Most Nigerian fintechs are moving into the second phase of the playbook: the age of profitability. eTranzact which is one of the few publicly traded ones is providing us a window into that redesign: “… eTranzact, in its financial report for 2022, completed transactions worth N50 trillion in value, up from N39 trilion processed in 2021..the payments service provider recorded N1.17 billion in profit, a 157.81% increase from the previous year. “ That is a great growth rate on profit and most banks will be watching.
In Nigeria, about $400 billion moves from consumers to enterprises, for payment, yearly, and less than 15% of this is digitized yet, I estimate. The implication is that digitization is still largely at infancy, and it will be decades-long. Yes, until buyers of yam and garri in Oriendu Market in Ovim begin to pay digitally, you can be sure that nothing has happened at scale.
Good People, in every market system, there is time to invest and time to reap. Fintechs are scaling and are now well positioned to capture value. Indeed, most have leverageable factors which can compound really fast. That is why we like to invest in them in Tekedia Capital; they have great marginal cost positioning which makes scaling superb for alpha! Support Touch and Pay, OurPass, Changera, Bitmama, Tyms, Byte, and so many we have invested in this sector.
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eTranzact is Nigeria’s premier payment processing platform and Africa’s leading provider of banking and payment services.
The payment service provider has today evolved into a brand with global reach, extending its innovative services to include products that cut across virtually all aspects of the e-payment space which include; ATM, Internet, POS, and Mobile. eTranzact is the simpler, safer, and easier way to complete transactions online and offline.
The platform empowers its customers with smarter, simpler payments for their diverse lifestyles and businesses. Its secure flexible solutions are thoughtfully designed by the best in the industry for guaranteed hassle-free payment acceptance and processing.
In 2022, eTranzact won an award as the Most Financially Inclusive Agent Solution of the Year by the Central Bank of Nigeria (CBN).
Most Nigerian fintechs are moving into the second phase of the playbook: the age of profitability. eTranzact which is one of the few publicly traded ones is providing us a window into that redesign: “… eTranzact, in its financial report for 2022, completed transactions worth… pic.twitter.com/BOoxLyW7YZ
— Ndubuisi Ekekwe (@ndekekwe) July 25, 2023
My Response: It is grammar. You need to read contextually. In Oriendu Market, the economic condition is not the issue in my post since people do buy yam and garri. If you read my post well, you will understand that my concern was when will people begin to pay digitally. So, your “Our economy can’t generate that level of economic activities” is irrelevant since the people have the means , it is only the mode that is my focus. So, your “conscience” kick is muted because it is not an economic issue, but a preference issue. Money is money whether digital or cash
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