Amid the push for digital payments in North Africa, fintech service provider Network International has signed a strategic partnership with Libya’s National Union Bank (NUB) to accelerate next-gen payments.
The strategic partnership is aimed at modernizing Libya’s banking landscape with advanced digital payment functionalities. According to a joint statement, the end goal of the partnership is to improve customer experience and accelerate NUB’s transition to a digital-first banking institution.
Network International will offer NUB with its suite of digital payment processing services, including its end-to-end prepaid card issuance. The collaboration will extend to value-added solutions for the commercial bank, ranging from digital wallet integration, recurring billing, and fraud detection services.
Armed with these functionalities, NUB executives disclose that the offerings will support the bank’s ambition to scale payment experiences while reducing timelines for new product offerings. Meanwhile, Network International described the partnership with NUB as a “significant milestone” in its broader quest to improve the payment landscape for Libya.
The North African country, recovering from a lengthy civil war, is picking its way up toward economic transformation with the digitization of its key economic sectors at the top of its objectives.
“Partnering with Network International allows us to leap forward in our digital strategy,” said NUB CEO Ahmed Sultan. “With their proven expertise and cutting-edge technology, we can offer our customers faster, safer, and more convenient financial services.”
Already, Network International has found success with its Digital Payments as a Service platform across the Middle East and North Africa region with a string of partnerships. The fintech firm has bagged a deal as payment processing partner for MTN Group after inking a partnership with Ant International.
A growing pattern in the region
A bird’s eye view reveals a pattern of collaborations across North Africa aimed at improving digital payments. In June, Mastercard (NASDAQ: MA) teamed up with VPS, a Morocco-based payment services company, to improve the state of digital payments in the country.
So far, the region is reaping the early rewards from its collaboration with technology service providers, underscored by a surge in digital payments.
Meanwhile, a recent study noted that small- and medium-sized enterprises (SMEs) in Egypt have recorded an uptick in digital payment volumes while other countries in the region are turning to blockchain to digitize education and supply chain sectors.
Boosting digital transformation
Elsewhere, Djibouti has announced a collaboration with global payment provider Visa (NASDAQ: V) designed to accelerate the country’s pivot toward digitization via the launch of a national e-wallet initiative.
The Ministry Delegate of Digital Economy and Innovation (MDENI) signed a Memorandum of Understanding (MoU) with Visa for the digital wallet launch. The MoU signing capped off a three-day high-level meeting between Visa executives and Djibouti authorities.
Dubbed ‘Smart Wallet,’ the national digital wallet project is expected to offer a range of functionalities for residents upon commercial rollout. Authorities say the digital wallet will offer seamless access to government-to-person utility, tax payments, aid distribution, and merchant payments.
“This project will enable citizens, entrepreneurs, and residents to access public services, digital payments, and digital identity within a secure and inclusive environment,” said a statement from MDENI.
Mariam Hamadou Ali, Delegate Minister of Digital Economy & Innovation, disclosed that the initiative will improve Djibouti’s financial inclusion metrics upon launch.
National digital wallet programs garner global interest
Since the start of the year, interest in national digital wallet programs has reached frenetic levels. Apart from government efficiency and improving financial inclusion metrics, authorities are eyeing digital sovereignty and monetary policy tools from national digital wallet schemes.
Taiwan has unveiled plans to launch a national digital wallet before the end of the year, containing a digital ID and digitized certificates for citizens. Meanwhile, Italy has announced its intention to introduce offline features for its national digital wallets, with Ireland recently concluding its pilot for a digital identity wallet.
On the retail side, consumers are turning to digital wallets in droves, citing efficiency and real-time settlements in cross-border transfers. Despite their rise, Gen Alpha is the largest demographic turning to digital wallets, with Gen Zs and Millennials contributing a slice to adoption levels.
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Source: https://coingeek.com/libya-expands-digital-payments-djibouti-launches-e-wallet/