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eTranzact Aims at Becoming Global Leader in Payment Industry

Mr. Wole Abegunde, the chairman, eTranzact International Plc, haas said the company is poised and committed to becoming a regional leader in the medium term and in the long term, a global leader in the electronic and mobile payment industry.

Abegunde, who was represented by Mr. Afolabi Oladele at the 19th Annual General Meeting (AGM) of the company in Lagos promised shareholders that the company would continue to deliver secure, cost-effective, and innovative electronic and mobile payment services that are compliant with globally recognized standards.
He said 2022 was a significant year in the history of the company’s financial performance as the company was able to achieve an unprecedented profit after tax of N1.17 billion which represents 157.81per cent increase over the prior year.
According to him, “The focus and expansion of the company’s core switching services) has been pivotal in the improvement of the company’s performance.
“The landmark achievement is down to the management’s drive for excellence and demonstration of the commitment of the management and the board to ensure maximum returns on the investment of shareholders. The Company will not relent on the performance and will seek more business opportunities to boost subsequent financial results.”
On strategic positioning, he said “As a company, we fully understand the benefits of strategic alliances and the potential business opportunities these can create. We have fostered new relationships, enhanced and deepened existing ones and explored newer opportunities within our ongoing associations with existing Partners. We are positive that our alliances will lead to improved performances in the years ahead.”
Speaking also, the Managing Director eTranzact, Olaniyi Toluwalope said 2022 was one of milestones and major strides in further establishing eTranzact as the Superfintech of Choice.
He explained further that, “It is a privilege and honour to be the anchor and at the forefront of driving the Company towards the achievement of the corporate objectives) and the overall vision.
“eTranzact International continued on the path of the impressive streak of profitability, excellence and quality service delivery, which were the highlights and hallmarks of 2021.
“The Board, Management and Staff took a firm commitment to surpass the performance and achievement of 2022 and the message and goal were clear across all ranks within the Company. All efforts were geared towards building on the gains of 2021and the entire Company was in sync and i am proud to say we delivered on our common goal as a Company, for 2022.
“The journey was filled with lots of challenges and setbacks but at the end of the year, the efforts and commitment were worth it and it is with utmost satisfaction and sense of fulfillment to be a part of the success story of 2022.
“The total volume and value of transactions processed have continued to increase tremendously year on year, in line with the development and expansion of the payments/electronic payments industry in Nigeria.
The volume of electronic transactions peaked at the highest in five years in 2022, with a total value of N387 trillion. The huge growth is premised on the shift of more consumers towards the use of electronic banking channels for financial transactions.
“Positive regulatory policies, predominantly youth population, and influx of talent and expertise have further contributed significantly to the growth of the payments industry in Nigeria. The preference for digital payments in Nigeria aligns with global payment trends as access to affordable mobile devices made more consumers to key into and opt for the digital payments capabilities.”
He said the expansion of the payments industry is expected to continue at a fast pace with the emergence of mobile network providers channeling their vast networks and spread to deliver financial services.
“The meteoric rise in agency banking network is also proving to be a key enabler of the growth in the industry.
“eTranzact International as one of the foremost payment service providers in the payments industry in Nigeria, processed over N50 trillion in value of total transactions processed in 2022. The value increased significantly in comparison to the N39 trillion processed in 2021. The company is well positioned and has enhanced the capacity to further process more transactions going forward.
“eTranzact further increased the coverage of the switching services by bringing onboard key commercial banks, other financial institutions and Fintechs through Switchlt which has been well acclaimed by the various partners and gaining momentum as a major switching channel/product. eTranzact has further enhanced the direct debit mandate capability to expand the range of services/solutions available to partners and merchants.
“eTranzact made significant investments in 2022 towards the development of the card switching and card processing capabilities. The company has been able to obtain to the necessary certifications from the major card issuers and the card business is set to commence and be a key revenue driver,” he added.
News
Experts Reveal a Steady Decline of High-severity Incidents Over the Years

According to the ‘Anatomy of a Cyber World: Global Report by Kaspersky Security Services’, there has been a noticeable decline in the percentage of high-severity incidents over the past few years.

