to expand merchant acquiring business in KSA
- SAMA licence expands commitment to fostering a dynamic and inclusive payments ecosystem in Saudi Arabia by building long-term, collaborative partnerships with merchants across industries
- Network International is committed to supporting Saudi Arabia’s Vision 2030, Financial Sector Development Program and accelerating digital payments
- The new licence provides a compelling opportunity for Network International to play an integral role in transforming the payments landscape in KSA
Riyadh, Kingdom of Saudi Arabia, February 01, 2024: Network International (Network), the leading enabler of digital commerce across the Middle East and Africa (MEA) region, has announced that it has obtained a Major Payment Institution (Major PI) licence from the Saudi Central Bank (SAMA) that will strengthen the acquirer’s foothold in the Kingdom.
The procurement of the licence is a milestone that aligns with Network’s strategic objectives that include expanding capabilities to offer a comprehensive suite of payment acceptance solutions within the KSA market which is the largest market in the region. The licence also enables Network to empower the expansion of their regional clients by offering an extensive range of payment solutions in this key business hub.
Network is positioned favourably to foster a dynamic and inclusive payments ecosystem in Saudi Arabia by building long-term collaborative partnerships with merchants, businesses including SMEs, payment networks, banks and Fintechs across diverse sectors. Aligning with the Saudi Vision 2030 priority on travel, tourism, and entertainment, Network sees the immense potential in enabling new payment pathways as the country embarks on a transformative journey to become a major global hub for advanced technologies and attract talent and business by creating the right environment for investment with a differentiated lifestyle. Tourism and residential mega development projects such as The Red Sea and Amaala as well as futuristic urban developments like NEOM are promising arenas for deployment of innovative payment solutions by Network.
Abdulaziz Al-Dahmash, Managing Director – KSA, Network International, said: “We express our deep gratitude to the Saudi Central Bank (SAMA) for their trust in providing Network International the opportunity to significantly contribute towards expanding the payments landscape in the Kingdom. Network’s robust acquiring solutions are designed to meet the unique needs of every business, from high-volume retailers to individual entrepreneurs and SMEs. Government support further helps to foster an environment that is conducive to innovation in the financial services sector. We are proud to obtain this licence from the Saudi Central Bank (SAMA) and excited to provide merchants and businesses with the solutions and expertise they need to thrive in the evolving digital landscape of Saudi Arabia.”
Network is leveraging its vast expertise to contribute to accelerating the Kingdom’s digital transformation initiatives through several ambitious goals by 2030 via boosting innovation, reducing cash reliance by increasing digital transactions, and contributing to economic diversification and developing local talent.
Building on its significant regional experience, Network International will foster strategic financial inclusion objectives within Saudi Arabia by providing secure, robust payment solutions to merchants and businesses of all sizes.
