eTranzact International Plc has released its financial report for the half year 2023. The payments provider recorded N1.01 billion in profit, a 149% increase from the previous year. 

Nigerian payments provider, eTranzact International Plc profits rose to ₦1.01 billion in the first half of 2023—representing a 149% increase compared to the previous year. eTranzact’s profit for the half year surpassed its earnings forecast for the third quarter of 2023, which is projected at ₦582 million. Similarly, it earned ₦17.37 billion as its revenue for H1 2023. This figure is higher than the net revenue of  ₦9.13 billion it forecast for September 30, 2023. 

President Bola Ahmed’s moves to eliminate Nigeria’s multiple exchange rate windows resulted in record losses in half year 2023 results for several companies. Airtel Nigeria similarly suffered a $151m loss in its Q1 2023 results. The telco said it would continue to invest in the country to enable it to capture the growth opportunity.

The total value of total transactions eTranzact processed in 2022 is pegged at over ₦50 trillion. This was made possible through its switching services, SwitchIT. The company also said it ensured a 99% success rate and uptime across the various service offerings during 2022. Its current profit of ₦1.01 billion demonstrates the wide adoption of its fintech services in Nigeria.

Currently, Access Bank is the biggest shareholder in the firm, owning a 37.54% stake in H1 2023 from a 23.80% stake it owned in H1 2022. It has surpassed eTranzact who now owns 22.98% in H1 2023, from a 31.86%, owned in H1 2022. Accelerex Holding is the third largest shareholder with 11.15%. Two industry watchers who spoke about this phenomenon said Access Bank’s move is in line with the lender’s aggressive expansion plan across the African continent. Last month, it acquired the subsidiaries of Standard Chartered Bank. In that statement, Access Bank stressed that the acquisition was “a strategic transaction” that represents its journey in serving as a gateway for payments in Africa and the world. The bank did not provide any update on the shareholding status.

Joseph Olaoluwa Senior Reporter, TechCabal

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