the Republic of Djibouti, commented: “Today’s signing marks an important milestone in the development of Djibouti’s bunkering services and reflects our strong and valued partnership with ITFC, particularly in the oil and gas sector. This collaboration supports our ambition to position Djibouti as a regional hub for integrated maritime and logistics services. We look forward to deepening this partnership, creating new opportunities, and leveraging collaborative programs to advance key sectors and drive sustainable economic growth.”

This facility forms part of the US$600 million, three-year Framework Agreement signed in May 2023 between ITFC and the Republic of Djibouti, reflecting the strong and growing partnership between both parties.

Since its inception in 2008, ITFC and the Republic of Djibouti have maintained a strong partnership, with a total of US$1.8 billion approved primarily supporting the country’s energy sector and trade development objectives.

Distributed by APO Group on behalf of International Islamic Trade Finance Corporation (ITFC).

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