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Tag: eTranzact

  • eTranzact deploys digital system for military pensions

    eTranzact deploys digital system for military pensions

    eTranzact, has announced its role as the technology solution provider for the Military Pensions Board’s new digital verification system for military pensioners, officially launched on July 1, 2024.

    In a press statement, the company said that the initiative marks a significant milestone in leveraging technology to streamline pension verification processes and enhance the welfare of military retirees across Nigeria.

    It also stated that with Federal Government approval, the Military Pensions Board is transitioning from traditional physical verification methods to an advanced electronic system developed and deployed by eTranzact.

    “This transition aims to minimize travel risks, reduce transportation costs, and accommodate the advanced age of many pensioners. Air Vice Marshal Paul Irumheson, Chairman of the Military Pensions Board, emphasized the necessity of this transition, stating that the move to electronic verification is crucial for the safety and convenience of military pensioners. This innovative solution will ensure that retirees can verify their status from anywhere in the world, significantly reducing the burden of travel and associated risks.

     “The successful pilot exercise conducted between February 15 and March 1, 2024, demonstrated the efficiency and reliability of the new system. In addition to developing the verification system, eTranzact has managed salary payments for other government agencies. The implementation of this electronic verification system is a critical step towards ensuring foolproof and seamless payment processes within the Military Pensions Board.

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     “Minister of State for Defence, Dr. Bello Matawalle, and the Chief of Defence Staff, General Christopher Musa, have endorsed the electronic verification exercise, recognizing its potential to revolutionise the military pensions system. The key benefits of the digital verification system include enhanced security by reducing the risk of identity fraud and impersonation, convenience by allowing pensioners to complete verification from their homes, cost efficiency by eliminating the need for travel, and accessibility by accommodating pensioners residing both within and outside Nigeria,’’ the statement read.

    CEO of eTranzact, Niyi Toluwalope, expressed his enthusiasm for the partnership, saying, “We are honoured to collaborate with the Military Pensions Board on this transformative project. At eTranzact, we are committed to harnessing the power of technology to solve critical challenges and improve the quality of life of Nigerians. This digital verification system affirms our dedication to innovation and excellence.

  • eTranzact Classic  to decide Nigeria’s best golfer

    eTranzact Classic  to decide Nigeria’s best golfer

    The second eTranzact Classic billed to tee off  today at IBB International Golf and Country Club holds more than a share of the N20 million purse  as the event may crown a new number one for the Nigeria Professional Golfing Class.

    Francis Epe, the current leader of Nigeria’s professional golf ranking, is also the defending champion of the prestigious eTranzact title. He is, however, condemned to a top finish to retain his spot on the ranking log.

    According to Niyi Toluwalope, Managing Director of eTranzact : “These young Nigerians are full of potential. We are proud to have created this platform for them to showcase their potential. This is our vision that likes the Super Fintech that we are, to always promote healthy and innovative competition that will drive the country forward.”

    Top among contenders for Nigeria’s leader of the order of merit spot from the event include Olapade Sunday, currently ranked behind Epe, and coming from a fourth-place finish at the Cameroun Open last weekend. Others include youngster Okoko Godwin, former Nigeria number one, Kamalu Bako, Kabiru Haruna Mohammed, Marcus Elisha, and George Inalegwu.

    There are also top entries from West African countries, especially Ghana PGA players including Bary Yaw, Augustine Manasseh, and Kofi Owusu.

    The 54-hole challenge runs on the platform of the Professional Golf Development (PGD) Tour, which is in its second season.

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    Femi Olagbenro, PDG Tour Commissioner said the eTranzact event fulfils the objective of the Tour in helping source professional golf events and keeping the abundant golf talent in the country engaged.

     “This year we have staged three events on the PGD Tour, and the eTranzact is the latest. We are glad at the impact the event is making. Today the Nigeria circuit has become very dynamic because of the flair that PGD Tour has brought to the fore.”

    About 185  professionals, category one and club amateur players have entered the event and billed for the 54-hole contest starting  today (May 15) through  Friday (May 17).

    The event will have a mid-way cut after 36 holes, where the top 30 in the professional category will proceed to the classification round along with club amateurs on Friday, May 17, 2024.

  • eTranzact gets shareholders’ nod to raise fresh fund

    eTranzact International Plc has secured the express approval of shareholders of the company to raise its authorised share capital from N2.1 billion to N9.1 billion.

    The capital raise proposal of N7 billion was tabled by the Wole Abegunde, Chairman of eTranzact, at an Extraordinary General Meeting of the Company held in Lagos.

