eTranzact conducts transactions worth over N30trn in 2018 – MD

eTranzact International Plc, an e-payment solution provider, on Tuesday said it executed transactions worth over N30 trillion on its platform in 2018.

Mr Niyi Toluwalope, the company’s Managing Director/Chief Executive Officer, disclosed this at a news conference in Lagos.

Toluwalope said the figure was processed in over 400 million transactions in 2018.

He said the company would create a platform to empower and position upcoming Financial Technology (FINTECH) institutions and other smaller players in the industry that did not have the capital structure to establish a platform.

Toluwalope explained that the firm had built an infrastructure that would enable these start ups to plug into eTransact platform and consummate their transactions seamlessly at any given time.

“We are already positioning ourselves in the centre so that any fintech that raises money to build a product can use our platform to consummate their transactions.

“As a licensed CBN switching company, we have the ability to move money from any bank account and that is what financial transaction is all about.

“In the last one year, we have invested in our people, resources, infrastructure, and products because we have reviewed and streamlined our strategy,” he said.

He said the company had just concluded a restructuring and board reorganisation exercise that would enable it to focus on improved governance and proper structure.

Toluwalope said the new board would help drive the strategy of the company going forward.

According to him, the new management has reviewed and streamlined its strategy so that it aligns properly with the firm’s future plans.

He stated that the company’s new focus would centre on developing block chain and new big data strategy for growth and development.

The chief executive officer said the company, which started its own mobile money since 2011 had grown its subscriber base to almost two million.

He said the company had over 15,000 agents spread across the country, noting that these agents were driving the financial inclusion strategy of the federal government.

Also speaking, Mr Adebayo Adejokun, Assistant General Manager, Business Development, said the firm was poised to drive electronic payment system in Nigeria to align with the federal government’s cashless initiative.

Adejokun said the company would continue to empower the banked and under banked under its financial inclusion strategy.