He stated this during the Enugu Tech Festival held at the International Conference Centre Enugu, noting that the state’s development strategy prioritises traceability, accountability, disruptive innovation and optimal performance across sectors.

Also speaking during a panel session at the event, Mrs. Abimbola Reis, the divisional head, Merchant and Payment Services at eTranzact Plc, called for a more aggressive grassroots approach to advancing financial inclusion in Enugu State and across Nigeria.

Speaking on the implications of financial exclusion, Reis noted that individuals who remain outside the financial technology ecosystem face several limitations, even when they may not immediately realise it.

According to her, financial exclusion reduces economic opportunities, increases exposure to risks and limits business growth potential.

“Time is very valuable. If you have to physically go to the bank to get cash, you expend time that could have been used for other productive activities,” she said.

Reis further explained that cash-based transactions expose individuals to security risks, especially during transit, adding that the absence of digital transaction records also makes it difficult for small business owners to access credit.

“When you don’t have records of your transactions, you cannot easily present your business performance to financial institutions to obtain loans for expansion. The opportunity to grow becomes highly diminished,” she stated.

On efforts to support emerging technology builders and expand the fintech ecosystem, the eTranzact executive said the company continues to invest significantly in innovation and technology infrastructure.

She described eTranzact Plc as not only a Central Bank-licensed payment solution provider but also a technology-driven organisation committed to strengthening Nigeria’s digital payment landscape.

“At eTranzact, we pride ourselves on innovation. Technology is the backbone of the payment systems we build. We are also enabling diaspora payments, making it easier for Nigerians abroad to engage seamlessly with services and solutions developed within this ecosystem,” she said.

Calling for deeper financial inclusion in Enugu State, Reis emphasised the need for initiatives to extend beyond urban centres to local government areas and grassroots communities.

“It should trickle down to the local government levels and individuals. Communication must be simplified so that solutions are relatable and easily embraced by underserved users,” she added.

Speaking on the report during the launch, the Managing Director/CEO of eTranzact International Plc, Mr. Niyi Toluwalope, said as a leading fintech company, eTranzact views Artificial Intelligence not as a distant prospect but as an immediate opportunity for Nigerian businesses.

“This research bridges the knowledge gap by helping SMEs understand their current AI adoption status and what they need to compete both locally and globally,” he stated. The study also reinforces eTranzact’s expanding role as an enabler of digital growth and innovation beyond just payments, he noted. 

Explaining further, eTranzact CEO said the report offers SMEs a fact-based assessment of their AI readiness, guiding informed investment and capacity-building decisions. 

For Nigeria, he said, the findings serve as a strategic blueprint to enhance competitiveness, job creation, and innovation-driven economic growth.

Mr. Toluwalope highlighted that policymakers, financiers, and educators will be better equipped with data in the report to design support programs tailored to SME needs.

The comprehensive study, conducted over several months across key regions including Enugu, Kano, Lagos, Abuja, and Port Harcourt, highlights the current state of Artificial Intelligence adoption readiness among Nigeria’s over 39 million Small and Medium Enterprises (SMEs) and Micro, Small and Medium Enterprises (MSMEs). 

While there is evident enthusiasm for AI among SME entrepreneurs, the study also identifies critical gaps in awareness, access, and tailored solutions necessary to harness AI’s full potential.

The managing director emphasized that the report offers more than just data, it provides a strategic roadmap to foster an inclusive and intelligent digital economy in Nigeria. 

He said, “Through direct engagement with entrepreneurs across diverse geo zones, we have gained invaluable insights into their hopes and challenges. 

“At eTranzact, innovation is core to our values, and we are committed to collaborating with policymakers, innovators, and SME leaders to develop practical AI solutions that address real business needs.”

The organizations also noted that both electronic copies and hard copies are available.

Director of Programs & Partnerships at the Enterprise Development Centre (EDC), Pan-Atlantic University, Dr. Olawale Anifowose,stated, “The study adopted a mixed-method research approach, involving the use of both quantitative and qualitative data collection and analysis methods.

