Transforming Payments in MENA: The Success Story of Network International Holdings

Network International Holdings is the payments technology leader in Middle East and Africa (MEA), providing sophisticated payment solutions to merchants and financial institutions. The company had a listing on the London Stock Exchange but was acquired by Brookfield Asset Management in September 2024. As a subsidiary of Emirate Bank in the UAE, the story of Network International’s growth was all about innovation, strategic partnership, and expansion into global markets.

Founded in 1994, Network International was the vision of Emirates Bank in simplifying the payments solutions in the region. Over the years, it grew to be a pioneering entity in the industry of payments. The company reached key milestones early on when it became the first independent vendor in the Middle East to be certified from Mastercard and Visa and other memberships with card schemes like JCB and UnionPay. This certification status made Network a reliable player, especially when digital payments were just beginning to emerge as a major industry.

Investments and acquisitions further propelled the growth trajectory of Network International. In 2011, the private equity firm Abraaj Group acquired a 49% stake, which marked the beginning of the company’s evolution into a prominent regional player. However, while working on its internal issues, Abraab sold the Network stake to the joint venture between Warburg Pincus and General Atlantic in 2015. This injected the company with capital and strategic insight that set up Network International for further success and growth.

Network International acquired Emerging Markets Payments for $340 million in 2016 and emerged as the largest payment processor in the MENA region. The acquisition made Network International more robust in the Middle East but at the same time also opened up the possibility of further expansion into Africa. With Network International taking in EMP, the company reached unparalleled scale and operational capabilities that position the firm uniquely and out of the rest, which enables it to process large volumes of transactions in diversified emerging markets.

The company further went public at the London Stock Exchange in 2019. At £2.2 billion, its IPO emerged as the biggest for the year in London. As a long-time partner of Network, one of them was Mastercard, which provided $300 million in investment-a move that gave testimony to its confidence in this institution. Thus, it was via the IPO, and the money put by Mastercard that empowered Network International to maximize strategic synergies, especially in payments technologies for the MENA region.

Network International took its African expansion strategy further by acquiring DPO Group in September 2021 for $291.3 million. DPO is the largest online payments platform in Africa, enabling Network to enter 21 African markets, diversifying its portfolio and strengthening its position further as a cross-continental payment solutions provider. The acquisition demonstrates Network’s focus on developing seamless payments infrastructure aligned with the unique economic conditions of each region it operates in.

It marked a big day in the books of the company as Network International saw its acquisition by Brookfield Asset Management in 2024. Brookfield has established itself as an investor that invests in infrastructure, long-term assets, among others, and hence presents stability and resources required in the next phase of growing Network International. It seems to fit into the trend set by the industry concerning consolidations in payments technology-a major step towards seeking economies of scale and efficiencies via strategic acquisitions.

Strong foundations in the Middle East and Africa will allow Network International to keep growing. The innovative payments leader, which relies on partnership and technology advancement, continues to take center stage as a key player in emerging markets. Backing by Brookfield will give Network International further operational leverage that will help it continue expanding into new markets, drive digital payment capabilities, and adapt to changes in financial landscapes in the MENA region and elsewhere.

The long journey from the levels of a subsidiary in UAE to a global payments player indeed speaks to the strategic vision of Network International, its staying power, and its prudence in shaping the future course of financial transactions. Viewed from the perspective of the Middle East and Africa, one can see today how indispensable Network International has become in today’s world, where everybody wants digital payments.