eTranzact Shareholders Approve Share Capital Raise to N9.1b
By Modupe Gbadeyanka
The plans by the board of eTranzact International to raise the company’s share capital by N7 billion to N9.1 billion have been overwhelmingly approved by shareholders.
This decision was reached last Thursday at an Extraordinary General Meeting (EGM) held in Lagos for the purpose to obtain the shareholders’ nod.
eTranzact is Africa’s premier electronic payment solutions provider, which presently has a share capital of N2.1 billion, but wants an additional N7 billion to be able to meet some obligations.
During last week’s meeting, Chairman of the eTranzact, Mr Wole Abegunde, tabled the capital raise proposal to shareholders of the firm.
He explained 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, noting that the firm will also invest in its Agent Network Expansion Program, Human Resources and Employee Development.
Also, speaking with journalists at the EGM, Managing Director/CEO of eTranzact, Mr Niyi Toluwalope, said he believes that the injection of additional equity will enable the company’s management to strategically maintain its leading position as a key market leader within the electronic payment industry.
The eTranzact boss affirmed that the firm 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.