“The quantitative approach was implemented through a sample survey of SMEs with 5,290 responses across the 36 states of the federation, including the Federal Capital Territory. 

“The qualitative aspect was implemented through focus group discussions/summits with 212 participants across five states in the country, aimed to collect rich, in-depth information about issues in the study.”

This was disclosed during the company’s 21st Annual General Meeting (AGM)  in Lagos on Thursday.

In his address, Mr. Wole Abegunde, the chairman of the Board, said the company’s performance marked a significant turnaround and reflected sustained efforts across management and operations.

In recognition of this progress and the restored retained earnings position, the Board proposed a dividend payout of 12.50 kobo per share, reaffirming the company’s commitment to delivering shareholder value and consistent returns.

Mr. Abegunde disclosed that eTranzact recorded a Profit Before Tax (PBT) of 4.9 billion and a Profit After Tax (PAT) of N3.4 billion, surpassing previous years’ results.

He attributed this growth to a robust revenue drive and stringent cost-efficiency measures.

“The efforts of the board, management, and staff have been commendable in delivering this level of performance. We are optimistic that the company will continue to build on this momentum to achieve higher profitability and operational efficiency,” he stated.

He also emphasized the company’s commitment to customer satisfaction, highlighting that eTranzact will continue to refine its product offerings to meet evolving needs while maintaining competitive pricing and reducing the cost of service delivery.

Speaking on the company’s operational performance, Mr. Olaniyi Toluwalope, the managing director/CEO, reported that gross profit rose by 36.52 per cent, from N8.32 billion in 2023 to N11.36 billion in 2024. Operating profit increased by 48.83 per cent, reaching N4.66 billion.

Profit before tax grew by 53.20 per cent, while earnings per share rose by 54.17 per cent, from 24 kobo to 37 kobo.

He noted that the sharp increase in profit was driven primarily by increased transaction volumes and values, supported by consistent service delivery, stable pricing, and strong demand for digital payment solutions.

According to him, the company also improved its transaction success rate and reduced average processing time, a trend that has continued steadily over the last four years.

Mr. Toluwalope outlined several strategic initiatives implemented during 2024 to enhance market positioning. These include the migration to the Smart Vista Switching Infrastructure, which brought more bank partners onto the platform.

He also highlighted the launch of a new PocketMoni Wallet Platform and mobile app, and the deployment of a Cashpoint Agent Management Platform, which accelerated the rollout of POS terminals nationwide and strengthened the company’s competitive edge.

Toluwalope reaffirmed eTranzact’s commitment to innovation, financial inclusion, and delivering sustainable value to its shareholders and customers.

A payment gateway enables businesses, governments, NGOs, charities, and others to receive payments from their websites or other digital touchpoints through cards, transfers, USSD, wallets, etc, for themselves or on behalf of their customers.

While there are a number of payment gateway providers in Nigeria, the 10 prominent players are listed below:

1. Remita
2. Paystack
3. Flutterwave
4. Interswitch
5. Seerbit
6. Fincra
7. Kora
8. Moniepoint
9. eTranzact
10. HabariPay

1. Remita

Launched in 2005, the Remita payment gateway is offered by Remita Payment Services Limited, a subsidiary of SystemSpecs. It is robust and resilient and is in use by many SMEs, corporates, religious institutions, NGOs, governments, fintechs, etc.

Selected by the Central Bank of Nigeria, it serves as the payment gateway for the National Treasury Single Account (TSA) initiative, processing millions of local and foreign transactions across multiple channels. Remita processes more than N60 trillion in transaction value annually.

2. Paystack

Founded in 2015, Paystack is a leading payment gateway provider. Its payment gateway enables customers to easily activate collections on their digital touchpoints.

By July 2024, Paystack announced it had processed a staggering N1 trillion in a single month – a milestone that spoke volumes of its rapid adoption among startups and enterprises.

Founded by Nigerian entrepreneurs, Paystack was acquired by global payment company Stripe in October 2020.

