E-tranzact hits N30tr on 400m transactions
E-tranzact International Plc, Nigeria’s premier financial technology company recorded about N30 trillion in 400 million transactions in 2018.
Speaking at a media interactive session recently in Lagos, Group Managing Director, E-tranzact International Plc, Niyi Toluwalope said in spite of regulatory headwinds and turbulent operating environment, the volume of businesses in form of payment services carried out by E-tranzact was in excess of N30 trillion in value in over 400 million transactions at the end of 2018.
He said the company, arguably one of Nigeria’s foremost financial technology companies (fintech), has set machinery in motion to continue to deliver optimum services to its growing subscriber base and prospective customers.
He said the company is awaiting the nod of the regulators, including the Nigeria Stock Exchange (NSE) and the Nigeria Communications Commission (NCC) to continue the process of raising more than N7 billion from the capital market.
Shareholders of E-Tranzact had in December 2018 authorised their board to raise additional capital of up to N7 billion “through the issuance of any form of equity instrument(s), whether by way of public offering, private placement, rights issue, offer for subscription or other methods they deem fit, with or without preferential allotments, either locally or internationally, at such dates and on such terms and conditions as shall be determined by the directors”.
Shareholders also empowered the directors to consider as an alternative or addition issuance of convertible or non-convertible loans while also approving issuance of undersubscribed shares to interested investors as well as absorb excess subscriptions.
E-Tranzact shareholders also increased the company’s authorised share capital from N2.1 billion or 4.2 billion ordinary shares of 50 kobo each to N9.1 billion or 18.2 billion ordinary shares of 50 kobo each.
Toluwalope, who was in the company of other senior executives, including the Deputy Managing Director, Hakeem Adeniji-Adele, Group Head, Legal, Eme Godwin, Henry David, Chief Technology Officer, said as one of the foremost payment system platforms in the country, the company was poised to liberalise the way payment transactions are carried out.
The E-tranzact boss, who recalled that the company is 17 year old, stressed that it has pioneered a lot of innovation in the e-payment system which has changed the face of banking and financial services.
Specifically, he said, the company pioneered the Unstructured Supplementary Service Data (USSD) code, a communications protocol used by GSM cellular telephones to communicate with the mobile network operator’s computers to drive e-payments, mobile banking, mobile money, and a host of others.
While noting that the new management which came on board last June has since began a reorganisation, Toluwalope said the focus now is on improved structure and governance.
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