eTranzact Plans to Raise N7Bn Capital before Year End

eTranzact International Plc has said plans are in place to conclude its N7 billion capital raise before the end of 2019 financial year.

Niyi Toluwalope, managing director, eTranzact International Plc, at a media interactive session in Lagos, said that it is working with a private consortium on the capital raise and awaiting the nod of the Nigeria Stock Exchange (NSE) and the Nigeria Communications Commission (NCC).

Toluwalope further explained that the capital raise of N7 billion was to ensure improvement, considering the need for the company to expand its operations, deepen its market share and remain competitive in the financial technology industry.

He said: “The capital to be raised would be used to upgrade and enhance the company’s technology infrastructure and network security systems and also to improve on its service delivery.

“The injection of additional equity would enable the company’s management to strategically maintain the company’s leading position within the electronic payment industry.”

He said in spite of regulatory headwinds and turbulent operating environment, the volume of the company’s businesses in form of payment services carried out was in excess of N30 trillion in value in over 400 million transactions at the end of 2018.