Nigerian payments provider eTranzact International Plc has released its financial report for the year 2022, showing a significant increase in profit. The company recorded a profit after tax of N1.17 billion, marking a 157.81% rise compared to the previous year. During its 19th annual general meeting in Lagos, the company's chairman, Wole Abegunde, attributed the landmark achievement to the management's commitment to excellence and expansion of core switching services.

eTranzact processed over N50 trillion in total transaction value in 2022, a substantial increase from N39 trillion in 2021. The improved financial performance and profitability were driven by the increased volume of transactions processed by the company's SwitchIT, a core switching service. The company reported gross revenue of N22.54 billion, gross profit of N5.7 billion, and profit after tax of N1.17 billion.

Furthermore, eTranzact achieved a 99% success rate and uptime across its various service offerings in 2022, ensuring prompt and seamless processing of transactions with minimal to zero downtime. The company also elected six non-executive directors and one executive director to join its Board, pending approval from the Central Bank of Nigeria (CBN). Additionally, two directors were re-elected in accordance with relevant regulations and the company's Articles of Association.

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