eTranzact Plans Merchant Acquisition to Boost Operation

Nume Ekeghe

The Chief Executive Officer, of eTranzact, Plc, Niyi Toluwalope has stated that the company is set to enhance its operational performance by focusing on merchant acquisition and the direct-to-consumer market.

He revealed this during the company’s virtual Facts-Behind-the-Figures (FBF) presentation, where he outlined his firm’s strategy titled ‘Engage and Win,’ which is built on three core pillars: Full-Service Switching, Merchant Marketplace Play, and Direct to Consumer Play.

Toluwalope also eTranzact’s impressive transaction growth, noting a transaction volume of N79 trillion in 2023, a significant 40 percent increase from the previous year. He also emphasized the company’s consistency in transaction processing, boasting a 99.5 percent success rate and a maximum processing speed of 1.2 seconds per transaction.

Also, the 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.”