E-tranzact Records N30trn Data Transactions

E-Tranzact Plc says it recorded 400 million data transactions worth N30trn in 2018.

The Managing Director/Chief Executive Officer, E-Tranzact, Mr Niyi Toluwalope, while speaking at a press briefing in Lagos, said though the company recorded an increase in revenue in 2018, the high operating cost negatively affected its bottom-line.

He said the company was working towards attaining a double-digit revenue growth this year and was working with telecommunications companies and banks to push transactions to achieve the goal.

Toluwalope stated that the company had a new focus on developing block-chain technology that would enable proper useful data management that could help to predict trends and assist economic decision making.

He noted that during the year under review, the board of the company went through a re-organisation to focus on good governance while investing in people, infrastructure and products.

He said the company was working on a major project in partnership with big consortiums to build a block-chain switching platform that would assist in further driving financial inclusion.

Toluwalope said, “We have a plan to empower unbanked and underbanked people in the country using mobile services and agency banking. We started our mobile money service in 2011 and we have grown to over two million subscribers with over 15,000 agents nationwide.

“Agency banking is not really profitable, especially when people do not trust such agents. We need agents to recruit more people and get more people to trust them. So, we have worked so hard in growing the agency network and improving the services.

“We invested a lot in customer service so that these agents can get assistance at any time of the day. We also have security agents to support them. the agency network has grown to the extent that we have people who also drive Internally-Generated Revenue collection for local and state governments.”