Fintech
eTranzact aims for fintech expansion
ETranzact has announced plans to expand into the fintech sector, as its transaction volume increased by 40% to reach N79 trillion in 2023.
eTranzact Chief Executive Officer, Niyi Toluwalope, in a recent “Facts Behind Figures” webinar at the Nigerian Stock Exchange, revealed that the substantial increase in transaction volumes has underscored its role in facilitating digital payments and financial transactions across various sectors of the economy.
He highlighted the company’s consistency in transaction processing, boasting a 99.5% success rate and a maximum processing speed of 1.2 seconds per transaction.
He said the “engage and win” strategy emphasizes three key pillars: full service play, merchant play and direct-to-consumer play, adding that these pillars were designed to enhance eTranzact’s service offerings and consolidate its position as a leader in the digital payments ecosystem in Nigeria.
Toluwalope reiterated eTranzact’s commitment to stakeholders, saying, “Our strategy is to constantly engage with our stakeholders and earn their trust through exceptional service and innovative solutions.”
According to him, the company aims to drive further growth by expanding its service offerings and enhancing its technology infrastructure, ensuring it maintains a competitive edge in the evolving fintech sector.
eTranzact Chief Financial Officer, Emmanuel Ogunji, noted that the company achieved a gross turnover of N33.9 billion, up 50 per cent, and a net turnover of ₦9.2 billion, up 51 per cent year-on-year.
“The company recorded significant growth in cash and cash equivalents from N11.5 billion in 2022 to N19.6 billion in 2023. It also highlighted growth in gross sales of N33.9 billion, an increase of 50 percent, and net sales of N9.2 billion, an increase of 51 percent over 2022. The company’s gross profit for fiscal year 2023 was N8.3 billion,” he explained.
The company has stated its determination to leverage technology to drive its growth and market presence. E-Tranzact Chief Executive Officer Niyi Toluwalope said the company has consistently invested in advanced payment technologies, enabling seamless online and offline transactions for small and medium-sized businesses.