Payfast, the South African fintech company best known for its online payments processing platform, is changing its name.

It will in future be known as Network International, while its payments platform will now be known as Payfast by Network.

“Our partners, merchants and consumers can expect the same quality payment experience from the ‘Payfast by Network’ e-commerce solution,” said David Adams, regional managing director for Southern Africa at Network International, in a statement on Tuesday.

Launched in 2007, Payfast was acquired by Network International in 2021. According to the company, the rebranding of Payfast to align with the parent brand coincides with it “intensifying its efforts to introduce new digital payment propositions in South Africa”.

Network International’s operational footprint spans the Middle East and Africa. According to the statement, Network currently supports more than 120 000 merchants and 200 financial institutions and fintech customers in 50 countries.

“It is the only pan-African digital payments player with a presence in more than 40 countries, including the major markets of South Africa, Egypt, Kenya and Nigeria. Network covers over 80% of the African population,” said Adams. – © 2024 NewsCentral Media