Emerging Markets Payments-Jordan (EMP), the fintech company behind online billing service eFawateerCom, has been rebranded as Network International as part of its sale to the UAE-based payment solutions provider.
“I believe that we have reached a stage in the market today that requires a heavyweight investor to lead the company into the coming period, whether through new products and services or new innovations,” Amjad al Sadeq, the company’s newly appointed CEO in Jordan, said. “Network International, which is based in the UAE, has a large number of employees who will provide us with the expertise so we can improve on the level of our services in Jordan and the region.”
Al Sadeq said the company’s main goal in the coming period is to provide the Jordanian market, which is Network International’s hub in the Levant, with new services as well as to work closely with all stakeholders, including banks, the electronic payment and retail sectors, and the Central Bank, to increase the percentage of electronic payments which remains small at 6 percent compared to cash payments.
EMP Jordan, which has 23 banks as clients in the Kingdom, helped create eFawateerCom. In 2014, when the service was first launched, there were only 16,000 transactions through eFawateerCom. In 2015, transactions rose sharply to 477,000, and in 2016, 1.8 million transactions were made. It is expected that 2017 will end with 3.5 million transactions. According to al Sadeq, “this is a strong indication that people and the government are embracing electronic payments.”
Next, the company is set to launch electronic payment portals that are modern and different from the traditional ones that are available today. This includes micropayments to facilitate people’s payments for everyday activities.
Network International also strives to achieve stronger financial inclusion in the Kingdom where most people remain unbanked.