An international digital payment solutions provider has announced a ZAR500 million investment in the South African market.

Network International plans to host and operate its cloud-based, integrated payment suite for merchants, banks, fintechs and mobile network operators in the country from June 2023. This will also ensure the company complies with an South African Reserve Bank directive that requires all transaction data in the payments ecosystem to be processed and stored, within the borders of South Africa, as reported by IT Web.

‘What we are doing now is bringing Southern Africa its very own on-soil cloud hosted version. The strategic decision to invest significantly in on-soil processing capability is in support of the ever-growing need for localisation and the directives of the Reserve Bank of South Africa,’ says Chris Wood, regional MD, Southern Africa of Network International.

The company’s digital payments platform enables processing capabilities for a range of merchant services, including both e-commerce and physical stores. More than 3 000 transactions can be processed per second.

21 February 2023
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