eTranzact International Plc, the leading Nigerian payments provider, has released its highly anticipated financial report for the year 2022, showcasing a remarkable growth trajectory.
The company reported processing over N50 trillion in total transaction value during the year, representing a significant increase from the N39 trillion processed in the previous year, 2021.
The substantial improvement in eTranzact’s financial performance and profitability can be attributed to the surge in transaction volume processed through its SwitchIT, a vital switching service offered by the company.
Managing Director Olaniyi Toluwalope presented the report on the company’s financial statements, highlighting key figures that have contributed to their success.
Among the notable achievements were the gross revenue of N22.54 billion, gross profit of N5.7 billion, and an impressive profit after tax of N1.17 billion.
During 2022, eTranzact maintained an outstanding 99% success rate and uptime across all of its service offerings, demonstrating their commitment to excellence and customer satisfaction.
The company achieved this by leveraging cutting-edge technology and expertise to ensure seamless and prompt processing of transactions while ensuring constant availability of channels with minimal to zero downtime.
The 157.81% increase in profit after tax compared to the previous year reflects eTranzact’s dedication to achieving maximum returns on the investments made by its shareholders.
Chairman Wole Abegunde expressed his enthusiasm during the 19th annual general meeting held in Lagos.
He credited the record-breaking performance to the company’s unwavering focus and expansion of core switching services.
“The landmark achievement is down to the management’s drive for excellence and demonstration of the commitment of the management and the board to ensure maximum returns on the investment of shareholders.
The company will not relent on the performance and will seek more business opportunities to boost subsequent financial results,” Abegunde stated. He was represented by Afolabi Oladele, a non-executive director, during the event.
In another significant development, eTranzact announced a change in its leadership structure. The company elected six non-executive directors and one executive director to join its Board.
However, the appointment of these directors is subject to the approval of the Central Bank of Nigeria (CBN).
Additionally, two directors were re-elected following Section 273(1) and 285(1) of the Companies and Allied Matters Act, 2020, and Article 36 of the Articles of Association of the Company.
With such impressive financial growth in 2022 and a focus on driving innovation and excellence, eTranzact International Plc continues to be a key player in the Nigerian payments industry.
The company remains committed to delivering seamless payment solutions and exploring new business opportunities to further enhance its financial performance in the future.
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