(MENAFN- Khaleej Times)

Network International, a leading fintech player in the Middle East and Africa (MEA), and Magnati, a top UAE-based payment solutions provider, announced on Thursday that they have secured key regulatory approvals to merge. The new entity will be owned by a Brookfield-led consortium, with the merger expected to be finalized in Q3 2025.

The combined organisation will serve over 250 financial institutions, 240,000 businesses, and more than 20 million cardholders across 50+ markets in the MEA region. With a Total Payment Volume exceeding $400 billion, it will become the largest fintech company in the region.

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Offering a comprehensive suite of services - including digital payments, data analytics, small business lending, and advanced fraud and security solutions - the merged entity will continue to collaborate with governments to drive economic digitization and promote financial inclusion.

The merger comes at a time when the Middle East payments market is undergoing rapid transformation. The MEA payments industry is projected to grow at a compound annual growth rate (CAGR) of 16.2% from 2025 to 2030.

This growth is fuelled by rising smartphone and internet penetration, a booming e-commerce sector, government-led digital financial inclusion initiatives and the increasing popularity of mobile wallets and contactless payments.

Digital wallets, for instance, are expected to nearly double their market share - from 8.3% in 2020 to 16.8% by 2024 - as consumers shift away from cash, according to a report by Mordor Intelligence. The rise of super-apps and real-time payment platforms is also reshaping how consumers and businesses transact across the region.

Despite challenges such as uneven digital infrastructure and concerns over data security, the long-term outlook remains highly positive. The region's young, tech-savvy population, coupled with urbanization and improved financial literacy, is expected to sustain momentum in digital payments adoption.

With a strong focus on innovation, scale, and growth, the new business is well-positioned to capitalize on these trends. Its expanded portfolio will cater to a wide range of clients, from SMEs to large enterprises and government agencies. The merger is also expected to unlock significant operational efficiencies and synergies, while broadening the company's regional footprint.

“The combination of Network International and Magnati marks a pivotal moment in shaping the future of fintech in the Middle East and Africa,” said Murat Cagri Suzer, Group CEO of Network International.“By uniting our scale, talent, market expertise, and strong partnerships, we are creating the region's most capable fintech platform. We're committed to driving innovation and delivering greater value to our customers, partners, and shareholders.”

The integration will be phased, with both companies continuing to operate under their existing brands - Network International and Magnati - for the time being, a statement said.

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