IFC Helps Network International Expand Access to Payment Infrastructure in the Middle East and Africa
Global, Africa, Eastern and Central Africa, Northern Africa, Southern Africa, Western Africa
IFC, a member of the World Bank Group, and the IFC Middle East and North Africa Fund, managed by IFC Asset Management Company, today announced a combined indirect equity investment of $30 million via the WP/GA consortium fund in Network International, a leading provider of payment solutions, to expand the payment infrastructure in the Middle East and Africa.
IFC and the MENA Fund have each invested $15 million to acquire indirect stakes in Network International, which is jointly controlled by the Emirates NBD Bank and Warburg Pincus/General Atlantic consortium. The investment will help the company expand and modernize its banking client network in the Middle East and Africa, by helping them develop electronic channels, improve their level of service, and expand their reach into underserved segments, boosting financial inclusion.
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