The board gave the approval at the company’s 11th annual general meeting held at the Four Point by Sheraton Hotel in Victoria Island, Lagos.
The company’s 2014 annual report and financial statement showed that eTranzact generated record revenues, operating profits and cash flows which transformed its accumulated deficit to a retained surplus.
Its gross revenue for the year was N7.1 billion, which represents a 51 percent growth compared to 2013. Operating profit grew from N188.7 million in 2013 to N388 million in 2014, 101 percent annual growth.
Meanwhile, profit before tax grew by 145 percent from 2013 performance while profit after tax grew by 112 per cent compared to 2013.
eTranzact said the growth was inspired by some key growth drivers including: “Strengthened collaboration with partner banks in driving mobile banking business, strategic alliances with international money transfer operators which is driving growth of remittance business, alliances with government agencies, parastatals and educational institutions which is driving bulk payments, central collection and transaction switching and processing business.”
It added that it has taken steps to consolidate on profitability with new relationships, enhancing and deepening existing ones and exploring new partnerships locally and internationally.
Mr Felix Ohiwerei, Chairman of the Board, speaking on its growth, appreciated the management for its innovation, drive and resources, saying that eTranzact will continue to strive to grow to become regional and global leader in the electronic and mobile payments industry.
He added that with the company’s performance in the period under review and indicators from the current period, the board believes that the period ahead will be even more glorious.
“We are happy with the results that we saw today. We see it as the beginning of new level of growth for eTranzact. The potential out there is great. For some time now, we have been preparing to take advantage of full opportunities out there and the strategies we have in place are beginning to pay off. We are optimistic that in the years ahead, things will get much better,” Ohiwerei said.
Mr. Valentine Obi, MD/CEO, eTranzact International Plc, who also spoke on the company’s growth and profitability, said, “We have been encouraged by our performance in the period under review. We have experienced consistent growth in revenue and profitability over the past ten years with transaction activity value, volumes and partnerships also experiencing significant growth in the last three years. Key to our growth has been setting key performance indexes around user experience, platform stability and technology development, and we plan to continue to do this.
“It is a new level for us indeed and this shows that the strategies we have in place are working and it will continue to work. Going forward, Nigerians will be seeing new products that eTranzact will be introducing to help the industry grow and increase our profitability as well for the benefit for our shareholders and other partners.”
By Patrick Aigbokhan