3. Flutterwave

Founded in 2016, Flutterwave is a pan-African payments company providing payment gateway services to merchants, fintechs, and other entities. Merchants use Flutterwave payment gateway to receive payments in different currencies through cards, mobile money, USSD, and bank transfers. Flutterwave processed US$31 billion in transaction value in 2024.

4. Interswitch

Founded in 2002, with an initial focus on card switching and processing, Interswitch expanded into providing payment gateway services that enable customers to receive money digitally through different payment channels. Interswitch processed 1.2 billion transactions in March 2023.

5. Seerbit

Founded in 2019, Seerbit is a Nigerian fintech startup with a mandate to bridge Africa’s offline–online payment divide. The Seerbit payment gateway enables its customers to receive payments digitally through multiple payment channels. As of 2025, Seerbit is active in 12 African countries.

6. Fincra

Founded in 2021 with a grand vision to create a borderless Africa seamlessly connected to global finance. It provides multiple APIs for pay-ins (payment gateway, payment links, virtual accounts) and pay-outs (bulk disbursements, IMTO‑licensed transfers). Between 2023 and 2024, Fincra processed over US$10 billion in transaction value.

7. Kora

Founded in 2017, Kora is among the 10 leading payment gateway providers in Nigeria. It initially started as a blockchain remittance platform before pivoting to B2B Payment infrastructure services.

In addition to its payment gateway service, it now offers pay-ins, payouts, virtual accounts, and card issuing across Africa – helping local and global businesses scale in multiple currencies.

8. Moniepoint

Founded in 2015 as Teamapt, Moniepoint has evolved into a leading payment company. Its Monnify payment gateway allows merchants to receive payments through multiple channels, including cards, bank transfers, USSD, etc. As of 2025, Moniepoint processes roughly US$17 billion monthly.

9. eTranzact

Founded in 2003, eTranzact is a leading payments company that provides a wide-array of payment solutions. Its payment gateway Webconnect, enables businesses to accept payments via cards, USSD, bank transfers, etc.

Merchants on Webconnect benefit from seamless integration, a transaction dashboard, and prompt settlements. eTranzact processes trillions of Naira in payment value annually.

10. HabariPay

Founded in 2021, HabariPay is the fintech subsidiary of GTCO. Its Squad payment gateway allows merchants to collect payments from a variety of payment channels, including cards, bank transfers, USSD, etc. HabariPay processed N27.4 trillion in 2024 alone.

The roadshow, organized in partnership with Eligbam City, drew hundreds of participants from the informal retail sector.

Many attendees had never used digital point-of-sale or reconciliation tools before. Over several days, the fintech team activated Garrison Computer Village, Rumukalagbor Market, and Rumuomasi Market—introducing local traders and entrepreneurs to its digital payment platform through live demonstrations, hands-on onboarding, and business support sessions.

Speaking at the event, Omokorede Amund, Product Marketing Manager, Credo by eTranzact said,

“We’re not just building a payment solution, we’re building confidence in the future of small businesses”.

The activation focused on addressing real concerns, including transaction security, ease of use, and daily settlement challenges. Traders were shown how to accept payments both online and offline, track sales, and manage records using the Credo platform.

The campaign approach highlights a growing trend among fintechs: moving beyond digital ads and influencer campaigns to engage directly with business owners in markets and other informal spaces.

“Port Harcourt is full of hustle and innovation; this roadshow allowed us to meet business owners where they are and demonstrate practical ways they can benefit from digital payments.” Amund added.

The activation also featured a raffle draw, offering prizes such as WiFi routers, cash rewards, and small business tools—an incentive designed to attract participation and provide immediate value to attendees.

For many traders in Port Harcourt, the event marked their first real interaction with a payment solution tailored to small businesses, suggesting a shift in how financial services are being introduced to the grassroots economy.

