Network International Secures Major Payment Institution Licence in Saudi Arabia

Published 22 days ago

Network International, a leading facilitator of digital commerce across the Middle East and Africa, has secured a Major Payment Institution (Major PI) licence from the Saudi Central Bank (SAMA). This development will bolster Network’s presence in the Kingdom.

The acquisition of this licence is a significant milestone that aligns with Network’s strategic goals. These include expanding capabilities to provide a wide range of payment acceptance solutions in the Kingdom of Saudi Arabia (KSA), the largest market in the region. The licence will also allow Network to support the growth of their regional clients by providing a comprehensive suite of payment solutions in this crucial business hub.

Strengthening the Payments Ecosystem

Network is well-positioned to nurture a dynamic and inclusive payments ecosystem in Saudi Arabia. The company plans to establish long-term collaborative partnerships with a variety of stakeholders. These include merchants, businesses, including SMEs, payment networks, banks and fintech companies across diverse sectors.

The alignment with Saudi Vision 2030, which prioritises travel, tourism, and entertainment, opens immense potential for new payment pathways. As the country is on a transformative journey to become a global hub for advanced technologies, Network aims to enable this development. The company sees potential in tourism and residential mega-development projects such as The Red Sea and Amaala, and futuristic urban developments like NEOM.

Meeting the Unique Needs of Businesses

Abdulaziz Al-Dahmash, Managing Director – KSA, Network International, expressed gratitude to the Saudi Central Bank for their trust. He emphasised that Network’s robust acquiring solutions are designed to meet the unique needs of all businesses. From high-volume retailers to individual entrepreneurs and SMEs, Network is equipped to provide the solutions necessary for them to thrive in Saudi Arabia’s evolving digital landscape. He also acknowledged the government’s support in fostering an environment conducive to innovation in the financial services sector.

Accelerating Digital Transformation

Network is leveraging its extensive expertise to contribute to the Kingdom’s digital transformation initiatives. The company has several ambitious goals for 2030, which include boosting innovation, reducing reliance on cash by increasing digital transactions, and contributing to economic diversification and local talent development.