eTranzact records 20% growth in 2016

• Ohiwerei steps down as board chairman
Electronic payment solution provider, eTranzact International Plc recorded a 20 per cent growth in 2016, the firm disclosed this in Lagos, at the weekend, at its 13th yearly general meeting (AGM).

eTranzact claimed to have consolidated its dominance in key sectors of the industry in 2016, improving strategic partnerships and launching new products.

Its gross revenue for the year 2016 was N10.4 billion representing a 20 per cent growth compared to 2015, while its operating profit was N620 million and profit before tax (PBT) stood at N449.4 million.

The AGM had increased shareholder attendance and participation with general excitement about the company’s continuous profitability position, and consistent dividend sharing in spite of the macroeconomic realities of the country in 2016.

The board of directors approved the payment of a 10 kobo dividend to shareholders for the period.

The key drivers of eTranzact’s growth in 2016, according to the firm were strengthened collaboration with partner banks, with major innovations across its mobile banking suite, new product releases and strategic alliances.

The ePayment firm said it has taken steps to increase profitability of new relationships, enhance and deepen existing ones, and explore new partnerships locally and internationally.

Speaking on the company’s performance for the period, Chairman of the Board, Felix Ohiwerei, said: “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 on-going associations with existing partners. Our alliances contributed significantly to some of the improved financial performance we achieved in 2016.

“I would like to take this opportunity to inform you all that this will be my last AGM as the Chairman of the Board of Directors, and as a member of the Board. From the beginning, the Board in collaboration with the management team have worked hard to build a world class organisation with global operating standards. We have made a lot of progress over the years and we keep getting better

“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 recognised standards.”

Also speaking, the Founder and Chief Executive Officer, eTranzact International Plc, Valentine Obi, said: “I would like to take this opportunity to thank the Chairman of the eTranzact board, Mr Felix Ohiwerei, for his outstanding service and commitment to the vision, mission and values of our company.”

According to him, “Ohiwerei has over the years shown us the true meaning of value based leadership demonstrating a continuous commitment to excellence, strategic planning and hard work.”

Obi said Ohiwerei leaves a strong legacy that “we will work hard to keep up with and we will continue to execute our long term strategy and deliver on the mission and vision of the company.”

He disclosed that 2016 was a year that required special focus, as the firm launched new products and extended its philosophy of making payments simple to other more complex industries as part of its innovation drive.

“The rewards of our efforts have stayed consistent with an annual revenue growth rate of 70 per cent that we hope to continue. We promise to continue to make payments simple, and innovating and creating solutions that transform the lives of people in Africa.”