(Alliance News) - Middle East focused payments solutions provider Network International Holdings PLC on Monday said it is currently unable to assess the impact of measures taken by the Central Bank of UAE to lower transaction costs in response to Covid-19 virus outbreak.
The Central Bank of UAE on Saturday set out new regulations to lower costs incurred by merchants when their customers pay for goods and services using debit or credit cards. A large proportion of the fees paid by the merchants pertain to the interchange fees, which are typically a pass through cost for Network International.
In response to the new measures, the company said it is "currently unable to assess the impact, if any, these measures may have on its business until further details are made available".
Shares in Network International were down 16% at 362.50 pence each in London on Monday morning.
By Tapan Panchal; tapanpanchal@alliancenews.com
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Network International (NETW)