Nigerian payments provider, eTranzact reports N1.17 billion profit after tax for 2022

eTranzact International Plc has released its financial report for the year 2022. According to the report, the payments provider recorded N1.17 billion in profit, a 157.81 increase from the previous year.

Nigerian payments provider eTranzact International Plc has reported that its profit after tax rose to N1.17 billion in 2022—representing a 157.81% increase compared to the previous year. The company’s chairman, Wole Abegunde, disclosed this during its 19th annual general meeting in Lagos last Thursday, describing 2022 as “a significant year in the history of the company’s financial performance” thanks to the 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, who was represented by Afolabi Oladele, a non-executive director, at the event, said.

Presenting his report on the company’s financial statements, managing director Olaniyi Toluwalope said eTranzact processed over N50 trillion in value of total transactions in 2022, a significant increase from the N39 trillion processed in 2021. According to him, the improved financial performance and profitability were driven by the increased volume of transactions processed by switching services, primarily through its SwitchIT. He added that the company also reported gross revenue of N22.54 billion, gross profit of N5.7 billion, and profit after tax of N1.17 billion.

The managing director added that the company ensured a 99% success rate and uptime across the various service offerings during 2022. He said this involved the deployment of technology and the required expertise to ensure prompt and seamless processing of transactions and to ensure constant availability of all the channels with minimal to zero downtime.

In a change in leadership, the company also elected six non-executive directors and one executive director to join its Board. The appointment, however, is subject to the approval of the Central Bank of Nigeria (CBN). Similarly, 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.