In a landmark move set to reshape the financial services landscape across Africa and the Middle East, regional fintech heavyweight Network International and UAE-based payments firm Magnati have secured regulatory clearance for a long-anticipated merger. The new combined entity — backed by a Brookfield-led consortium — will become the largest fintech platform in the Middle East and Africa (MEA), with a total payment volume (TPV) exceeding $400 billion.
The merger, expected to be finalized in Q3 2025, positions the firm at the forefront of the region’s fast-evolving payments sector. The new company will serve more than 250 financial institutions, 240,000 merchants, and 20 million cardholders in over 50 markets.
“This is a pivotal moment in shaping the future of fintech in the MEA region,” said Murat Cagri Suzer, Group CEO of Network International. “By uniting our scale, talent, and market expertise, we’re building the region’s most capable fintech platform — focused on innovation, growth, and value delivery.”
A Supercharged Fintech Engine
Both companies bring complementary strengths to the table. Network International, based in Dubai, is already a leading digital commerce enabler across the MEA region.
Magnati, previously carved out of First Abu Dhabi Bank (FAB), has operated independently since 2022 after Brookfield Business Partners acquired a 60% stake in a deal valuing the business at $1.15 billion. FAB retains a 40% share and will continue the relationship through a long-term partnership.
The merged entity is expected to offer an expanded suite of services, including merchant acquiring, issuer processing, data analytics, small business lending, and advanced fraud prevention tools. Importantly, it will also continue working closely with governments and regulators to accelerate digital economic transformation and financial inclusion efforts.
For now, both companies will maintain their existing brands — Network International and Magnati — as integration progresses in phases.
The deal also strengthens Network International’s role in Africa’s digital finance boom. In the past year alone, the company has expanded its footprint through high-profile alliances with major African telecoms.
Recently, Network International was appointed Payment Processor–Issuing for Airtel Africa, enabling it to support card issuance and provide a full suite of transaction processing, fraud prevention, and digital wallet integration services.
Likewise, its partnership with MTN Group Fintech, announced earlier this year, will see the firm act as a key payments processor and issuing partner across the mobile operator’s 13 fintech markets. This underscores Network’s growing importance in powering mobile-first financial ecosystems in countries like Nigeria, Ghana, Uganda, and Zambia.
These collaborations provide clear synergies with Magnati’s advanced payment infrastructure and customer relationships in the Gulf region — together forming a payments juggernaut with reach from Dakar to Dubai.
A New Regional Powerhouse
For Brookfield, the private equity firm driving the merger, the deal represents a bold bet on the MEA’s digital payments future. The firm has positioned the new Network-Magnati entity as the anchor fintech investment in a region with significant long-term upside.
While integration and market consolidation will take time, industry analysts agree the combined force of Network International and Magnati could set a new bar for fintech scale, operational sophistication, and market reach in the Global South.
Whether the merged entity can navigate the regulatory diversity, legacy banking frictions, and infrastructure disparities across MEA markets remains to be seen. But for now, one thing is clear: Africa and the Middle East finally have a fintech player big enough to challenge the global giants on their own terms.