Finance

 eTranzact Posts N1.17bn Profit.

eTranzact International Plc has recorded N1.17 billion profit after tax in the 2022 financial year, its Managing Director/CEO Olaniyi Toluwalope, has announced. 

Speaking during the company’s 19th Annual General Meeting (AGM) in Lagos, he said the performance represents 157.81 per cent increase profit compared with 2021 figures.

Toluwalope said the company’s financial performance was remarkable in terms of the profitability.

He said this was driven by the increased growth in the volume of transactions processed by providing switching services, especially through SwitchIT. 

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He said as one of the foremost payment service providers in Nigeria, eTranzact International Plc processed over N50 trillion transactions last year.

He said the value increased significantly in comparison to the N 39 trillion processed in 2021. 

He said the high success transaction processed ensured that additional banks opted for their transactions to be processed through, especially in the public sector and other disbursement schemes.

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He said the company is well-position and has enhanced the capacity to further process more transactions going forward.

“eTranzact ensured 99 per cent success robotime across the various service offerings during 2022, which involves the deployment of technology and the require expertise to ensure prompt and seamless processing of transactions and to ensure constant availability does with minimal to zero downtime,” he said.

eTranzact fostered partnerships with the public sector, including the Federal Government, state governments and Ministries, Departments and Agencies (MDAs) last year. It remains the foremost provider for IGR collections, salary and other bulk payments, disbursements and other electronic payments services to the sector, he added.

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Continuing, Toluwalope said eTranzact further increased the coverage of the switching services bringing onboard key commercial banks, other financial institutions and Fintechs through SwitchIT, which has been well- acclaimed by the various partners and gaining momentum as a major switching channel/product.

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