eTranzact remains innovative, promotes shareholders-focused culture — Abegunde

By Philemon Adedeji

The Chairman, eTranzact International Plc, Mr. Wole Abegunde has said the company will remain innovative, and committed to promoting shareholders focused culture through the refinement of various products and solutions.

On this, he noted that it is expected to develop a competitive advantage that provides value to shareholders and customers while reducing the cost of business for the organisation.

Speaking to shareholders at the company’s 18th Annual General Meeting (AGM) in Lagos recently, he disclosed that the company commenced the process of raising additional capital in form of 5,772,225 units of convertible debenture stock at N1,000 units, as part of the plans to ensure compliance with the licensing categorisation and requirements issued by the Central Bank of Nigeria (CBN).

He noted that the capital raising exercise would be utilised significantly for investments in technology, settlement of outstanding liability and working capital.

eTranzact in 2021 financial year reported Profit After Tax of N455.75million and Gross Revenue that increased by 3.79per cent from N22.7billion in 2022 to N23.6billion in 2021.

The Chairman, commenting on the 2021 performance, said, “The impressive performance was underlined by the increased drive of the company’s core switching business. The management of the company are consolidating on the gains achieved in 2021 to further improve the company’s performance, market share and competitive advantage.”

On strategic positioning, Abegunde said the management understands the benefits of strategic alliance and potential business opportunities these can create for t-e company and shareholders.

“We have fostered new relationships, enhanced and deepened existing ones and explored newer opportunities within our ongoing associations and existing partners.  We are positive that our alliances will lead to improved performances in years ahead,” he said.

He, however, added that the company is 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.”

The Managing Director, eTranzact International, Mr. Olaniyi Toluwalope, at the meeting said the company had a satisfactory 2021 performance, attributing it commitment of board of directors, management, and staff working extremely hard against all odds and exceptionally delivering on their tasks.

He disclosed that the company has developed a roadmap as the first step towards the restructuring of its licenses, as an offset of CBN guideline(s) on license categorization.

“In line with the apex bank’s arrangement, the company is expected to operate and hold the current license under the Holding Company, Switching company and Mobile Money company arrangement. The process is still at the preliminary stage and a scheme of arrangement is expected to be submitted for regulatory approval in the coming weeks,” he said.

He noted that eTranzact International continued to expand into other sectors and explore the available opportunities.

“eTranzact will make the most and seize the opportunities that abound for the payment industry in Nigeria. We are motivated to make digital payments a lifestyle, a world without the limitations of time and place,” Toluwalope.