Fintech company Network International has entered into a strategic partnership agreement with National Union Bank (NUB) aimed at modernising Libya’s banking sector and expanding access to secure, innovative financial services.
NUB says the alliance marks a significant step toward building a more inclusive and digitally empowered banking environment in the country.
The collaboration comes soon after the Governor of the Central Bank of Libya, Naji Mohammed Issa, urged more effort to encourage the expansion of electronic payment services by raising the transfer limit – this is part of a strategy to promote instant payment services in the North African country.
According to the central bank, the North African country saw encouraging growth in the volume of electronic transactions during the first half of the year. Point-of-sale terminals increased by 92%, while electronic transactions grew by 75% compared to the first half of 2024.
Under this agreement, Network International will provide NUB with a comprehensive range of digital payment processing services, including end-to-end prepaid card issuance and a variety of value-added solutions. Additionally, this collaboration will accelerate NUB’s digital transformation, enhance customer experience, and complement Libya’s national financial inclusion goals, noted the parties.
Through Network’s Digital Payments as a Service platform, NUB will benefit from robust fraud prevention tools, a full suite of back-office managed capabilities, and other premier services. These will enable NUB to deliver seamless, secure, and scalable payment experiences to its customers, improve operational efficiency and reduce time-to-market for new offerings.
“Partnering with Network International allows us to leap forward in our digital strategy. With their proven expertise and technology, we can offer our customers faster, safer, and more convenient financial services,” commented Ahmed Sultan, CEO of NUB.
Reda Helal, group managing director, processing, Africa at Network International noted that the collaboration is about supporting NUB’s transformation journey and help bring modern, inclusive banking solutions to more people, while aiming to build innovation, improve customer access, and contribute to the growth of Libya’s fintech ecosystem.
Share
