UAE’s Network International receives payment licence from SAMA

By Delisha Fernandes

Network International has obtained a Major Payment Institution (Major PI) licence from the Saudi Central Bank (SAMA) that will strengthen the acquirer’s foothold in the Kingdom.

The procurement of the licence is a milestone that aligns with Network’s strategic objectives that include expanding capabilities to offer a comprehensive suite of payment acceptance solutions within the KSA market which is the largest market in the region. The licence also enables Network to empower the expansion of their regional clients by offering an extensive range of payment solutions in this key business hub.

Abdulaziz Al-Dahmash, Managing Director – KSA, Network International, said, “We express our deep gratitude to the Saudi Central Bank (SAMA) for their trust in providing Network International the opportunity to significantly contribute towards expanding the payments landscape in the Kingdom. Network’s robust acquiring solutions are designed to meet the unique needs of every business, from high-volume retailers to individual entrepreneurs and SMEs. Government support further helps to foster an environment that is conducive to innovation in the financial services sector.”

Network aims to foster a dynamic and inclusive payments ecosystem in Saudi Arabia by building long-term collaborative partnerships with merchants, businesses including SMEs, payment networks, banks and FinTechs across diverse sectors. Network is leveraging its vast expertise to contribute to accelerating the Kingdom’s digital transformation initiatives through several ambitious goals by 2030 via boosting innovation, reducing cash reliance by increasing digital transactions, and contributing to economic diversification and developing local talent.

Building on its significant regional experience, Network International will foster strategic financial inclusion objectives within Saudi Arabia by providing secure, robust payment solutions to merchants and businesses of all sizes.