Network International Holdings PLC Update on UAE Central Bank regulation (2089Y)
07 September 2020 - 5:34PM
UK Regulatory
TIDMNETW
RNS Number : 2089Y
Network International Holdings PLC
07 September 2020
Network International Holdings Plc
Update on UAE Central Bank regulation of merchant fees
7 September 2020
Network International Holdings Plc (LSE: NETW), the leading
enabler of digital commerce across the Middle East and Africa,
provides an update on the regulation of fees incurred by merchants
who accept digital and card transactions in the United Arab
Emirates (UAE).
The UAE Central Bank has completed its consultation and
confirmed that interchange fees charged to merchants on debit card
transactions will be reduced, in line with our expectations. This
will be introduced in a phased manner, with the effective date of
the changes yet to be confirmed.
Interchange fees are those which are charged by the card issuing
banks. There is no proposed regulation of the fees charged by
acquirers, such as Network International. The reduction in
interchange is a pass-through cost from Network International to
merchant customers, and therefore we expect no adverse impact to
our financials as a result of this change.
In the medium to longer term, we expect this will further
accelerate the adoption of card and digital payment acceptance by
merchants and will therefore be beneficial to our business.
Investor Relations enquiries
Network International InvestorRelations@Network.Global
Amie Gramlick, Head of Investor Relations
Media enquiries
Finsbury Network-Lon@Finsbury.com
James Leviton, Rob Allen
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