By William Jimoh

eTranzact International Plc, an electronic and mobile payment technology company, has announced plans to maximise the gains of on-going electronic payments reforms instituted  by the Central Bank of Nigeria, CBN , in a bid to increase the usage of electronic products and solutions across the country. Mr. Felix Ohiwerei, the company’s Chairman, who stated this at the company’s 9th Annual General Meeting (AGM) in Lagos, said they will continue to invest in both their technology and human resources to achieve the set objective.

“The CBN’s continued pursuit of a cashless economy has been a great opportunity for our sector. eTransact continues to position itself as a key stakeholder and provider of alternative electronic and mobile payment solutions to various industries and will continue to take full advantage of this opportunity.

“In 2013, we will continue to invest in our technology and human resources so that we can enhance our market dominance in our key product areas. We will keep strengthening our alliance and partnership with our mobile banking and mobile money partners to ensure that our active users and subscriber base continue to grow.

“As we continue to position our business and operations to take advantage of the various opportunities in the industry, we will also align our business processes, standards, as well as financial processes with global best practice and world class standards required of business such as ours,” Ohiwerei said.

Recalling the company’s achievements in 2012, he said that they have fully complied with the International Financial Reporting Standards, IFRS, adding that henceforth all the company’s financial reports and disclosures would comply with the global standards.

eTranzact recorded an increase in gross revenue of over 300 per cent in the last three years from 2010 to 2012, just as its profit after tax grow by almost 60 per cent in the years under review.

Ohiwerei added that, “We are also in the advance stages of our internal restructuring and realignment of our operating units to help drive performance and improve efficiency. All these steps have been taken to position the company as the market leader so that we can meet the requirements of our clients and stakeholders.”

“We are poised and committed to be the leading regional and subsequently a global player in the electronic and mobile payment market. Our policy remains to deliver secure, cost effective and innovative electronic and mobile payment services that are compliance to global accepted standards,” he added.