38399 - Network Intl

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Summary of Investment Information

Project Number

38399

Company Name

WP MERCURY HOLDINGS B.V.

Date SPI Disclosed

Aug 12, 2016

Country

United Arab Emirates

Region

Middle East

Projected Board Date

Sep 15, 2016

Environmental Category

C - No Impact

Status

Completed

Last Updated Date

Jun 12, 2021

Department

Equity Portfolio Management

Industry

Financial Markets

Previous Events

Approved : Nov 1, 2016
Signed : Nov 3, 2016
Invested : Nov 28, 2016

Sector

Switching, switches

Project Description

IFC is seeking to invest in one of the largest merchant acquirers and issuer processors in the Middle East and Africa (MEA), Network International (“NI”, the “Company”), which has now acquired Emerging Markets Payments (“EMP”), its largest competitor in the MEA region.

Network International and EMP collectively operate across the entire payments value chain, supplying merchant acquiring solutions, credit, debit and prepaid card processing services, ATM hosting and ATM management services to banks and merchants across MEA.

Associated Advisory Engagement

N/A

Sponsor / Cost / Location

Product Line	IFC Investment (million USD)
Risk Management
Guarantee
Loan
Equity	17.0

Development Impact

1. NI is a leading merchant acquirer and issuer processor of electronic payments in the Middle East and Africa. Its expansion plans through the Middle East and Africa are expected to lead to faster growth and electronification of financial services and payments infrastructure in some of the most underserved markets in the world.
2. NI intends to develop numerous innovative payment applications, including e-commerce payment products, which should help spur greater innovation and competition in its target markets.
3. Electronic payments facilitate the payment of goods and services unbound by geographic constraints. Through its offering, NI enables greater economic efficiencies and transparency due to a wider acceptance of various forms of electronic payments.

The Company and its existing shareholders are seeking an IFC investment to further support NI in its strategic growth plans, particularly with respect to its international expansion vis-a-vis stakeholders, clients and regulators. IFC''s expertise and footprint in financial services throughout Africa and the Middle East is expected to facilitate the Company''s expansion and the identification of potential partners that would allow NI to scale its payment applications in new markets.

E&S Category Rationale / Risks and Mitigation

This is a Category C project according to IFC''s Environmental and Social Review Procedure, as the project involves a low level of environmental and social (E&S) risk. The principal Performance Standards (PSs) applicable to the project are PS1 and PS2.

For NI’s provision of electronic payment solutions, NI leases spaces and purchases off-the-shelf equipment, which entails minimal E&S risk. So any potential E&S issues arising from this project would be in the management of human resources, and potential E&S risks in assets that NI may acquire in the future. NI has developed and implemented a set of human resources policies and procedures, but IFC will work with NI to fill any gaps that may exist in order to comply with IFC Performance Standards. NI will also be asked to review any assets that it may acquire in the future with regard to E&S risks, and to ensure that its management of those assets complies with IFC Performance Standards.

Contacts

For Inquiries About the Project, Contact

Kareem A. Aziz
International Finance Corporation
2121 Pennsylvania Ave.
Washington DC, 20433
United States

For Inquiries and Comments About IFC, Contact

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Washington DC 20433
Telephone: 202-473-3800
Fax: 202-974-4384
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Local Access of Project Documentation

Network International LLC
PO Box 4487, Dubai,
United Arab Emirates
Attn: Mr Bhairav Trivedi

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