eTranzact International Plc, one of the foremost quoted service providers in Nigeria’s payment industry, has announced a gross revenue of N22.54 billion for the year ended December 2022.
The company said the value of total transactions processed in the year under review stood at N50 trillion, which shows a significant increase when compared to the N39 trillion processed in 2021.
The company assured stockholders that it is well positioned and has enhanced the capacity to further process more transactions going forward.
Presenting the annual report and accounts to shareholders at the 19th Annual General Meeting (AGM) in Lagos on Thursday, the Managing Director/Chief Executive Officer, eTranzact International Plc, Mr Olaniyi Toluwalope, said the journey was filled with lots of challenges and setbacks but at the end of the year, the efforts and commitment of management and staff were worth it and as 2022 ended in success.
He said the company recorded gross profit of N5.7 billion and profit after tax of N1.17 billion, adding that eTranzact ensured 99 percent success rate and uptime across the various service offerings during 2022.
This involved the deployment of technology and the required expertise to ensure prompt and seamless processing of transactions and to ensure constant availability of all the channels with minimal to zero downtime.
“eTranzact International Plc continued on the path of the impressive streak of profitability, excellence and quality service delivery, which were the highlights and hallmarks of 2021. All efforts were geared towards building on the gains of 2021 and the entire company was in sync and I am proud to say we delivered on our common goal as a company, for 2022,” Toluwalope stated.
He said the total volume and value of transactions processed have continued to increase tremendously year on year, in line with the development and expansion of the payments/electronic payments industry in Nigeria.
“The volume of electronic transactions peaked at the highest in five years in 2022, with a total value of N387 trillion. The huge growth is premised on the shift of more consumers towards the use of electronic banking channels for financial transactions.
“Positive regulatory policies, predominantly youth population and influx of talent and expertise have further contributed significantly to the growth of the payments industry in Nigeria. The preference for digital payments in Nigeria aligns with global payment trends as access to affordable mobile devices made more consumers key into and opt for the digital payments capabilities,” Toluwalope added.
Also in his statement, the Chairman eTranzact International Plc, Mr Wole Abegunde, observed that 2022 was a significant year in the history of the company’s financial performance as the company was able to achieve an unprecedented profit after tax of N 1.17 billion which represents 157.81 percent increase over the prior year.
The focus and expansion of the company’s core switching service(s) has been pivotal in the improvement of the company’s performance, he said.
According to him, the landmark achievement is due to the management’s drive for excellence and demonstration of the commitment of the management and the board to ensure maximum returns on the investment of shareholders.
He further noted that the company will not relent on the performance and will seek more business opportunities to boost subsequent financial results.
“One of our core values as an organisation is the passion we have for our customers. We remain committed to making our products and solutions revolve around our customers.
“eTranzact will remain innovative, promoting a customer focused culture through the refinement of our various products and solutions; thereby developing a competitive advantage that provides value to the customer while reducing the cost of business for the organisation,” Abegunde noted.
The company concluded the process of converting the irredeemable convertible debentures to additional units of ordinary shares in September 2022. N 5.7 billion was raised and added to the shareholders’ funds.
The capital raise and conversion process further reinforces the confidence that the shareholders and investors have in the stewardship of the board and management, and the demonstration of alignment with the corporate strategic objectives of the company.
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