eTranzact International Plc posted a profit before tax (PBT) of N536.4 million for the 2021 financial year.

The figure is 128.66 per cent improvement from the N1.87 billion loss recorded in the comparative period.

The company’s Managing Director/Chief Executive Officer of the company, Olaniyi Toluwalope, described the performance as impressive.

The payment processing company also achieved a 124.13 per cent growth in its profit before tax (PAT). The figure rose from a negative region of N1.89 billion to N455.75 million.

At the firm’s Annual General Meeting (AGM) in Lagos, its Chairman, Wole Abegunde, said the 18-year-old financial institution has commenced a journey to sustainable profitability.

He also disclosed that eTranzact has developed a roadmap for restructuring its structure in line with the new regulatory framework for the payment system industry.

The company, at the previous AGM, had said its intention to embrace a holding structure to retain its leadership role across critical areas of the ecosystem.

Abegunde said the process of transitioning to a holding company was on course.

Also, Toluwalope said the  process would be completed before the end of the year or the first quarter of next year. He added: “The scheme of arrangement” would be submitted to the regulator in the coming weeks.

On the completion of the process, eTranzact would operate its switching and mobile money as spate entities under a holding company.

Toluwalope said the company has embarked on initiatives to consolidate its hold on the market and support electronic payment growth.

“The company commenced the implementation of its expanded Tech Stack initiative in 2021, which will boost the company’s capacity, speed and security in processing transactions. Significant progress has been made in the implementation process and the company will ensure that the implementation is completed within the project framework,” he told the shareholders.

The chief executive said eTranzact is committed to the country’s financial inclusion, which is evident in the increase of its agents across the country.

eTranzact has won several awards for its contribution to the growth of the country’s electronic payment system among which is Mobile Money Operator of the Year (2018) – an honoured conferred on it by the Central Bank of Nigeria (CBN) and the Nigeria Inter-Bank Settlement System (NIBSS).