The payments provider, Network International (NETW), announced yesterday that it completed the acquisition of Africa-based online payments platform, DPO Group, for a total price of $291m.
Network International offers global payment solutions to a MENA-based clientele — these solutions can range from providing e-payment devices to retailers or online payment infrastructure for e-commerce sites. The company’s largest revenue segment is in the Middle East, but with it extending its services to over 40 countries in Africa now, Network International is looking to make a dent on the continent. DPO Group ties into that strategy as the newly acquired company is a premier payment solutions provider that serves over 20 African countries with a client base of over 60k corporates.
DPO Group is also unique in that it houses a proprietary online payment technology, DPO Pay, that allows its clients to process payments across multiple currencies and payment methods. As a result, the ENBD-backed Network International is looking to introduce DPO Pay to the UAE and wider MENA market while leveraging DPO’s African foothold to grow its client base.
why it matters
The African online payment market was worth approximately $30b in 2020 and is expected to grow at a compound annual growth rate of 30% up until 2025 — priming Network International for an opportunity to scale up. The company’s stock was up by 0.47% at market close yesterday.