Network International, one of the top payment processing firms in the Middle East and Africa, appointed Nandan Mer as its new chief executive to lead the company through its next phase of growth.
Mr Mer, currently strategy head for international markets at global payment processor Mastercard, will take the helm at Dubai-based Network International on February 1, the company said in a statement on Tuesday.
He will replace Simon Haslam – a veteran of the financial services industry, with four decades of experience – who has decided to retire. He will step down as chief executive and board member at the end of this month but will remain with the company during a six-month notice period to ensure a smooth transition.
Mr Haslam, who took charge of Network International in 2017, led the company through its $1.4 billion initial public offering on the London Stock Exchange in 2019.
Mastercard became a cornerstone investor through the offering, taking a 10 per cent stake in the company and pledging to invest a further $35 million in the business over the next five years.
“During his tenure, Simon has led the company’s transformation into the largest payment solutions provider in the UAE and the leading enabler of digital commerce throughout the Middle East and Africa, and delivered significant growth across all our markets,” Ron Kalifa, chairman of Network International, said.
“He leaves behind a strong business and a legacy of success.”
Mr Mer, who has more than 30 years of payments industry experience, has worked with a number of global financial institutions including American Express, Citigroup, United Bank for Africa and most recently at Mastercard.
“My focus will be on delivering for all stakeholders in the business while continuing to deliver strong financial returns to investors,” Mr Mer said.
Network International narrowed its revenue decline to 17 per cent during the third quarter of 2020 as trading performance improved amid an easing of pandemic-related restrictions.
The firm is planning to enter the Saudi Arabian market, which has an addressable payments revenue pool of about $1bn, it told investors in November.
