PayTech

eTranzact Grows Annual Revenue by 59%

One of the leading fintech firms, eTranzact International has reported a 59 per cent growth in its revenue for the 2018 financial year.

The company’s financial statement showed an increase in its turnover from N11.68bn in 2017 to N18.62bn in 2018.

Chairman, Board of Directors, eTranzact, Mr Wole Abegunde, said at the company’s Annual General Meeting in Lagos that the company had entered into new strategic partnerships and created innovative products that would lead to even better performances in the coming years.

“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 as we are poised and committed to being a regional leader in the medium and long term.

“We also aim to be the global leader in electronic and mobile payment industry. To this end, we will continue to deliver secure, cost effective and innovative electronic and mobile payment services that are compliant with globally-recognised standards.”

According to him, one of the company’s product, PocketMoni, was honoured as the mobile money operator of the year by the Central Bank of Nigeria and the National Interbank Settlement System in 2018.

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Abegunde restated the company’s unwavering commitment to strong corporate governance policies and robust risk management framework, which he described as critical to delivering superior value to all stakeholders.

The CEO, eTranzact, Mr 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.