01/12/2025 06:14 AST
Network International (Network), a leading fintech company with operations across the Middle East and Africa (MEA) region, said it has reached an agreement with leading SME bank Rakbank to buy its merchant acquiring business in the emirates.
Announcing the takeover, Network said this acquisition brings Rakbank's entire merchant acquiring portfolio of 5,000 merchants into its ecosystem, further strengthening its position in the region's rapidly growing payments and fintech industry.
The transaction is expected to close in early 2026, subject to regulatory approvals, it stated.
As part of the transaction, Network will provide its payment solutions to serve Rakbank's diverse customer base including more than 80,000 small and medium-sized enterprises (SMEs) and large corporates.
Network will also offer innovative value-added services to the bank's customers, reinforcing the commitment to empower the SME ecosystem and support the UAE's Digital Economy Strategy.
The acquisition also enables Network to serve the growing merchant demand for digital commerce solutions in Ras Al Khaimah, a growing emirate poised for significant economic development.
Network International Group CEO Murat Cagri Suzer said: "Serving businesses in more than 50 countries enables us to continually strengthen our platform and bring world-class solutions to the UAE."
The deal between the UAE's leading merchant acquirer and a leading SME bank, is set to manage over $8 billion in payments volume and serve a diverse base of over 80,000 clients.
"With this partnership, we look forward to bringing the best payments technology and data capabilities to Rakbank's customers and supporting their growth story," he noted.
"We also see significant upside in Ras Al Khaimah, where economic diversification and pro-business reforms are creating strong momentum, and we aim to be a long-term partner in its development and a catalyst for innovation across the wider UAE and MEA region," he added.
As per the deal, Network will integrate Rakbank's acquiring customers onto its platform through a phased approach.
The migration is expected to be seamless with completion anticipated within 6-8 months ensuring business continuity and a smooth transition for all merchants.
Rakbank Group CEO Raheel Ahmed said it has built a strong and trusted merchant acquiring business over the past six years across the UAE, supported by deep client relationships and a commitment to delivering an awesome customer experience.
"Our decision to partner with Network International is driven by one clear purpose: to ensure our customers receive best-in-class technology and service. By combining Rakbank's relationship strength with the scale and specialist capabilities of a market leader, we can offer merchants more advanced, reliable, and future-ready payment solutions," he stated.
"This partnership reinforces our ambition to create banking that is digital with a human touch and to continue supporting businesses across the country with the high standards they expect from Rakbank," he added.
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