eTranzact International Plc grew its profit after tax by 54.12 per cent to N3.39bn at the end of the 2024 financial year.
This was disclosed during the company’s 21st Annual General Meeting held in Lagos on Thursday.
eTranzact is Nigeria’s premier payment processing platform and provider of banking and payment services.
In his address, the Chairman of the Board, Mr. Wole Abegunde, said the company’s performance marked a significant turnaround and reflected sustained efforts across management and operations.
He disclosed that eTranzact recorded a Profit Before Tax of N4.9bn and a Profit After Tax of N3.4bn, surpassing previous years’ results, attributing the growth to a robust revenue drive and stringent cost-efficiency measures.
“The efforts of the board, management, and staff have been commendable in delivering this level of performance. We are optimistic that the company will continue to build on this momentum to achieve higher profitability and operational efficiency,” he stated.
He also emphasised the company’s commitment to customer satisfaction, highlighting that eTranzact will continue to refine its product offerings to meet evolving needs while maintaining competitive pricing and reducing the cost of service delivery.
In recognition of the progress made and the restored retained earnings position, the Board proposed a dividend payout of 12.50 kobo per share, reaffirming the company’s commitment to delivering shareholder value and consistent returns.
Speaking on the company’s operational performance, the Managing Director/Chief Executive Officer, Mr. Olaniyi Toluwalope, reported that gross profit rose by 36.52 per cent, from N8.32bn in 2023 to N11.36bn in 2024. Operating profit increased by 48.83 per cent, reaching N4.66bn. Profit Before Tax grew by 53.20 per cent, while earnings per share rose by 54.17 per cent, from 24 kobo 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 the MD, the company also improved its transaction success rate and reduced average processing time, a trend he said has continued steadily over the last four years.
Mr. Toluwalope outlined several strategic initiatives implemented in 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.
