Network International launches fee waiver initiative for Egyptian fintech sector

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Network International, one of the leading enablers of digital commerce in the Middle East and Africa (MEA) region, has pledged to waive up to $ 1 million in fees over a multi-year period for each eligible client start-up in Egypt.

The move is part of a landmark campaign to support the transformation of digital payments among Egyptian financial technology (fintech), microfinance companies and start-ups. The promotional campaign will include new and existing customers signing up to a five-year contract, by December 31, 2021.

As one of the leading payment solutions providers in Egypt, Network International will help accelerate the cashless economy and support the Central Bank of Egypt (CBE) initiative on financial inclusion through this initiative. one of a kind.

It will facilitate the issuance of local and international cards, and allow APIs and integrations of Egyptian start-ups to accept digital payments. New and existing customers will be offered a wide range of attractive benefits during the promotional period, including no hosting fees, no minimum fees, and up to 75% off membership and implementation fees.

The only fees customers will incur are the transaction fees payable during the term of the five-year contract.

Commenting on the initiative, Hany Fekry, Regional President for North and Sub-Saharan Africa at Network International, said: “We are delighted to support the CBE’s initiative to promote financial inclusion and digitization. the financial sector. In our continued efforts to foster the promising entrepreneurial ecosystem in Egypt, we are introducing significant benefits for start-ups to help them innovate and grow faster. “

Fekry added, “As the leading enabler of digital commerce in the MEA region, we care deeply about financial inclusion and look forward to continuing to enable fintechs to help transform financial services for millions of people in the world. our region.”

The initiative aims to support cash-strapped start-ups, removing the financial burden of transforming digital payments. It also aims to offer the benefits of Network International’s field expertise and a reliable and secure payment infrastructure.

This includes the company’s decades-long experience in issuing card solutions for leading financial institutions in the MEA region.

The MEA region remains one of the most under-penetrated digital payments markets in the world, where cash transactions still dominate. As the novel coronavirus (COVID-19) crisis intensified the urgency to go cashless, Network International continued to enable fintechs, start-ups and microfinance companies.

This support has helped them make the transition to digital payments to help people enjoy the increased safety, security, convenience and flexibility of cashless transactions.





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