eTranzact, Nigeria’s leading payment and switching company, has released its financial report for the year ended December 31, 2024, showcasing a pre-tax profit of N4.8 billion, marking a 54.2% increase from N3.1 billion in 2023, despite an overall decline in revenue.
The company’s revenue for the full year dropped from N33.9 billion in 2023 to N29.8 billion in 2024, primarily due to a decline in mobile airtime sales. Cost of sales also saw a significant reduction, falling from N25.5 billion to N18.5 billion which helped boost gross profit. However, retained earnings improved to N2.8 billion a recovery from a negative N496.6 million in 2023.
eTranzact disclosed a final dividend of 12.5 kobo per 50 kobo share, subject to applicable withholding tax and regulations. This means that shareholders who registered as of July 7, 2025, will be eligible for the payout.
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Below is an overview of eTranzact’s financial highlight for the year 2024
Revenue: N29.8 billion (-11.82% YoY)
Cost of Sales: N18.5 billion (-27.55% YoY)
Gross Profit: N11.3 billion (+36.52% YoY)
Selling & Marketing Costs: N424 million (+58.06% YoY)
Administrative Expenses: N6.3 billion (+29.06% YoY)
Operating Profit: N4.6 billion (+48.83% YoY)
Interest Income: N242.9 million (+158.26% YoY)
Other Income: N10.9 million (+31.40% YoY)
Pre-Tax Profit: N4.8 billion (+53.20% YoY)
Earnings Per Share: N0.37 (+54.17% YoY)
Total Assets: N24 billion (-14.91% YoY)
Retained Earnings: N2.8 billion (-683.24% YoY)
Despite the revenue drop, gross profit climbed to N11.3 billion (+36.52%), benefiting from reduced costs. However, selling and marketing expenses surged 58.06% to N424 million, driven by branding and promotional activities. Administrative expenses also rose by 29.06%, reaching N6.3 billion, due to higher employee and operating costs.
Total assets declined to N24 billion from N28.2 billion, largely due to a reduction in current assets from N26 billion to N20.8 billion, mainly impacted by lower cash and short-term deposits. On the other hand, non-current assets grew from N2.1 billion to N3.1 billion, driven by investments in property, plant, and equipment, which accounted for N2.5 billion.
eTranzact demonstrated strong profitability in 2024 despite revenue challenges, primarily benefiting from cost reductions and higher interest income. The significant turnaround in retained earnings and equity growth underscores the company’s financial recovery, positioning it well for future growth.
eTranzact 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; ATM, Internet, POS, and Mobile. In 2024, the payment processing platform emerged as Africa’s Most Innovative Payment Services Company of the Year 2024 at the African Brands Innovators Forum.
Notably, in the same year, it announced plans to expand in the fintech sector, as its transaction volume rose by 40 percent increase to N79tn in 2023. The Chief Executive Officer of eTranzact, Niyi Toluwalope, at a recent “Facts Behind Figures” webinar in the Nigerian Stock Exchange, disclosed that the substantial rise in transaction volume underscored its role in facilitating digital payments and financial transactions across various sectors of the economy. He emphasized the company’s consistency in transaction processing, boasting a 99.5 percent success rate and a maximum processing speed of 1.2 seconds per transaction.
eTranzact’s mission is to enable transaction freedom, leveraging innovative technology and exceptional people. Its vision is to be the preferred integrated financial technology platform for merchants and consumers.