eTranzact International Plc reports that it processed transactions worth N30 trillion from 400 million transactions in 2018. This is in spite of the bearish market and constant spate of regulatory sanctions.

The Group Managing Director, eTranzact International Plc, Niyi Toluwalope disclosed that payment recorded on the platform was valued at N30 trillion in over 400 million transactions at the end of 2018.

Toluwalope stated that the company had set plans in motion to continue to deliver premium service to the growing number of users that transverse the platform.

He revealed that the company had completed plans to raise more than N7 billion from both the Nigeria Stock Exchange (NSE) and the Nigeria Communications Commission (NCC) and was only waiting for a go-ahead from both bodies.

The back story: In 2018, the shareholders of eTranzact International Plc tasked their Board to raise capital to the tune of N7 billion through the issuance of any form of equity instrument, whether by way of public offering, private placement, rights issue, offer for subscription or other methods they deemed fit, with or without preferential allotments, either locally or internationally, at such dates and on such terms and conditions as shall be determined by the directors.

They also asked the Directors to consider alternatives to convertible or non-convertible loans in the process of approving the issuance of undersubscribed shares to interested investors as well as absorb excess subscriptions.

The shareholders went ahead to raise the company’s authorised share capital from N2.1 billion or 4.2 billion ordinary shares of 50 kobo each to N9.1 billion or 18.2 billion ordinary shares of 50 kobo each.

The eTranzact boss stressed that the company had pioneered a lot of innovation in the e-payment system which changed the face of banking and financial services. He also attributed the Unstructured Supplementary Service Data (USSD) code as one of the company’s major creations.