Tag: eTranzact International Plc

eTranzact International Plc, in partnership with Enterprise Development Centre at Pan-Atlantic University, has launched a report on “AI Readiness of Nigerian SMEs.”

Managing Director and Chief Executive Officer, Mr. Niyi Toluwalope, said eTranzact views AI not as a distant prospect but as an immediate opportunity for businesses.

“This research bridges the knowledge gap by helping SMEs understand their AI adoption status and what they need to compete locally and globally,” he said. The study also reinforces eTranzact’s role as an enabler of digital growth and innovation… he noted.

Further, he said the report offers SMEs an assessment of their AI readiness, guiding informed investment and capacity-building decisions.

For Nigeria, he said, the findings serve as a strategic blueprint to enhance competitiveness, job creation, and innovation-driven growth.

Toluwalope noted that policymakers, financiers, and educators will be better equipped with data to design support programmes for SMEs’ needs.

The study, conducted over several months in key regions, including Enugu, Kano, Lagos, Abuja, and Port Harcourt, highlights the state of AI adoption readiness among Nigeria’s over 39 million SMEs and MSMEs.

While there is evident enthusiasm for AI among SME entrepreneurs, the study also identifies critical gaps in awareness, access, and tailored solutions necessary to harness AI’s full potential.

The managing director emphasized that the report offers more than just data, it provides a strategic roadmap to foster an inclusive and intelligent digital economy in Nigeria.

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He said, “Through direct engagement with entrepreneurs across diverse geo zones, we have gained invaluable insights into their hopes and challenges.

“At eTranzact, innovation is core to our values, and we are committed to collaborating with policymakers, innovators, and SME leaders to develop practical AI solutions that address real business needs.”

The organizations also noted that both electronic copies and hard copies are available.

Director of Programs & Partnerships at the Enterprise Development Centre (EDC), Pan-Atlantic University, Dr. Olawale Anifowose,stated, “The study adopted a mixed-method research approach, involving the use of both quantitative and

qualitative data collection and analysis methods. The quantitative approach was implemented through a sample survey of SMEs with 5,290 responses across the 36 states of the federation, including the Federal Capital Territory.

“The qualitative aspect was implemented through focus group discussions/

summits with 212 participants across five states in the country, aimed to collect rich, in-depth information about issues in the study.”

eTranzact International Plc has reported a strong performance for 2024, with profit after tax of 54.12 per cent (N3.39 billion).

The company said this at its 21st AGM yesterday in Lagos.

Its Chairman, Wole Abegunde, said the company’s performance is a turnaround and reflected sustained efforts across management and operations.

In recognition of this and the restored retained earnings position, the board proposed a dividend of 12.50 kobo per share, reaffirming its commitment to delivering shareholder value and consistent returns.

Abegunde said eTranzact recorded a PBT of 4.9 billion and a PAT of N3.4 billion, surpassing previous years’ results.

He attributed this to a robust revenue drive and stringent cost-efficiency measures.

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“The efforts of board, management, and staff have been commendable in delivering this performance. We are optimistic the company will build on this momentum to achieve higher profitability and operational efficiency,” he said.

He also noted the firm’s commitment to customer satisfaction, saying eTranzact will refine its offerings to meet evolving needs while maintaining competitive pricing and reducing cost of service.

Managing Director/Chief Executive Officer, Mr. Olaniyi Toluwalope, said gross profit rose by 36.52 per cent, from N8.32 billion in 2023 to N11.36 billion in 2024. Operating profit increased by 48.83 per cent to N4.66 billion. PBT grew by 53.20 per cent, while earnings per share rose by 54.17 per cent, from 24 to 37 kobo.

He noted that the sharp increase in profit was driven primarily by increased transaction volumes and values, supported by consistent service delivery, stable pricing, and strong demand for digital payment solutions. According to him, the company also improved its transaction success rate and reduced average processing time, a trend that has continued steadily over the last four years.

Toluwalope outlined several strategic initiatives implemented during 2024 to enhance market positioning. These include the migration to the Smart Vista Switching Infrastructure, which brought more bank partners onto the platform. He also highlighted the launch of a new PocketMoni Wallet Platform and mobile app, and the deployment of a Cashpoint Agent Management Platform, which accelerated the rollout of POS terminals nationwide and strengthened the company’s competitive edge.

Toluwalope reaffirmed eTranzact’s commitment to innovation, financial inclusion, and delivering sustainable value to its shareholders and customers.

eTranzact International Plc has organised its second Food Connect Initiative, providing food packs to over 500 underprivileged women in Lagos State.

The event, at Muri Okunola Park, Victoria Island, Lagos, is to combat challenges exacerbated by global events, emphasising community solidarity and support.

Speaking at the event, Commissioner for Women Affairs and Poverty Alleviation, Bolaji Dada, represented by her director of Women Affairs, praised eTranzact’s commitment to empowering women.

She said: “This initiative represents a beacon of compassion and solidarity to uplift those who need it most- underprivileged women. It is a fact economic challenges have become more pronounced in the wake of global events.

“Many families struggle to put food on the table, and it is our dutyto come together and support the most vulnerable. This initiative, which provides food packs to 500 underprivileged women embodies the spirit of togetherness.”

Dada said the initiative showcases the power of collaboration among government, private organisations, and individuals.

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She added “I commend eTranzact for its dedication and commitment, and for providing this platform to champion the needs of our women.

eTranzact Managing Director, Niyi Toluwalope, said the company was making impact by providing relief to 500 underprivileged women.

Toluwalope noted this aligns with the firm’s commitment to empowerment through education, financial literacy, and entrepreneurship.

“Today, we’re providing food to over 500 underprivileged women, demonstrating our commitment to empowering those who in need it most.

“eTranzact Food Connect is an extension of our empowerment pillar, recognising the role women play in family and community development…’’

“We’ve impacted many through this initiative. Today, we’re doubling that impact!”

Speaking om the sidelines of the event, Lagos State Signage and Advertising Agency’s (LASAA’s) Managing Director, Fatiu Akiolu, said LASAA has done something similar, noting the agency distributed school bags to pupils in seven councils to support education and foster community ties.

 “In LASAA, we reach out to people. If every businesses give back, it will make things easy. The government alone cannot do everything. So, having companies like this to support will be helpful,” he said.