eTranzact Plans Merchant Acquisition, Direct-to-consumer Market To Boost Operation

eTranzact International Plc, said it will focus on merchant acquisition and direct-to-consumer market to boost operational performance.

The CEO of eTranzact, Niyi Toluwalope stated this at the Company’s virtual Facts-Behind -the-Figures (FBF). Toluwalope highlighted the Company strategy titled ‘Engage and Win’ built on three core pillars; Full-Service Switching, Merchant Marketplace Play, and Direct to Consumer Play.

He revealed eTranzact’s impressive transaction growth, citing a transaction volume of N79 trillion in 2023, a remarkable 40 per cent increase from the previous year.

He emphasised the company’s consistency in transaction processing, boasting a 99.5 per cent success rate and a maximum processing speed of 1.2 seconds per transaction.

Chief financial officer, eTranzact Plc, Emmanuel Ogunji provided further insights into the company’s financial health, reporting significant growth in cash and cash equivalents from N11.5 billion in 2022 to N19.6 billion in 2023.

He also highlighted a gross revenue growth of N33.9 billion, a 50 per cent increase, and a net revenue of N9.2 billion, a 51 per cent rise from 2022, saying that the company’s gross profit for FY 2023 stood at N8.3 billion.

Toluwalope affirmed, “our strategy is to continually engage our stakeholders and win their trust through exceptional service and innovative solutions. We are committed to driving growth and delivering value to our investors.”

The CEO of NGX, Jude Chiemeka stated that despite the prevailing economic challenges, NGX recognizes the efforts of the Board and Management of e-Tranzact in enhancing operations, promoting business continuity and restoring investor confidence.

He added that “at NGX, we remain steadfast in our commitment to deepening the capital markets and fostering an environment conducive to sustainable growth and innovation.

“Through initiatives aimed at enhancing market liquidity, investor confidence, market integrity, and attracting listings, NGX continues to play a pivotal role in facilitating capital formation and investment opportunities across various sectors of the economy.”

NGX CEO noted that “as part of our commitment to sustainability and environmental responsibility, NGX is actively driving initiatives to reduce net carbon emissions and promote ESG (Environmental, Social, and Governance) goals within the Nigerian capital market. Recently, NGX launched the Impact Board, which provides investors with financial instruments that have measurable ESG impact.”

He also said “we recognise the urgent need to address climate change and promote sustainable development, and we are working closely with our listed companies, regulators, and stakeholders to integrate ESG principles into business operations and investment decisions.

“Through collaborative efforts and innovative solutions, NGX is dedicated to fostering a greener, more sustainable future for generations to come.”

eTranzact is a provider of payment processing platform. It is the first fully operational multi-application and multi-channel electronic transaction switching and payment processing company that is publicly quoted on the Nigeria Exchange Group (NGX).