The capital raise proposal of N7 Billion was tabled by the Mr. Wole Abegunde, Chairman of eTranzact, at an Extraordinary General Meeting of the Company held in Lagos recently. He stated that the decision to raise additional capital became imperative considering the need of the Company to expand its operations, deepen its market share and to remain competitive in the financial technology industry.
According to Mr. Abegunde, the capital to be raised will be used to upgrade and enhance the Company’s technology infrastructure and network security systems and also to improve on its service delivery. He further stated that the Company will also invest in its Agent Network Expansion Program, Human Resources and Employee Development.
Also, speaking with journalists at the EGM, the Managing Director/CEO of eTranzact, Mr. Niyi Toluwalope, believes that the injection of additional equity will enable the Company’s Management to strategically maintain the Company leading position as a key market leader within the electronic payment industry.
The eTranzact boss affirmed that eTranzact will acquire state-of-the-art infrastructure, ensure that the Company retains the best skill set available, achieve a fast response rate, reduce downtime, and expands its service offerings and market reach.
Founded in September 2003, eTranzact is Nigeria's first award winning, multi-application and multi-channel electronic transaction switching and payment processing platform. It has evolved into a brand with global reach with operations in Nigeria, Ghana, and South Africa, with expansion inclination to more countries in the world.
Since Inception, eTranzact has deployed mobile payment solutions to banks, non-bank financial institutions and was recently granted license by the CBN to provide Mobile Money services to individuals with a special focus on the unbanked.