eTranzact Announces Fintech Expansion Plans Amidst 40% Surge in Transaction Volum
Nigeria’s award-winning multi-application and multi-channel electronic transaction switching and payment processing platform eTranzact, has unveiled its expansion plans within the fintech sector, reporting a remarkable 40 percent increase in transaction volume to N79 trillion in 2023.
In a recent “Facts Behind Figures” webinar held by the Nigerian Stock Exchange, eTranzact’s CEO, Niyi Toluwalope, highlighted the company’s crucial role in enabling digital payments and financial transactions across multiple sectors of the economy. The significant increase in transaction volume underscores this role.
Toluwalope stressed the company’s consistency in transaction processing, with a 99.5 percent success rate and a maximum processing speed of 1.2 seconds per transaction. He introduced the “engage and win” strategy, which focuses on three main pillars: full-service switching, merchant marketplace play, and direct-to-consumer play. These pillars aim to enhance eTranzact’s service offerings and strengthen its position as a leader in Nigeria’s digital payment ecosystem. The company plans to fuel further growth by expanding its services and improving its technological infrastructure, ensuring it remains competitive in the evolving fintech landscape.
eTranzact’s CFO, Emmanuel Ogunji, shared the company’s strong financial performance, reporting gross revenue of N33.9 billion, a 50 percent increase, and net revenue of ₦9.2 billion, reflecting a 51 percent rise year-over-year.
“The company reported a significant growth in cash and cash equivalents from N11.5bn in 2022 to N19.6bn in 2023. He also highlighted a gross revenue growth of N33.9bn, a 50 per cent increase, and a net revenue of N9.2bn, a 51 per cent rise from 2022. The company’s gross profit for FY 2023 stood at N8.3bn,” he explained.
Source: Punch
