One of the payment providers in the country, e-Tranzact International Plc, has said that it processed over N50 trillion in value of total electronic payment in 2022.
The Managing Director/CEO e-Tranzact, Mr Olaniyi Toluwalope who disclosed at the company’s 19th Annual General Meeting (AGM) held in Lagos said the value increased in comparison to N39 trillion in 2021.
According to him, the company ensured a 99% success rate and uptime across the various service offerings during 2022.
Factors Driving Growth in the Payment Industry
This, he said, 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.
Toluwalope noted that the industry’s volume and value of transactions processed have continued to increase year on year in line with the development and expansion of the payment/electronic payments industry in Nigeria.
“The volume of electronic transactions peaked at the highest in five years in 2022 with a total value of N387 trillion. The huge growth is premised on the shift of more consumers towards the use of electronic banking channels for financial transactions.
Positive regulatory policies, a predominantly youth population, and the influx of talent and expertise have further contributed significantly to the growth of the payment industry in Nigeria. The preference for digital payments in Nigeria aligns with global payment trends as access to affordable mobile devices made more consumers key in and opt for digital payment capabilities,” he said.
He noted that the expansion of the payments industry is expected to continue at a fast pace with the emergence of mobile network providers channelling their vast network and spreading to deliver financial services.
“The meteoric rise in agency banking network is also proving to be a key enabler of the growth industry,” he said.
Financial Success and Investor Confidence
The Chairman of the company, Mr. Wole Abegunde said that 2022 was significant in the company’s financial performance as the company was able to achieve profit after tax of N1.17 billion which represents a 157.81% increase over the prior year.
He noted that the focus and expansion of the company’s core switching services have been pivotal in the improvement of the company’s performance.
Abegunde explained that the company concluded the process of converting the irredeemable convertible debentures to additional units of ordinary shares in September 2022.
“N5.7 billion was raised and added to the shareholders’ funds. The capital raise and conversion process further reinforces the confidence that the shareholders and investors have in the stewardship of the board and management,” he said.
