Africa’s premier e-payments solution provider delivering electronic transaction switching and payment processing solutions, eTranzact, has posted an impressive financial performance in the first half of 2023.
eTranzact first half 2023 report, saw its profit rise to N1.01 billion, a 149% increase, compared to the same quarter in the previous year, which saw the company earn N408 million in unaudited profit.
The payment services provider surpassed its projections, with its half-year profit, above the predicted N582 million for the third quarter of 2023. Similarly, it earned N17.37 billion as its revenue for H1 2023. This figure is higher than the net revenue of N9.13 billion it forecasted for September 30, 2023.
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In the first half of 2023, the company achieved a profit before tax of N1.4 billion, a notable ascent from the corresponding period in 2022, during which the company recorded a Profit before tax of N601 million.
Also, it achieved an impressive operating profit of N1.3 billion in the first half of 2023, reflecting a substantial growth from its operating profit of N476 million in the same period of 2022. This represents a remarkable percentage increase of approximately 185.25%.
One notable factor for the impressive performance of eTranzact in H1 2023, is attributed to its novel approach to payment processing.
The company offers a service known as “SwitchIT” that provides switching services for electronic transactions, enabling seamless and secure transfer of transaction data between different participants in the payment ecosystem.
Through its SwitchIT, eTranzact conducted transactions worth more than N50 trillion in the 2022 financial year, up from N39 trillion processed in 2021. The focus and expansion of the company’s core switching services have been pivotal in the improvement of its performance, and the service’s ability to minimize service downtime bolstered customer satisfaction.
Key Features of eTranzact SwitchIT include:
1. Interoperability: SwitchiT provides a standardized platform for different payment networks to communicate and process transactions regardless of the specific technology or protocols they use.
2. Authorization: The service facilitates real-time transaction authorization, ensuring that transactions are valid, funds are available, and security checks are performed before a transaction is approved.
3. Settlement: eTranzact SwitchIT plays an active role in settling transactions between the involved parties, ensuring that funds are transferred appropriately and reconciled between various accounts.
4. Security: Given the sensitive nature of financial transactions, security features are a critical component of eTranzact’s SwitchiT, including encryption, fraud prevention measures, and compliance with industry standards.
5. Reporting and Analytics: The switching service offers reporting and analytics tools to monitor transaction trends, track performance, and identify any anomalies or issues.
eTranzact remains poised and committed to being a regional leader in the medium term and the long term, a global leader in the electronic and mobile payment industry.
To this end, the company has ensured to continue to deliver secure, cost-effective, and innovative electronic and mobile payment services that are compliant with globally recognized standards.
Notably, it has consistently invested in technology and innovation to improve its services and stay ahead in the rapidly evolving fintech landscape. This commitment to innovation has enabled eTranzact to offer secure and reliable electronic payment solutions to its customers.