This groundbreaking initiative, spearheaded by Credo by eTranzact, in partnership with the Enterprise Development Centre (EDC) of Pan-Atlantic University and the Global AI Council of Nigeria, is designed to empower Small and Medium Enterprises (SMEs) with tools, insights, and strategies to integrate AI into their operations.

Since its launch in 2024, the roundtable has reached SMEs in three geo-political zones, with the debut session in Kano, followed by Port-Harcourt, and most recently, Enugu in December 2024.

These sessions have witnessed strong participation from business owners, who have lauded the initiative as a timely and impactful response to the challenges of the digital age.

Speaking on the significance of the project, Niyi Toluwalope, managing director/CEO of eTranzact, stated:

“At eTranzact, we are committed to driving an all-inclusive economy powered by technology. Through this roundtable, we are equipping SMEs—the backbone of Nigeria’s economy—with the knowledge and tools they need to remain competitive in a rapidly evolving global market. AI is no longer a luxury; it’s a necessity, and we are proud to champion this cause.”

Dr. Olawale Anifowose, the country director of the Enterprise Development Centre, of the Pan Atlantic University,  highlighted the program’s alignment with national development goals:

“This initiative represents a unique collaboration between academia, technology, and business. By reaching SMEs in every geo-political zone, we are addressing the needs of businesses at the grassroots level and ensuring they are not left behind in the AI revolution.”

Participants from previous sessions have shared glowing feedback about the program’s impact. Halima Yusuf, a retail business owner from Kano, remarked:

“Before attending the session, AI felt like a foreign concept. Now, I understand how it can help me manage inventory and improve customer experience. This is a game-changer for my business.”

Similarly, Chibuzor Okeke, a fashion entrepreneur from Enugu who spoke about the Credo by eTranzact initiative, noted:

“The roundtable opened my eyes to AI tools that can enhance creativity and streamline production. I am grateful to eTranzact and their partners for bringing this opportunity to us.”

As the Lagos edition approaches, expectations are high for another robust session with SME stakeholders eager to explore the practical applications of AI.

The initiative will continue across Nigeria’s six geo-political zones throughout 2025, ensuring that every region benefits from this transformative program.

He spoke during the 2024 Annual Conference of CeBIH (Committee of e-Business Industry Heads)’, with the theme, ‘Payment system 2030: Navigating contemporary issues in driving future growth’ in Lagos, recently.

Toluwalope underscored that collaboration can drive innovation and growth, especially as the consumer landscape evolves towards a younger demographic.

He said,

“So what we see in the future is the situation where things are no longer a silo, we have a lot of efficiencies based on interconnected systems people leverage on.

“Nobody is duplicating the roles; We are not reinventing the wheels. You can leverage what has been established already and build on that. For me, I think that is the future; That is what we need to adopt, and that is how to grow.”

Toluwalope further stressed that Nigeria leads in population but ranks lower in bank and payment penetration compared to South Africa and Kenya.

He emphasised that key factors driving growth include active regulatory engagement and innovative FinTech solutions, citing that inadequate infrastructure and compliance issues remain critical hurdles.

The MD added, “It’s a regulatory compliance, you cannot regulate compliance requirements, you cannot avoid it, but at the same time, it must be seamless, quick and fast.

“So digitising onboarding is one of the things we believe that’s helped payment and payment systems adoption over the last couple of years and we are expecting things to even be further simplified to make this better.”

During the event, eTranzact made a presentation on its products such as Switchit which offers modularity that accelerates financial service adoption through standalone modules, funds transfer, bulk payment and bill payment, as well as direct payment.

It presented the eTranzact CorporatePay (CPay) which allows organisations to automatically handle payment of salaries and payment to third parties with the various levels of authorizations, and approvals incorporated into the payment progress.

The Credo which the company presented at the event is an innovative multi-channel platform that empowers businesses of all sizes to conduct business and accept payments seamlessly across various touch points.

Akinyemi Ajigbotafe, the commissioner for Wealth Creation & Employment, Lagos State, speaking on the theme said,

“The collaborative approach to wealth creation and financial inclusion is a subject which touches the very heart of our government’s commitment to reducing poverty and fostering economic growth.”