    He stated that the decision to raise additional capital became imperative considering the need of the company to expand its operations, deepen its market share and to remain competitive in the financial technology industry.

    According to Abegunde, the capital to be raised will be used to upgrade and enhance the company’s technology infrastructure and network security systems and also to improve on its service delivery. He further stated that the company will also invest in its Agent Network Expansion Programme, Human Resources and Employee Development.

    Also, speaking with reporters at the EGM, the Managing Director/CEO of eTranzact, Niyi Toluwalope, believes that the injection of additional equity will enable the company’s management to strategically maintain the company leading position as a key market leader within the electronic payment industry.

    The eTranzact boss affirmed that eTranzact would acquire state-of-the-art infrastructure, ensure that the company retains the best skill set available, achieve a fast response rate, reduce downtime, and expands its service offerings and market reach.

    Founded in September 2003, eTranzact is Nigeria’s first award winning, multi-application and multi-channel electronic transaction switching and payment processing platform.  It has evolved into a brand with global reach with operations in Nigeria, Ghana, and South Africa, with expansion inclination to more countries in the world.

    Since Inception, eTranzact has deployed mobile payment solutions to banks, non-bank financial institutions and was recently granted licence by the CBN to provide Mobile Money services to individuals with a special focus on the unbanked.

  • eTranzact assures investors of bright future

    Managing Director, eTranzact International Plc, Mr Niyi Toluwalope, has assured investors that the company is on a good stead for better returns.

    Toluwalope, who was recently appointed as chief executive of the company, spoke during a courtesy visit to the Nigerian Stock Exchange (NSE).

    He said the electronic transaction switching and payment processing company would continue to deliver good returns.

    “We are very experienced in processing electronic payment. He assured the brokers present that the future of eTranzact is bright as investment in it will surely continue to yield rewarding returns. We are sure that all our aspirations will come to realization,” Toluwalope said.

    Other senior members of management of the eTranzact International that followed Toluwalope to the NSE included Mrs. Olayimika Philips, Non-Executive Director; Mr. Olufemi Aminu, Chief Risk Officer; Mrs. Adebunmi Wellington-Ogunlewe, Group Head, Product Development; Mr. Emmanuel Ogunji, Chief Financial Officer; Mr. Adeyemi Adeyemo, Group Head, Financial Services; Ms. Eme Godwin, Group Head, Legal; Mrs. Omowumi Adedurotimi, Company Secretary; and Mr. Adeyemi Opene, Head, Brand and Corporate Communications.

  • eTranzact to deepen financial inclusion

    ETranzact is set to deepen financial inclusion by expanding its PocketMoni service with 10,000 active mobile money agents within the next 24 months. The expansion comes under the Shared Agent Network Expansion Facility (SANEF) initiative being funded by the Central Bank of Nigeria (CBN).

    The SANEF initiative is an effort by the apex bank to spur quick growth in the level of financial inclusion through availability of financial access points, especially in the Northern part of the country.

    This is also intended to drive the Federal Government’s Social Investment Programme (SIP), which relies on improved banking agent network coverage points.

    To ensure effective results, eTranzact was certified as one of the 10 mobile money operators and super agents to roll-out 500,000 agent locations within the next 24 months.

    eTranzact has recorded success in its PocketMoni mobile money service which has empowered over 9,000 agents and two million end-users with ready access to financial services, is well position to deliver on its new SANEF mandate.

    Managing Director, eTranzact, Mr. Niyi Toluwalope, said the company as a global leader in the electronic and mobile payment industry is well-positioned to deliver and attain the goals set by the CBN for the project.

    According to him, over the next 23 months, eTranzact plans to leverage its mobile financial services business to deliver an additional 1,000,000 active end-users, by deploying its innovative distribution capabilities anchored on its active agents.

     

  • Fraud: eTranzact changes management

    The Managing Director, two executive directors, chief technology officer and head of operations at eTranzact International Plc have resigned following alleged use of the company’s interface with a bank by a merchant to perpetrate fraud.

    eTranzact stated that its Managing Director, Mr. Valentine Obi; Executive Directors, Mr. Sullivan Akala and Mr. Ike Eze; Chief Technology Officer,  Mr. Richard Omoniyi and Head of Operations, Mr. Kehinde Segun have stepped down voluntarily. The company clarified that the top management staff resigned honourably because the alleged fraud took place under their watch and not because of any indictment.

    The board of directors of the company has appointed Mr. Niyi Toluwalope as the acting Managing Director. Until this appointment, Toluwalope was the Chief Financial Officer of the company, a position he has held since 2011.

