eTranzact Assures Shareholders of Improved Performance in 2024FY

Kayode Tokede

The management of eTranzact International Plc, yesterday assured shareholders of improving performance in the 2024 financial year (FY) as the company experienced  the best year in its 2023 performance.

The Chief Executive Officer of eTranzact, Mr. Niyi Toluwalope, said this during the 20th Annual General Meeting (AGM) of eTranzact International in Lagos on Thursday.

The stated that the intense and consistent effort of the board and management and staff of the company, is highly reflected in the financial position and financial performance last year.

“The company experienced the best year n its history, in terms of key financial metrics and performance indices, which include a gross revenue of N33.91 billion, gross profit of N8.32 billion, profit before tax of N3.19 billion and profit after tax of N2.20 billion.

The major driver of the company’s performance remains the increased earnings from the core switching services. The company also placed more emphasis on revenue lines/services with high margin and high contribution to gross profit, during the year. 

“eTranzact is driving the expansion of the merchant acquiring business and this is expected to be a major earner for the company and also improve the company’s performance in 2024 and beyond,” Toluwalope said this to shareholders. 

On the payment transaction performance, he said, “eTranzact International continued to maintain an upward trajectory in 2023. The volume and value of transactions processed during the year, across all eTranzact’s channels and solutions increased significantly in comparison to the level in 2022. eTranzact further established its position as the leading provider of high-end switching services, based on the expansion of the company’s market share and reach during the year.”

The managing director said eTranzact made tremendous improvement in terms of faster average time for transaction processing and instant response for status of transactions processed.

He added that the Company made notable upgrades to the user interface of the various solutions, in a bid to ensure top-notch user experience and seamless transactions at every point in time.

“eTranzact continued to dominate in 2023, with regards to the presence of the Company in the public sector, the managing director said.

Toluwalope disclosed that the Company secured additional and notable Internally Generated Revenue (IGR) collection mandates, which cut across different state governments.

The Chairman of the company, Mr. Wole Abegunde, said the management is committed to being a regional leader in the electronic and mobile payment industry.

He said, “We are 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.”

While presenting the financial performance to the shareholders, he said, “The Company had a very remarkable year in terms of the financial performance.

“The Company reported a profit before tax of N2.201billion which is a record performance in the history of the Company. The performance for 2023 is further highlighted by the gross revenue of NGN 33.91billion, which is also the highest so far in the history of the Company.

“The commitment of management towards the improvement of the company’s financial performance is commendable and worthy of note.

The company will continue to improve on the performance, create more value, be a market/industry leader, and maximize shareholders wealth.”