Mrs Abidemi Asunmo, the vice chairman, CeBIH, appreciated the support of all its partners and stakeholders present at the conference.

Speaking recently on Channels Television, Toluwalope highlighted that such investments are crucial for bringing more people into the digital payment space, which, in turn, will spur significant business growth.

Toluwalope stated that financial inclusion creates many opportunities. Nigeria, with its large population, has much to offer through financial inclusion. With over 200 million Nigerians and 140 million mobile phone users, there is substantial potential for financial inclusion.

Of the 140 million, only about 60 to 65 million are banked, leaving another 65 to 70 million driving the informal economy.

Bringing even a small percentage of these individuals into the financial services ecosystem can create a billion-dollar business.

“One of the great things here is financial inclusion—how to get the bulk of the citizens into the financial services ecosystem to enable them to make payments, save, access insurance, credit, and other services that can drive entrepreneurship, support SMEs, and boost the economy,” Toluwalope noted.

He further explained the remarkable transformations seen over time in digital payments. eTranzact facilitates seamless electronic transactions daily, and one of the key drivers is the investment in technology that allows these operations to be seamless.

Building trust and confidence in the ecosystem is crucial for encouraging those who are excluded to become included and participate in financial transactions.

When asked whether Point-of-Sale (POS) systems pose a risk to financial inclusion in the country, Toluwalope replied,

“I wouldn’t see that as a risk; it’s an enabler. You want to bring people who have never trusted brick-and-mortar financial institutions into the financial services ecosystem. Expecting them to use a complex machine they have no connection with is unrealistic compared to a POS terminal operator who sells goods in a rural ecosystem.”

He referenced a 2012 study highlighting the cultural need to handle currency, which significantly affects the adoption of cashless systems in Nigeria.

Trust and convenience are critical. POS terminals offer trust because you see the person you’re transacting with, and they are convenient— they’re available at all times.

You can even call the operator late at night if you need cash. Investing in technology that simplifies access and infrastructure for digital payments will lead to a surge in business growth.

Toluwalope believes that while these technological features may involve less cash, there will still be some cash involved.

“Even in more advanced countries with widespread digital payments, cash is still used to some degree depending on the demographic. This is critical for Nigeria because reports indicate that money in the informal sector is almost as significant as that in the formal sector but not captured in formal trading.”

Commenting on eTranzact’s performance, Toluwalope said,

“For us, the numbers are impressive. Consistently, for the past 16 quarters, eTranzact has exceeded its expectations. We started our transformation journey in 2019, revamping our strategy to focus on switching infrastructure, merchant marketplace, merchant activity, and then direct-to-consumer services, which include our financial inclusion business and our digital bank.

“We are a switch, a central infrastructure, a backbone for the industry. We’re leveraging that to build merchant-acquiring activity and transform the financial inclusion space. We’re also using it to build our digital bank, creating several features for a wide demographic of Nigerians to conduct financial transactions. Somehow, we are not affected by most of these headwinds because our business is just like the food business. People eat at whatever ceremony. And so it is the same with payments.

“Every time you’re making a payment, you could reduce the frequency or increase the value, but at every point in time, you’re making payments. We are a switching infrastructure. We sit at the back end of all the debits, credits, and all the settlement positions. So, eTranzact will always be crucial in the financial landscape”.

Speaking at the Nigerian FinTech conference, themed ‘positioning Africa’s fintech ecosystem to accelerate inclusive growth,’ he noted that while FinTech has seen significant investment and growth, it must expand beyond traditional areas like e-payments and e-commerce.

“A lot of time, everyone is always talking about growth, growth, and growth. But in FinTech, I think we see a lot more expansion and moving into different areas. The area we need to focus more on is actual growth. Growth from the perspective of deepening into what we are already doing to actually accommodate a lot more players, more people, and more verticals into what we are doing today,” Toluwalope said.