    The company stated that the management change was part of the decision to move forward, noting that it is working closely with the regulators, and all other relevant stakeholders to resolve any issue related to the change in management structure.

    In a regulatory filing at the Nigerian Stock Exchange (NSE), eTranzact stated that the changes in management were at the instance of the board of directors of the company and not any other party or investigations, denying any ongoing review of the accounts of the company.

    The payment solution company stated that there was no fraud at its facility but a merchant allegedly used the company’s interface with a bank to perpetrate fraud.

    According to the company, eTranzact executives resigned honourably because they have the responsibility for governance in the company. Also, there is no truth about PricewaterhouseCoopers (PwC) or Ernst & Young reviewing the accounts of the company. eTranzact retains PwC from time to time for various technology related assignments and none has to do with reviewing the company’s accounts.

    The company assured that its ISO certifications are testament to its focus in adopting and implementing global best practices to ensure effectiveness, efficiency, confidentiality and integrity in its day-to-day operations.

  • eTranzact tackles piracy with Minstrels

    A technology firm, eTranzact, in collaboration with LifeTree Resources Inc and indigenous gospel ministers has unveiled an app it said will disrupt the status quo and save revenue loss of over $5.1billion over the last three years via piracy and other unauthorised production, distribution and sale.

    From Africa to Europe, indigenous gospel music and minsters have filled the churches, homes and schools via various unaccounted sources; illegal CDs, USB devices, monetised digital uploads by pirates with almost zero revenue coming back to the artistes who have invested time and effort in creating the content.

    The Minstrels platform will eliminate the use of unconventional means of music distribution tackling piracy, providing a multi-platform solution for consuming content, promoting gospel music and giving more control to how the gospel minstrels distribute their work.  The platform has a website and mobile app available for Android and iOS users.

    The Chief Executive Officer, eTranzact, Valentine Obi, who spoke at the unveiling of the app, said the goal of the platform the platform was designed to lead the proliferation of gospel music in Nigeria, Africa and the world.

    He explained that the solution will eliminate the use of unconventional means of music distribution, tackling piracy and providing a multi-platform solution for consuming content, promoting gospel music and giving more control to how the gospel minstrels distribute their work.

    “The Minstrels platform allows users to purchase, download and listen to spirit-lifting music on the go, enjoy exclusive releases from the Minstrels on the app, stream live music performances and get direct access to the Minstrels with special theme events and meet up, share, give songs and albums to friends and family, create playlists for different occasions and chat with their favourite artistes,” he said.

     

  • eTranzact unveils new brand identity

    eTranzact unveils new brand identity

    eTranzact International PLC, an e-payments solution provider, has announced a corporate rebrand and strategic repositioning across its markets.

    The strategic rebranding of its identity, vision, mission, products and people, reaffirms the company’s leadership position in transaction switching, mobile banking, mobile money, bulk payments, remittances, bills & utilities payments, collections and other payment technology areas.

    Established in 2003, eTranzact has been at the forefront of innovation in payment technology, creating solutions that have driven growth and development across different areas in government, private, SME and international markets.

    Valentine Obi, Founder and CEO, eTranzact International PLC, speaking at a media briefing in Lagos said; “The new eTranzact identity shows how much our brand has evolved since we launched in 2003 and expanded to other countries. The “e” represents electronic, empowerment, ease and efficiency, showing where our company is today, our vision for the future and our commitment to simplify payments across Africa.

    ‘’We have always been at the forefront of innovation, providing complex and powerful technology with simple interfaces to enable efficient, convenient and cost-effective means of payment on all channels.

    ‘’With new and refreshed product offerings for business to business and business to consumer segments of the market, we are committed to our vision of being the leading payment technology provider for individuals and organizations”.

    Renowned for its transparency, excellence, agility and motivation, eTranzact has grown its turnover from 7.1 billion in 2014 to 8.6 billion in 2015, and profit before tax from 0.6 billion in 2014 to 1.1 billion in 2015. Signifying a 22% growth in turnover and 76% growth in profit before tax respectively.

     

  • eTranzact to drive mobile banking in Africa

    eTranzact to drive mobile banking in Africa

    eTranzact  International has held a mobile banking Masterclass in London, England. It was titled: “The future of mobile banking masterclass”.

    The event was attended by some heads of e-banking and mobile banking from Nigeria’s top banks.

