Network International, an enabler of digital payments, undertakes up to SAR 100 million in Saudi Arabia, including infrastructure as well as investment in offices and employees, Managing Director, KSA, Andulaziz Al-Dahmash, told Argaam on the sidelines of the Financial Sector Conference
The company commenced commercial operations in the Kingdom, targeting revenues of up to $50 million in the next five years.
The Saudi payments market is large and promising, with fair competition. It includes several companies operating in various payments sectors.
Network International has confidence in the Saudi market, Al-Dahmash added, noting that the company is very keen on its strategic presence in that market given that its promising outlook and remarkable growth, based on clear plans and objectives set by Vision 2030. This vision aims to increase e-transactions to 70% of total retail transactions in the Kingdom.
Moreover, the company is distinguished from many peers operating in the Kingdom, thanks to its business model. The company provides its services through all supply chains for the entire payments sector to serve government, commercial and financial agencies.
This helps the company get a large market share when entering any market. The market share of Network International exceeds 40-50% in certain countries, Al-Dahmash elaborated, expecting a solid market share in Saudi Arabia within the next few years.
He added that the number of the company’s customers in Saudi Arabia stands at six in various financial sectors. Contracts were signed with four out of the six customers in the last few months.
Network International operates in 50 countries, with more than 220 banks and 150,000 merchants. It focuses on the MENA region, where the highest-growth payments services providers operate.