eTranzact processes over N50trn transactions, assures shareholders on regional dominance


eTranzact International Plc has assured shareholders of its quest to attain regional dominance even as it processed over N50 trillion transactions in the 2022 financial year, up from N39 trillion processed in 2021.

Consequently, the company recorded a 157.8 per cent growth in profit after tax, PAT, to N1.17 billion from N455.75 million in 2

As a result, Earnings Per Share, EPS, rose by 128.57 per cent to 16 kobo in 2022 from seven kobo in 2021.

Addressing shareholders at the annual general meeting, AGM   held in Lagos, Chairman of the Company, Mr. Wole Abegunde said, “The focus and expansion of the company’s core switching service(s) has been pivotal in the improvement of the company’s performance.

Represented by Mr. Afolabi Oladele, a Non Executive Director of the company, Abegunde added that, “The landmark achievement is down 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.   The Company will not relent on the performance and will seek more business opportunities to boost subsequent financial results.”

Commenting on the future plans, Abegunde said: “We are poised and committed to be a regional leader in the medium term and in the long term, a global leader in the 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 recognized standards”

Elaborating on the performance of the company in 2022, Managing Director/Chief Executive Officer, e-Transact, Mr. Olaniyi Toluwalope, said: “The improved financial performance and profitability were driven by the increased growth in the volume of transactions processed by providing switching services especially through SwitchiT.

“eTranzact processed over NGN 50 trillion in value of total transactions processed in 2022. The value increased significantly in comparison to the NGN 39 trillion processed in 2021”.


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