eTranzact records N18.62Bn Turnover in 2018

eTranzact International Plc, Nigeria’s leading electronic and mobile payment processing company, grew its revenue by 59 per cent in 2018.

This is despite the harsh business environment and plummeting consumer spending.

The financial statement presented to the shareholders at its 15th Annual General Meeting (AGM) held in Lagos shows that the company’s turnover increased from 11.68 billion naira in 2017 to 18.62 billion naira in 2018.

Speaking at the AGM, the Chairman, Board of Directors of the company, Wole Abegunde said eTranzact has entered into new strategic partnerships and created innovative products that would lead to even better performances in the coming years.

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Abegunde said: “The Company fully understands the benefits of strategic alliances and the potential business opportunities these can create. We have fostered new relationships, enhanced and deepened existing ones and explored newer opportunities within the ongoing associations with existing partners. We are positive that our alliances will lead to improved performances in the years ahead.”

According to him, the company’s product, PocketMoni was honoured as the Mobile Money Operator of the Year by the Central Bank of Nigeria (CBN) and the National Interbank Settlement System in 2018, will continue to adopt global best practices in its quest to become a leader in both regional and global markets.

The Chairman reinstated eTranzact’s unwavering commitment to strong corporate governance policies and robust risk management framework, which he said are critical to delivering superior value to all stakeholders.

The Chief Executive Officer, Niyi Toluwalope noted that the unprecedented growth in revenue was driven by the growth in the public sector business, the deepening of its financial inclusion and innovative product offerings.

eTranzact International Plc, which launched its operation in 2003, has evolved into a global brand, providing cutting-edge payment solutions that are driving web, mobile, point of sale and automated teller machine payment processing.