Nigeria’s fintech sector has received over $4 billion in inward investments in the last couple of years. But those monies are focused on e-payments, e-commerce, payment enabling, and all of that.

A report in 2012 emphasised the fact that 90 percent of transactions in Africa are still predominantly cash. If we look at the landscape of Nigeria, there is a lot of fintech activity, but predominantly in Abuja, and recently some of which we have actually taken to Kano and Kaduna.

This tells us there’s still a lot of regions in Africa, in Nigeria, that need to be covered.

The CEO stressed that FinTech must focus on deepening its reach, accommodating more players, and exploring new verticals to truly drive inclusive growth.

“We need to continue to broaden our focus. It’s easy to focus on heavily active hubs in Lagos, the FinTech powerhouse, but we need to ask ourselves, are we spreading the benefits across Nigeria? You might say the returns on investments are there. But it’s not always about return on investments today because we have to think about return on investments tomorrow.

“We need to do what we need to do today, so that in 20 years from now, some of you can be here talking about what you have created over the 20 years, or what you have enabled over the last 20 years to get Nigeria to where it is now and where it ought to be,” the eTranzact CEO said.

“Sectors such as agriculture, healthcare, and real estate offer exciting opportunities for FinTech innovation. However, these areas have been largely overlooked in favour of more established markets. These sectors are also established to be very critical to our economy, yet still not as focused on as they ought to be. The perception is usually they are not investable, but if we aim for true, inclusive growth, FinTech needs to provide solutions that solve the problems in those sectors.”

The CEO charges everyone to be open and to continue to collaborate and be flexible in how we build our FinTech products.

Toluwalope highlighted the significant gap between Nigeria’s banking and unbanked populations, citing 140 million telephone subscribers and only 65 million active bank account holders.

“This is the opportunity in the marketplace,” he noted. “This is what gets us excited every day, and eTranzact has positioned itself as a “super fintech,” ready to collaborate and take on innovative ideas to ensure financial inclusion for all Nigerians.

Furthermore, the All-Share Index further dips by 0.33 percent to 101,707.70 points, as the market capitalization dropped by the same percentage to N 55.652tn as the year-to-date gain of the index slipped to 36.02 percent.

The negative result of the ASI also impacted the sectoral indices as three out of the five sub-sectors recorded adverse movements.

The downturn upturn was driven by price depreciation in large and Medium capitalize stocks among which are; Guinness stocks, PZ Cussons, Zenith Bank, Nigerian Breweries, United Bank for Africa, Lafarge, GTCO, FBN Holdings, Etranzact, CWG and Wema Bank. On the price movement chart, 24 stocks appreciated in price while 30 constituted the loser’s chart.

The Banking index led the losers with a 1.85 percent decline, driven by sell pressure in Unity Bank, Wema Bank, United Bank for Africa, and Zenith Bank Plc.

The Consumer and Industrial Goods indexes lost 0.22 percent and 0.10 percent, respectively, majorly due to share price decline in PZ, Cussons, Guinness Nigeria, Nigerian Breweries and Lafarge Africa.

Meanwhile, the Insurance and Oil/Gas sectors advanced by 1.13 percent and 0.09 percent, respectively.

Stocks trading activity on the NGX displayed a varied trend, with the total deals and value declining by 1.16 percent and 16.09 percent to 8,614 trades and N4.3bn, respectively; In terms of Volume transactions declined, by 20.76 million, representing 8.56 percent as investors traded 263.192 million shares valued at N.300 billion in 8614 deals against 42.432 million shares worth N5.3 billion exchanged hands the previous day in 8715 deals.

The stocks gainers included Honeywell Flour Mill, Juli Plc, and Cornerstone Insurance, whose share prices appreciated by 9.92 percent, 9.90, and 9.88 percent, respectively. Whilst VeritasKap emerged as the most traded security in terms of volume with 49.07 million units changing hands in 143 deals, while UBA led in traded value at N587.50m.

At the close of trading, there were more losers at 30 than gainers which were 24 securities.