E-Tranzact Records N30trn Data Revenue in 2018

etranzact
  • E-Tranzact Records N30trn Data Revenue in 2018

Following MTN Nigeria first-quarter financial statement results that showed Nigerians on the network spent N360 billion on airtime in the first half of 2019, E-Tranzact Plc has also announced it recorded 400 million data transactions valued at N30 trillion in 2018.

Another evidence of growing online purchase and telecommunication sector in Nigeria.

While MTN Nigeria added 2.1 million data subscribers in the first half of the year to take its total to 20.7 million, E-tranzact grew its mobile money subscribers to over 2 million and agents to over 15,000.

Nigeria’s technology sector, especially fintech, is growing at a rapid pace despite headwinds and lack of policy to stimulate growth in the sector.

However, Mr Niyi Toluwalope, the Managing Director/Chief Executive, said despite recording such growth in revenue, the high operating cost weighed on the company’s profitability.

He said the organisation is pushing for double-digit revenue growth in 2019 and presently working with telecommunications companies and financial institutions to expand services and deepen growth.

On blockchain development, Toluwalope said E-Tranzact is working on integrating blockchain technology in its data management to better predict trends and assist in decision making.

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.

About the Author

Samed Olukoya
CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade long experience in the global financial market. Contact Samed on Twitter: @sameolukoya; Email: [email protected]

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