Network International lines up for new Saudi opportunities
Network International expects significant growth to come from Saudi Arabia. “We entered Saudi Arabia in 2017 and we expect the Kingdom will become a significant growth opportunity in the medium term, given the high level of under-penetration of digital payments and attractive macroeconomic drivers,” said Simon Haslam, Group CEO. While Saudi Arabia is by far the largest GCC economy, the Kingdom’s close economic cooperation with the UAE is expected to work in favour of Network’s business growth. “The recent bilateral trade and payment agreements have opened up significant market opportunity to support Saudi consumers with greater flexibility in the way they make payments,” said Haslam. Saudi Arabia is one of the largest payment markets in the Middle East and Africa. But digital payments adoption is only around 15% of transactions. The government has initiatives in place to drive this up to 70% by 2030.