eTransact projects 70% cut in banks’ costs through mobile payment system

*Claims $30b transactions on platform in 2015

To eTranzact International Plc, proper implementation of mobile payments systems in the financial sector can help banks reduce cost incurred on customers by 70 per cent.

The Chief Executive Officer of eTransact, Valentine Obi, made this known at the rebranding ceremony of the pioneer electronic payment platform in Lagos, on Tuesday, where he also disclosed that in 2015, eTranzact processed over $30 billion from 110 million transactions on the platform.

Though, he frowned at the number of unbanked population in the country, which according to him are still less than 20 per cent, Obi stressed that players must embrace technology and innovation to bridge the gaps of unbanked population in the country.

According to him, the growth of mobile phones, especially the smart ones, has to a larger extent created a springboard for payment systems development across the globe, stressing that Nigeria should not be left behind.

He disclosed that eTranzact remains Africa’s leading provider of mobile banking and payments, stressing that over 80 per cent of banks in Nigeria use the platform to carry out transactions.

“Mobile has become and integral part of human beings. A tool we cannot do without. eTransact processed about 110 million transactions worth over $30 billion in 2015. The platform has remained Africa’s leading provider of mobile banking and payments, with over 80 per cent of Nigerian banks employing the platform to carry out different transactions.

“We have come to discover that mobile payment has the capacity to reduce the cost of serving customers by as much as 50 per cent to 70 per cent. If properly implemented. At eTranzact, we placed priority on our security features and this has helped us greatly”, Obi stressed.

Obi, who said that eTranzact place mobile at the core of commerce and life style, noted that the rebranding of the payment platform was borne out of the need to serve customers better. “We have come to realise that we are doing well, but the need to sustain and improve on this growth has become very important, reason behind this change. The target is to improve electronic payments, empower the people and enrich Nigerians.”

The eTranzact boss the last one decade has not been that rosy, “while we have experienced tremendous growth, we have had our own share of the challenges, just like any other startups. People are scared on embracing new technologies that was one challenge, which we as a country is overcoming.

“There is also the challenge with infrastructure, especially power. This is one critical area that requires urgent attention, if the economy must grow.”