Network International has signed a multi-year processing agreement with Al Seraj Islamic Bank (SIB), marking a new step in the development of Libya’s digital payments infrastructure.
Image source: Network International
The partnership is positioned as a core component of SIB’s broader strategy to expand its national footprint, increase market share, and strengthen its standing within Libya’s banking sector. It also reflects continued investment by regional payment processors in North African markets undergoing digital transformation.
Under the deal, Network International will provide end-to-end payment processing services to SIB. These include:
- Card processing infrastructure
- Visa sponsorship
- Prepaid card issuing capabilities
- A range of value-added services designed to support operational efficiency and customer engagement
By outsourcing processing to a regional specialist, SIB is expected to accelerate the rollout of digital products while leveraging Network’s existing infrastructure and compliance frameworks.
For Al Seraj Islamic Bank, the collaboration represents a move toward modernising its payments stack and expanding its portfolio of Shariah-compliant digital banking products. The bank aims to enhance customer experience across digital channels while improving operational scalability.
From an industry perspective, such partnerships allow mid-sized and growth-focused banks to adopt advanced processing capabilities without building complex systems in-house. This can shorten time-to-market for new products such as prepaid cards, digital wallets, and other electronic payment solutions.
The agreement also aligns with Libya’s broader financial inclusion objectives. Expanding access to secure electronic payment tools is seen as a key mechanism for increasing participation in the formal financial system, particularly among underserved populations.
Greater availability of prepaid and card-based products can support access to digital commerce, safer alternatives to cash transactions, and broader participation in domestic and cross-border trade.
While Libya’s payments ecosystem remains heavily cash-based, recent unprecedented electronic transaction surge along with partnerships of this kind indicate gradual structural shifts toward digital infrastructure.
For Network International, the deal reinforces its footprint in North Africa, a region where payment digitisation remains at an earlier stage compared to Gulf markets. The company continues to position itself as a processing partner for banks seeking to modernise without large upfront technology investments.
For SIB, the move is part of a longer-term growth strategy aimed at expanding its customer base and reinforcing its competitive positioning in Libya’s evolving banking landscape.
According to the announcement, services are scheduled to go live in Q1 2026, after integration and regulatory processes are completed. As Libya’s banking sector continues to modernise, partnerships between local institutions and regional payment processors are likely to play a central role in shaping the next phase of digital financial services development.