While 2021 recorded the highest proportion at 14.3%, 2025 experienced the lowest in six years at just 3.8%. This trend indicates that many attack attempts were quickly detected and effectively mitigated by Kaspersky MDR experts, preventing their severity from escalating beyond medium levels.
High-severity incidents are defined as attacks involving direct human involvement that result in a significant impact on the customer’s IT infrastructure. In 2025, the number of such incidents detected by Kaspersky MDR decreased by 19% compared to 2024, highlighting improvements in early detection capabilities and more effective remediation efforts among Kaspersky MDR clients.
A detailed analysis of the root causes of these incidents in 2025 reveals the following insights:
Human-driven attacks accounted for approximately 23% of high-severity incidents. Although this represents a slight decrease from 2024, they continue to be the primary cause of serious breaches.
Kaspersky detected such attacks in nearly 21% of customers, demonstrating that motivated adversaries persist in bypassing automated defences. Despite advancements in automated detection tools, these highly skilled attackers still find ways to evade security measures.
Confirmed cyber exercises like Red Teaming made up over 23% of incidents. When activity is verified as part of security testing, it’s often classified as infrastructure false positives, though customers frequently report them as incidents.
Social engineering ranked third, responsible for over 15% of high-severity attacks and affecting nearly 18% of organisations. These are classified as high-severity when successful and not automatically remediated, often leading to security awareness recommendations.
Security policy violations constituted just under 14% of all cases, involving legitimate accounts performing suspicious actions like data exfiltration. Malware incidents represented less than 12%, while artifacts from past attacks, or APT traces, were found in over 7% of cases. Vulnerability detection, though not core focus for Kaspersky MDR, was reported in fewer than 5% of incidents.
“The decline in high-severity incidents highlights the critical importance of adopting a proactive cybersecurity strategy. Human-led solutions such as Managed Detection and Response (MDR) and Incident Response remain essential in combating sophisticated, human-driven threats.
To further enhance the effectiveness and efficiency of in-house security teams, organisations should incorporate advanced, automated solutions like Extended Detection and Response (XDR), which provide improved visibility and enable faster responses.
Additionally, leveraging SOC consulting services can assist in building a robust Security Operations Center from the ground up or optimising an existing one for maximum performance.
An integrated approach to hybrid security operations empowers organisations to detect threats early, contain them swiftly, and ultimately prevent severe breaches from occurring,” comments Sergey Soldatov, Head of Security Operations at Kaspersky.
News
Google, UpSkill Universe Relaunch Hustle Academy to Bring Free AI Skills to Africans

Google and UpSkill Universe, Sub-Saharan Africa’s leading AI and business skills training partner, have announced a major redesign of the Google Hustle Academy programme.

For the first time, the free training initiative is open to everyone, not just business owners. The new curriculum is focused on equipping individuals and entrepreneurs with practical AI skills.
Small businesses are the engine of Africa’s economy, creating over 80% of jobs on the continent. To help them grow, the Hustle Academy was launched in 2022, providing bootcamp-style training on business strategy, digital skills, AI, and leadership. The program has since trained over 18,000 SMEs, with many reporting increased revenue and job creation.
Now, as AI reshapes the job market, the program is evolving. The 2026 edition is built for anyone in Sub-Saharan Africa, including employees, students, and jobseekers, who wants to use AI to advance their career.
To meet the needs of a diverse audience, the new format includes short, 60-minute webinars and more immersive, high-impact bootcamps. These sessions are laser-focused on putting AI to work immediately in areas like digital commerce, marketing, and growth strategy.
Speaking about the academy, Gori Yahaya, Founder & CEO UpSkill Universe said “The 2026 Hustle Academy is designed to close the AI Skills gap with hands-on training that is short, focused, and immediately useful. AI is reshaping how businesses win and how careers are built, right across this continent.
“We’re excited to renew our partnership, now in its fifth year with Google, combining their global AI leadership with our deep regional AI expertise. The next wave of AI leaders will come from this continent. We are making sure they are ready.”
The Hustle Academy initiative has strengthened digital competitiveness across emerging African economies by enabling SMEs to move beyond AI awareness to practical implementation, positioning them for sustained growth in an increasingly AI-driven business environment.
“We believe that the future of Africa’s digital economy lies in the hands of individuals and entrepreneurs alike. Our new strategy focuses on scaling reach by training individuals in the latest AI-centered tools and techniques,” said a Google representative.
News
Lagos Govt Drags Top Firms to Court Over Billion-Naira Tax Debts

Lagos State has dragged 45 individuals and firms, including Bi-Courtney Aviation, DAAR Communications and Leaders & Company, to revenue court for tax debts running into billions of naira.

Lagos Govt
Bi-Courtney, operators of Murtala Muhammed Airport Terminal Two, faces N38.7 million claim; DAAR, behind Africa Independent Television, owes N22.4 million; ThisDay publishers Leaders & Company allegedly skip N67.1 million.
GMT Energy Resources tops corporates at N145.8 million, followed by Sheriff Deputies at N132.1 million; others like Heyden Petroleum, AA Rescue, BRT operator Primero also listed.
Individuals owe N13.5 million to N35 million each.
Attorney-General Lawal Pedro said suits followed ignored notices, aiming to enforce laws and fund infrastructure.
More defendants: IENG Nigeria, James Fisher, V Care Diagnostics, Venture Garden, Saro Africa, Barry Callebaut, Native Media, First Consulting, Eyowo Payments.
Compliant taxpayers post-notice escaped prosecution; defaulters risk penalties, interest, jail.
Pedro urged prompt filings and payments.
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