Payments company Network International has announced a total of AED5 million in cash and other practical relief measures for merchant partners, in support of the economic stimulus packages announced earlier by UAE’s leadership and UAE Central Bank, to help the nation’s businesses through this unprecedented period of economic uncertainty.
As part of its support, Network International will contribute nearly AED3.7 million in cash to 1,000 of its most severely impacted merchant clients operating in the SME (small and medium enterprise) sector, a key contributor to the national economy and, at this time, among the most vulnerable. The contribution will alleviate financial pressures among the small businesses that have been affected severely by the ongoing COVID-19 pandemic.
“Genuinely caring for the health and safety of our teams, clients and the wider community is at the heart of the decisions we are taking during this time. As concerns around the global COVID-19 pandemic evolve, we recognise that some of our merchant partners have been severely impacted by this extraordinary situation and we are standing by those that need us most, with immediate and practical relief measures over the next few months. Our cash support will offer these businesses much needed liquidity to help relieve the stress on their cash flow so they can carry on operations,” said Samer Soliman, managing director for Network International’s Middle East operations.
“In addition to supporting clients that have been severely impacted, we are also waiving minimum monthly service fees for all merchant clients for the next three months. And, as more people opt to make purchases online we are helping small businesses transition to online payments by waiving Merchant Service Fees for the next three months for new users of N GeniusTM Online, our market leading internet payment gateway,” he added.