Nigerian Payment Service Provider, eTranzact records $1.5 million in 2022

In 2022, eTranzact, a well-known FinTech company, accomplished an impressive feat by earning $1.5 million in revenue. This achievement shows a remarkable growth of 157.81% compared to the previous year, showcasing the company’s financial success. This news was shared during eTranzact’s 19th annual general meeting held last Thursday.

eTranzact records 1.5 million

According to Olaniyi Toluwalope, the managing director, eTranzact handled over ₦50 trillion ($63 billion) worth of transactions in 2022. This represents a substantial increase from the ₦39 trillion ($49 billion) processed in 2021. The surge in transaction volume is mainly due to the growing use of eTranzact’s switching services, particularly its flagship product, SwitchIT.

eTranzact saw a significant rise in transaction volume and also had good financial numbers to report. The company’s total revenue was ₦22.54 billion ($28 million), while the gross profit was ₦5.7 billion ($7.1 million). Furthermore, eTranzact was able to generate a profit of ₦1.17 billion ($1.5 million) after taxes. These impressive financial results demonstrate the company’s enhanced performance and profitability.

ETranzact’s improved business performance has led to important changes within the organization. At their annual general meeting, eTranzact declared the addition of six new non-executive directors and a new executive director to their board of directors. It’s important to know that their appointment is pending approval from the Central Bank of Nigeria (CBN). Additionally, two directors were re-elected, indicating the company’s dedication to maintaining a skilled and knowledgeable leadership team.

According to the managing director of eTranzact, there has been a significant increase in electronic transactions in 2022. In fact, it’s been the highest volume in the past five years, with a total value of ₦387 trillion ($488 billion). The reason behind this growth is the growing number of consumers who are choosing electronic banking channels for their financial transactions. This trend reflects the trust and confidence that customers have in eTranzact’s services.

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It is noteworthy that eTranzact’s impact extends beyond Nigeria, as the company is also a major player in the FinTech industry in Ghana. This shows their dedication to growing their offerings and establishing a prominent presence in the broader African financial market. eTranzact saw a surge in revenue in 2022 due to high-value switching services, resulting in more transactions being processed. New directors are pending regulatory approval. Electronic transactions are increasing, showing reliance on eTranzact in Nigeria and Ghana. The company is poised for greater achievements in the future. We have provided you with the comprehensive details that you require. For the most recent updates, please follow us.

Gurleen Kaur

I'm a science graduate from the Ahmadu Bello University, Nigeria. My passion for writing has brought me to into the field of content.