Network International launches fees waiver initiative for Egyptian fintech sector

Move comes as part of company's efforts to support CBE financial inclusion drive

Network International, a leading enabler of digital commerce across the Middle East and Africa (MEA) region, has pledged to waive up to $1m in fees over a multiple-year period for each eligible start-up client in Egypt.
The move comes as part of a milestone campaign to support digital payments transformation among Egyptian financial technology (fintech), microfinance companies, and start-ups. The promotional campaign will include new and existing clients signing up for a five-year contract, before 31 December 2021.
As one of Egypt's leading payment solution providers, Network International will help accelerate the cashless economy and support the Central Bank of Egypt (CBE) initiative on financial inclusion through this first-of-its kind initiative.
It will facilitate the issuance of local and international cards, as well as enable APIs and integrations for Egyptian start-ups to accept digital payments. New and existing clients will be offered a wide range of attractive benefits during the promotional period including zero hosting fees, zero minimum charges, and up to 75% discount on joining and implementation fees.
The only charges that clients will incur are transaction fees payable during the five-year contract term.
Commenting on the initiative, Hany Fekry, Regional President for Northern and Sub-Saharan Africa at Network International, said, "We are delighted to support the CBE's initiative to promote financial inclusion and the digitisation of the financial sector. In our ongoing efforts to encourage the promising entrepreneurship ecosystem in Egypt, we are introducing meaningful benefits for start-ups to help them innovate and expand faster."
Fekry added, "As the leading enabler of digital commerce across 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 across our region."
The initiative is aimed at supporting cash-strapped start-ups, by eliminating the financial burden of digital payments transformation. It also aims to offer the benefits of Network International's on-ground expertise, and trusted and secure payment infrastructure.
This includes the company's decades-long experience in issuing card solutions for prominent financial institutions across the MEA region.
The MEA region remains amongst the most underpenetrated digital payments markets in the world, where cash transactions still dominate. As the novel coronavirus (COVID-19) crisis escalated the urgency to go cashless, Network International has continued to enable fintechs, start-ups, and microfinance companies.
This support has helped them make the transition to digital payments to help people benefit from the increased safety, security, convenience, and flexibility of cashless transactions.