Follow Us on Google
e-tranzact International Plc says it is planning to conclude its N7 billion capital raise before the end of 2019 financial year.
This is even as the company disclosed that it recorded about N30 trillion in 400 million transactions in 2018, adding that it is working with a private consortium on the capital raise and awaiting the nod of the Nigerian Stock Exchange (NSE) and the Nigeria Communications Commission (NCC).
Speaking at a media interactive session in Lagos, its Managing Director, Niyi Toluwalope, said in spite of regulatory headwinds and turbulent operating environment, the volume of the company’s businesses, in form of payment services carried out, was in excess of N30 trillion in over 400 million transactions at the end of 2018.
Toluwalope explained that the capital raise of N7 billion was to ensure improvement, considering the need for the company to expand its operations, deepen its market share and remain competitive in the financial technology industry.
“The capital to be raised would be used to upgrade and enhance the company’s technology infrastructure and network security systems and also to improve on its service delivery. The injection of additional equity would enable the company’s management strategically maintain its leading position within the electronic payment industry,” he noted.
While noting that the new management, which came on board last year, has since begun re-organisation. Toluwalope said the company was focused on improving capacity, structure, governance as well as strategies for the unbanked and underbanked.
According to him, the company has set machinery in motion to continue to deliver optimum services to its growing subscriber base and prospective customers.
“We are bullish and center-centric and we want to assure our shareholders that we are working hard on improving our financials as well as expanding our service offerings and market reach,” Toluwalope said.