    Members of eTranzact’s top management, including its CEO, Mr Valentine Obi; ED, Business development, Mr Sullivan Akala; ED, Strategy and Corporate Development, Mr Ike Eze; Group Head, Business development, Mr Adeyemi Adeyemo and other top management staff attended the five-day event.

    The major goal of the Masterclass was to provide a platform to discuss new innovations in mobile banking targeted at making mobile banking more about the customer and launching new innovations to make the customer onboarding process easier.

    Topics discussed ranged from how to improve the mobile banking experience for customers and innovations in providing support for customers, to unveiling eTranzact’s improvements in the onboarding process and mobile architecture of the mobile banking appliacation.

    With over 15 million smartphones  in circulation in Nigeria and with efforts by the OEMs to increase this number by making smartphones even more affordable, mobile banking adoption in Nigeria has also increased, leading to the need to scale up technology resources as well as think up new ways to make the process easy for customers, and eTranzact has been heavily focused on building the infrastructural backbone of what is required to take mobile banking to new heights.

    Participants at the Mobile Banking Masterclass spoke about some trends they had identified among their customers as well as possible ways they could improve the process.

    Speaking on what the banks and their customers should begin to see immediately after the Masterclass, Obi,  said: “To us, every product we build is ultimately about the customer whether at the corporate or individual level, and we want to ensure that we are meeting their needs both locally and globally, pushing ourselves every day. We understand the part we play in the growth of mobile banking and payments as a whole and through constructive feedback from our partners and innovation; we want to continue to play this role now and in the future.

    ‘’At eTranzact, we believe in using the power of technology to build bridges across continents and we will continue to invest in research and build up our capacity to achieve these goals.”

    Mr Adeyemi Adeyemo, Group Head, Business Development, who spoke on the achievements by his company, said:  “We are excited about the steps we have taken to improve the overall experience of our partner banks and for their customers. We have a key role to play in driving innovation and we are ready to embrace it.

    ‘’We come with major improvements in the mobile banking applications for all our partner banks and hope we can begin to roll out the changes as soon as possible. The changes not only cover the user interfaces of the different banks, but also try to merge the user’s lifestyle and improve the signup process for the application.  We are also working with all our partner banks to help them enjoy the full capability of the USSD platform for mobile banking.

    ‘’As mobile banking becomes more segmented, the next step is to achieve greater personalisation, and we want to make the user’s habits and needs focal points of the newly redesigned apps.

    ‘’With our new onboarding process, we want to eliminate visits to bank branches so consumers can begin using mobile banking applications, while still maintaining the security of the platform.

    ‘’Taking a look at the opportunities in mobile, the gap between mobile banking and traditional banking has closed significantly, with Gartner Inc, the world’s leading information technology research and advisory company, predicting that the global mobile transaction market will be worth $721 billion and more than 450 million users by 2017.’’

    eTranzact’s effort in mobile began in 2003 long before mobile banking was introduced in the country. The team believed that mobile would be at the forefront of payment innovation, and had a dedicated team working on research and development. This led to pioneering research that kick-started the mobile banking sector in Nigeria.

    A giant in the sector, eTranzact has deals with over 50 commercial banks and 350 micro finance institutions across Africa. It builds and facilitates mobile banking transactions through its mobile switching platformand has more than 12 years’ experience processing financial transactions in Africa,

  • Firm unveils new payment system

    Firm unveils new payment system

    Financial transactions in the country has been further made easier as eTranzact, a multi-application and multi-channel electronic transaction switching and payment processing firm, has unveiled the New PocketMoni system.

    PocketMoni is a mobile payment solution designed to allow users to conduct financial transactions anytime, anywhere, from their mobile phone.

    In addition, the newpocketmoni gives you the opportunity to use the cash at the ATM function in the app to send cash to anyone at any First City Monument Bank (FCMB).

    Speaking with The Nation during the presentation of the product in Lagos, the Executive Director, Strategy and Head of Pocket Moni, Ike Eze said with the payment system an end user could send money to billers, friends and family, or payment merchants for goods and services.

    He said as a mobile money wallet, pocketmoni gives users an alternative to the traditional method of payment with a bank account adding that the user could be his/her own bank and control payments with a zero COT pocketmoni account.

    According to Eze, with the pay list you could create and schedule payment profiles, flexible transaction schedules such as weekly, bi-weekly, monthly, quarterly as well as annually, payment reminders before each transaction is made, different payments recipients such as data services, cable subscription including DStv, GoTv, Startimes etc.

    Head, Product Service, Bunmi Ogulewe, said the company would continue to sustain its customers   by ensuring that that it comes out with new other products that would give them meaningful living.”