Private Equity-backed Network International, one of the largest merchant acquirers and issuer processors in the Middle East and North Africa may soon be the beneficiary of a $30 million equity investment by the IFC. According to a Summary of Investment Information posted on the development finance institution’s website, the IFC’s board will meet on September 15th to review the investment opportunity.
U.S. private Equity firms Warburg Pincus and General Atlantic hold a combined 49% stake in Dubai-based Network International, which made news earlier this year by acquiring Emerging Markets Payments in a $340 million deal, giving Actis a full exit from the firm it built starting in 2010. Today it provides electronic payment services to over 130 banks, 35,000 retailers, governments and consumer finance institutions in 45 countries in the Middle East and Africa, giving it the broadest footprint of any payments business in the region.
The capital would be used to help fund Network International’s strategic growth plans across Africa and the Middle East.