- Middle East and Africa focused payments group Network International warned that it expected its annual revenue to fall 17-20% as the Covid-19 crisis continues to hurt economies in those regions.

Revenue for the first half of the year was expected to be around $133m-to-$134m, representing a flat first quarter and 23% drop in the second quarter.

'In the Middle East, we anticipate a gradual recovery of domestic spending through the second half but little return of international spending,' Network International said.

'In Africa, whilst the business is more focused towards issuer solutions, the WHO has indicated Covid-19 has yet to peak and we therefore expect to see further pressure on card issuance and transaction volumes,' it added.

Network International said its balance sheet and liquidity were strong and that it expected to remain comfortably within its financial covenants.

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