Launched in September 2003, eTranzact offers safe, convenient and effective payment solution platforms to a vast clientele, with innovative services and products ranging across the whole e-payment spectrum, such as: ATM, Internet, POS and Mobile. It has deployed mobile payment solutions to banks and non-bank financial institutions including: 70 universities in Nigeria, government parastatals, banks, ICT and aviation. Its ever expanding and successful global brand has operations in Nigeria, Ghana, Kenya, Zimbabwe, Cote d’Ivoire and the UK. MD and CEO of eTranzact, Niyi Toluwalope, describes the company as being, “a switching platform, licensed by the Central Bank; providing transaction switching and processing services in the country and facilitating electronic payments in the industry; bringing down costs and enhancing transparency. We have acquired value-added service licenses, each of which speak to specific aspects of the economy, facilitating the electronic payment transactions and ensuring the transparency required. With respect to how we help businesses grow, our business is moving money from A to B.” In targeting a cashless economy CBN has granted the company with the license to provide Mobile Money services to individuals, with a specific focus upon the unbanked. “The only way this model is going to work is if you create trusted individual agents in strategic locations across the country,” affirms Toluwalope. “Today we have 15,000 agents. We have sort of created a minibank for the agents, because we have a switch that the agents can dial into and send money, with no need to go the bank the day after for anything.”

eTranzact was also certified by CBN earlier this year, to be one of 10 mobile money operators and superagents to provide 500,000 agent locations by 2020 with its Shared Agent Network Expansion Facility (SANEF) programme. The aim of the initiative is to incur growth in financial inclusion though the expansion of its Pocket-Moni and access to mobile and digital financial products and services (including micro loans, insurance and pensions) through financial access points that are to be set up all around the country. This focuses upon creating a platform for Nigerian owned financial services companies to grow, while boosting job creation and empowering local content. Toluwalope explains, “We have specific targets for SANEF: we will create about 10,000 agents over the next 18 months. We are already on track: we are looking at closing at 2,000 by the end of September. We have been doing this since 2012, so, we know the route to get new agents. We have now layered on mini-banking models with these agents, rather than just cash-ins and cash-outs: they can also facilitate payments, like utility build payments, cable TV payments, fund transfers.” The SANEF initiative will provide improved banking agent networking coverage and assist the federal government’s Social Investment Programme (SIP). Toluwalope elaborates: “As a switching platform we have the authority to debit accounts and fund all the wallets created in all the rural areas for the staff of organisations, like the World Health Organisation (WHO). Those of the staff who have given first-aid interventions across the rural areas are paid for that, so, these donor agencies use our system to reach the beneficiary. We are also partnering with one of these initiatives right now to give up to N30,000 loans and grants to market women across the country, so, it’s the same process: we will move money from the source account through our platforms. We are doing that and we are reducing costs.”

Among its numerous accolades and awards, eTranzact was the first African company to be assigned a gold medal by the Computerworld Honours Award (San Francisco, USA) for its innovative and visionary use of information technology to produce and promote social, economic and educational change in the society. In 2008, it was also recipient of the Central Bank of Nigeria’s (CBN) Most Innovative Product award due to its contribution towards the nation’s shift towards a cashless economy. eTranzact is positioned to be one of the major fintech companies and leading payment technology providers for individuals and organisations in Africa. Toluwalope asserts: “I think the future is very bright for this company; we keep having conversations with investors: they see the sector, they see the company, they see the growth prospects. Investments in people, training and risk management are top priorities in order to succeed.”

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