Hany Fekry - Afrikan Heroes

A Seismic Fundamental Shift is Underway in Nigeria’s Digital Banking Sector

May 26, 2021

Hany Fekry, Regional President - Northern and Sub-Saharan Africa, Network International

By Hany Fekry

Many in the payments industry have been predicting so for years, that digital payments are inevitable for the future. It’s only a matter of time, the experts said over and over again. But while the technology has continued to take over commerce worldwide, digital payments in Africa have not neared anywhere close to global adoption rates.

The challenges with developing the digital payment sector in the sub-Saharan continent are well catalogued. Challenging infrastructure, low income levels and the well-established virtues of cash – immediacy, ubiquity and trust – have all constrained the development of electronic payments in African countries.

In Nigeria, cash has remained king and financial services have remained stagnant despite decades of efforts to do away with old-fashioned paper money.

That was, until COVID-19 hit. In the aftermath of the virus outbreak, we have seen digital banking emerge across Nigeria with heightening consumer demand for efficient ways to access banking records and complete financial transactions outside physical branches and traditional card payments.

The fear of paper currency as a carrier for coronavirus has jolted the banking sector into massive digital disruption, signalling a powerful inflection point for payments in Africa. And we see this as just the start of the shift in how consumers, merchants and issuers choose to transact.

Online deposit, mobile banking apps, cards and e-bills payment have become the norm overnight, with card and virtual card payments becoming one of the most important non-cash transaction channels.

With the power to oust physical currency, the potential of plastic as a medium of exchange is unrivalled. Banks that build their Issuance business now not only contribute to the foundation on which this transition can take place, but also position themselves to reap the rewards of this seismic fundamental shift.

As banks work to respond to the increased demand for digital payments induced by the pandemic, banks need to tap into the considerable advantages held by our African markets including our youth demographic.

While the rest of the world is ageing, the median age of the population in Africa is just 19, compared to Europe at 42, for example. The young people of Africa have been increasingly engaging with financial products in different ways, ready to trail blaze the use of modern payment services.

This proliferation of digital banking prompted Network International to gain first mover advantage and lead the transformation in Nigeria by partnering and providing issuance solutions to financial institutions to help them respond to the changing needs of their customers.

Additionally, in the current economic climate, banks in Nigeria have been able to tap into our experience and expertise in creating virtual card solutions (VC) for emerging markets. Issuers also benefit from Network’s advanced digital infrastructure and robust security protocols, avoiding the need to invest in expensive card management infrastructure.

As we power digital transactions with the capability to issue virtual cards through API Integration connected to existing channels of financial institutions such as mobile, Internet banking and ATMs, we believe the potential exists for banks to multiply returns from virtual card Issuance. Banks that incorporate virtual payment cards into their business strategy also gain greater opportunity to cross-sell other products and services.

Virtual card issuance has the potential to transform into a strategic, high value generating asset for banks, while allowing bank customers to enjoy the convenience, flexibility, safety and security of cashless payments to fulfil their financial and lifestyle needs.

We remain committed to fostering agile innovation by deploying our best-in-class technology to support digital and financial inclusion of Nigerian consumers and businesses. Because, ultimately, furthering digital adoption is going to be dependent on the people, platform and partnership.

Cash may not be gone just yet. But with this fundamental change accelerated by Covid-19, our payments ecosystem has now truly been ordained and will have profound implications for people, businesses, and society.

Hany Fekry is the Regional President – Northern and Sub-Saharan Africa, Network International (www.Network.ae)

Kelechi Deca

Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry

Network International appoints Hany Fekry as Regional President

April 6, 2021

Hany Fekry, New Regional President – Northern and Sub-Saharan Africa, Network International

A leading enabler of digital commerce across the Middle East and Africa (MEA) Network International has announced the appointment of Hany Fekry as Regional President – Northern and Sub-Saharan Africa in a move observers say is aimed at driving greater digital payments adoption across Northern and Sub-Saharan Africa. In his new role, Hany will be responsible for all aspects of Network’s acquiring and issuing business in Egypt and Nigeria, and for developing and implementing a comprehensive strategy to drive Network’s business growth and increase digital payments adoption in Northern and Sub-Saharan Africa.

Hany joined Network in 2016 as Managing Director for Egypt and Deputy Managing Director for Africa, leading the company’s business development activities across the Northern and Sub-Saharan region. Previously, he served as the Chief Commercial Officer of Emerging Markets Payments (EMP) Africa, which was acquired by Network International in 2016. Hany’s more than 20-year career has included developing business in markets including Egypt, Nigeria, Pakistan, Afghanistan and Iraq.

Nandan Mer, Group CEO of Network International, commented: “Building an effective payments infrastructure requires a thorough understanding of the needs of local merchant and issuer clients to address their pain points and build locally relevant payments solutions.

Since joining the team in 2016, Hany’s deep understanding of the opportunities and challenges in digital payments adoption across Northern and Sub-Saharan Africa has been instrumental in helping Network deliver customised and relevant solutions. I am confident he is the right person to strengthen our offering to clients, in addition to driving greater inclusion and building a stronger payments infrastructure in these fast-growing markets.”

Hany Fekry, Regional President – Northern and Sub-Saharan Africa, added: “This is an incredibly exciting time for Network, with tremendous opportunities to accelerate the positive trends in digital payments across the region and increase financial inclusions. I look forward to helping build a best-in-class payment ecosystem that will support local merchants and financial institutions, and positively impact the economies across the Northern and Sub-Saharan African markets.”