Well positioned to take advantage of the secular growth trends in the highly attractive digital payments industry in the MEA region
Our ambition is to continue our growth with a strategy based on the following pillars:
Capitalise on structural market growth and adoption of digital payments
The MEA region offers attractive characteristics for a payments provider, with digital payments volumes expected to increase significantly due to structural payments trends, combined with attractive GDP dynamics; a young, fast-growing and increasingly urban population; as well as rising consumer spend across the region. Many of our markets are experiencing increased smartphone penetration rates and the continued cash to digital conversion, driven by governmental support for financial inclusion and the development of their respective economies.
We intend to proactively stimulate demand for our services by promoting financial inclusion and providing low-cost solutions that we can profitably deploy as a result of our scalable technology platforms, Network One and Network Lite. We will continue to focus on our role as an enabler of commerce across the MEA region and on winning new customers in both merchant and issuer solutions, due to our established market position as the leading provider of digital payments and through our technological capabilities.
Expand customer base by capitalising on key themes and trends
We aim to remain the partner of choice for the digital payments ecosystem participants by delivering scale, enhanced solutions, services and innovation to develop the payments solutions of the future. Accordingly, we intend to further expand our customer base by focusing on key themes and trends in the MEA region, for example:
- Significant bank outsourcing opportunity: The majority of processing and merchant acquiring across the MEA region is still managed in-house by financial institutions
- Small and Medium Enterprise (SME) opportunity: SME customers are particularly sensitive to the effects of successful payment acceptance, as digital payments are a critical part of their everyday business
Potential commercial arrangements with Mastercard and other strategic partners
We work with many parties throughout the Middle East and Africa to support the execution of our strategy, increase market knowledge, improve distribution and enable us to accelerate our product development roadmap and further enrich our capabilities. Additionally, the cornerstone investment at IPO by Mastercard will see us work together to implement certain strategic commercial arrangements, which are expected to be mutually beneficial to both parties.
Through enhanced access to Mastercard’s leading product capabilities and the co-development of new solutions, we believe we can further accelerate revenue growth from new product capabilities and the deployment of new merchant solutions more rapidly. We also intend to work with Mastercard on new business development to further drive bank outsourcing of payments needs within the region and to accelerate the shift from cash to digital payments.
Product, expansion and market penetration
Our strategy is to continue building out our payments solutions portfolio for both merchants and issuers, including additional value added services. We have enabled, and expect to continue to enable, new payment types for merchants as well as enabling cardless technologies for issuers.
Given our scale and reach, we also intend to leverage extensive cross-selling and up-selling of existing and new products and value added services to our existing customer base, particularly across key target verticals such as hospitality, retail, education, transportation and government, as our customers and markets continue to develop.
Leverage technology investments and benefit from economies of scale
We will continue to focus on ways to increase our operational efficiency, both through technological and organisational solutions, as well as digitalisation initiatives, and continue to leverage the benefits of our regional presence and scale. Our omnichannel, pan-regional technology platforms – Network One and Network Lite – are designed with scalability in mind, both in terms of markets and customers, and we have significant capacity to support further growth.
We aim to continue enhancing our customer value proposition by providing superior insights into their businesses to optimise their operations and help them grow through the provision of data analytics and data mining. These efforts will support our operating performance and the expansion of our business in a cost-efficient manner.
Pursue opportunities for acceleration
We see substantial growth opportunities in deepening our geographic penetration in the MEA region by continuing to expand our presence into promising geographies with a large addressable market and significant growth potential. In addition, we intend to continue to explore potential inorganic growth opportunities, including M&A, that will allow us to increase scale and penetration.