eTranzact International Plc, a multi-application and multi-channel electronic transaction switching and payment processing platform, grew its revenue by 59 per cent to N18.62 billion, in the financial year ended December 31, 2018, up from N11.68 billion in 2017.
The Chairman of the company, Wole Abegunde, who disclosed this at the company’s Annual General Meeting (AGM) in Lagos, said the significant growth was undermined by a loss after tax of N3.1 billion compared with a profit of N208 million in 2017.
According to him, the loss was majorly due to one-time financial loss suffered from the effect of a major third-party fraudulent transaction with one of the company’s banking partners during the year under review.
Abegunde assured the shareholders that necessary strategy has been put in place to avoid a repeat of the incidence, adding that the company has been repositioned for better performance. He said the company has entered some strategic alliances for business opportunities.
“As a company, we fully understand the benefits of strategic alliances and the potential business opportunities these can create. We have fostered new relationships, enhanced and deepened existing ones and explored newer opportunities within our ongoing associations with existing partners. We are positive that our alliances will lead to improved performances in the years ahead,” he said.
He said in 2018, the Central Bank of Nigeria (CBN) introduced the Shared Agent Network Expansion Facility (SANEF) initiative with the primary objective of accelerating financial inclusion, noting that eTranzact is an active stakeholder and would maximise the opportunities available.
“The SANEF project seeks to deepen financial inclusion in Nigeria through an integrated ecosystem with strong regulatory oversight, consumer protection and interoperable systems with limited concentration risk. It will create a platform for Nigerian owned financial services companies to grow while empowering and creating jobs for Nigerians. eTranzact is an active stakeholder in the SANEF initiative and seeks to maximise the opportunities available from being part of the initiative,” Abegunde said.
The Managing Director/CEO of eTranzact International Plc, Niyi Toluwalope, said the future of the company was bright, disclosing that the firm had gone through a significant management restructuring.
“We are completely new management, driving the strategy of the company going forward. We have just concluded a restructuring and board reorganisation exercise that would enable it to focus on improved governance and proper structure. We have done a lot since the last one year; we have invested in our people, our infrastructure and our products. We have reviewed and streamlined our strategy so that it allies properly with our future focus in the role we want to place in fintech space and electronic payment generally in the future,” he said.