eTranzact targets merchant acquisition for expansion

By Esther Agbo

eTranzact has announced the fintech company’s strategic focus on offering comprehensive switching services, a merchant marketplace play, and direct-to-consumer solutions to drive future growth.

This announcement was made by the CEO, Mr. Olaniyi Toluwalope, during the “Facts Behind Figures” webinar hosted by the Nigerian Exchange Limited (NGX), where eTranzact presented its financial performance and strategic plans under the “ENGAGE and WIN” initiative to investors and stakeholders.

The Managing Director and CEO of NGX, Mr. Jude Chiemeka, praised eTranzact’s leadership, emphasising the significance of such events in enhancing investor confidence through transparency and accurate information.

In his presentation, Toluwalope highlighted eTranzact’s notable transaction growth, reporting a transaction volume of N79 trillion in 2023, reflecting a 40 percent increase from the previous year.

He underscored the company’s reliability in transaction processing, with a 99.5 percent success rate and a maximum processing speed of 1.2 seconds per transaction.

eTranzact’s Chief Financial Officer, Emmanuel Ogunji, provided additional details on the company’s financial status, noting a substantial increase in cash and cash equivalents from N11.5 billion in 2022 to N19.6 billion in 2023.

He also reported a gross revenue growth to N33.9 billion, a 50 percent increase, and a net revenue of N9.2 billion, marking a 51 percent rise from 2022.