eTranzact, a Nigerian payment service provider, has announced a profit of ₦1.17 billion ($1.5 million) after taxes in 2022.
The new record—-a 157.81% increase compared to the year 2021—was disclosed in the company’s 19th annual general meeting last Thursday.
According to the company’s managing director, Olaniyi Toluwalope, eTranzact processed over ₦50 trillion ($63 billion) worth of total transactions in 2022. This represents a significant increase from the ₦39 trillion ($49 billion) processed in 2021. The company also reported gross revenue of ₦22.54 billion ($28 million ), gross profit of ₦5.7 billion ($7.1 million), and profit after tax of ₦1.17 billion ($1.5 million).
eTranzact’s improved financial performance and profitability were driven by the increased volume of transactions processed by its switching services, primarily through SwitchIT.
The company elected six new non-executive directors and one new executive director to join its board. The appointment is subject to the approval of the Central Bank of Nigeria (CBN). Additionally, two directors were re-elected.
According to the managing director, “The volume of electronic transactions peaked at the highest in five years in 2022, with a total value of ₦387 trillion ($488 billion). The huge growth is premised on the shift of more consumers towards the use of electronic banking channels for financial transactions.”
eTranzact is also one of the leading FinTech firms in Ghana.
