Network International, Polaris Bank drive financial inclusion in Nigeria
Digital payments company Network International has extended its relationship with one of Nigeria’s largest financial service providers, Polaris Bank Limited, to deepen financial inclusion and digital transformation.
The United Arab Emirates (UAE)-domiciled Network International said the partnership is based on the provision of payments processing solutions and API gateway services.
These support the West African bank’s goal of offering self-service/digital channels that bring banking services closer to its current customers.
Polaris Bank has a footprint of over 224 branches and cash centres across Nigeria and a digital banking platform, powered by the VULTe digital solutions.
Network International provides technology-enabled payments solutions to merchants and financial institutions in the Middle East and Africa. The company is listed on the London Stock Exchange and is a constituent of the FTSE 250 Index.
In Africa, the company’s focus is on the SME segment, where it seeks to replicate its success in the UAE.
Network International is already working with financial institutions across Africa, including TymeBank in South Africa, and targeting small business. In January this year, it launched direct-to-merchant payment services in Egypt.
In a statement, Network International said the collaboration with Polaris Bank will enable the institution to provide low-cost digital solutions on a secured platform, making customer acquisition and digital onboarding seamless.
“The strategic partnership agreement covers multiple product lines that will have a major impact on business generated by cards and other modes of digital payment, while also enabling financial inclusion and allowing the bank to offer premium payment solutions to its customers,” said the statement.
Dr. Reda Helal, Group managing director – Processing, Africa, and Co-Head, Group Processing, Network International, said: “We are equally excited to renew our partnership with Polaris Bank. We are committed to investing in local resources to ensure that we are agile in offering and delivering the best to our customers.”
Adekunle Sonola, CEO, Polaris Bank, added: “Providing excellent customer services is a top priority for us across all digital platforms, and this will only be possible with the support from partners that share the same vision and goals as the bank.”