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Market Digest Nigeria

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eTranzact recorded N620m profit in 2016

eTRANZACT International Plc said it  recorded N620 million operating profit for the financial year ended December 2016.

Chairman of the Company, Mr. Felix Ohiwerei, disclosed this while addressing shareholders at the 2017 annual general meeting held yesterday in Lagos. Ohiwerei said that the profitability was driven by 20 per cent growth in revenue which rose to N10.4 billion during the year. The company’s shareholders approved the payment of a 10 kobo dividend per share at the AGM. He ascribed the growth of the firm in 2016 to strengthened strategic partnerships with banks, along with major innovations across its mobile banking suite, new product released and strategic alliances made during the year.

“As a company we continue to demonstrate our understanding of the benefits of strategic alliances and the potential business opportunities these can create. We have fostered new relationships, enhanced and deepened existing ones and explored newer opportunities within our ongoing associations with existing partners. Our alliances contributed significantly to some of the improved financial performances we achieved in 2016,” he said. On the future projection of the company, Ohiwerei said: “eTranzact has taken steps to increase profitability of new relationships, enhance and deepen existing ones, and explore new partnerships locally and internationally.

We are poised and committed to be a regional leader in the medium term and in the long term, a global leader in the electronic and mobile payment industry. “To this end, we will continue to deliver secure, cost effective and innovative electronic and mobile payment services that are compliant with globally recognized standards.” Also speaking at the AGM, Founder and Chief Executive Officer,   eTranzact, Mr. Valentine Obi, said: “2016 was a year that required special focus as we launched new products and extended our philosophy of making  payments simple to other more complex industries as part of our innovation drive.  We promise to continue to make payments simple, and innovating and creating solutions that transform the lives of people in Africa,” he added.

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