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eTranzact Aims at Becoming Global Leader in Payment Industry

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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.


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ALX Broadens AI Training in Africa

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Pan-African talent accelerator ALX is expanding its footprint and shifting to a fully self-paced learning model to train and integrate young Africans into the workforce, as the global economy reorganises around artificial intelligence (AI).

Partnering with the MasterCard Foundation, the technology training provider and career accelerator designed to equip African talent, says it enables learners to access tech training for $5 a month.

It emphasises a shift in demographics saying that by 2035, more young Africans will enter the workforce annually.

ALX notes that its model has graduated 347,100 learners, with 63% finding employment within six months. Women represent over half of all graduates. To increase flexibility, the organisation emphasises that learning is now entirely self-paced.

“Learners progress through modular blocks, earning credentials as they go, ensuring that the training fits around their existing responsibilities,” says Shana-Michelle Rabonda, Chief Operating Officer of ALX.

Rabonda adds that global employers are taking notice: “We are building a direct pipeline to the global digital economy. When companies look for elite tech talent, they are looking at Africa.”

Due to this demand, firms such as Absa, Stanbic Bank, MTN, and KPMG now employ between 50 and 180 ALX graduates each. Meanwhile, community entrepreneurs have created over 60,100 jobs through AI startups like Signvrse and Edulga.

With Africa’s AI market projected to grow to $16.5 billion by 2030, ALX operates alongside competitors like Moringa School and GoMyCode to secure mindshare.

“With the right skills and networks, young Africans can seize these opportunities,” Rabonda emphasises. “Africa’s youth should not just be consumers of AI; they should be creators shaping innovations that will define the global economy.”


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Swift Network Faces Winding-up Battle over Alleged N115m Debt

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A Federal High Court sitting in Lagos has ordered the advertisement of a winding-up petition filed against telecommunications service provider, Swift Network Plc, over its alleged inability to settle a debt exceeding N115 million.

The order followed an application filed by Optics and Wireless Limited through its counsel, Bimbo Adebayo-Ogunlaja, urging the court to permit the publication of the winding-up petition instituted against the company.

In the petition, Optics and Wireless Limited alleged that Swift Network Plc is indebted to it in the sum of N115,482,302.88, being the outstanding payment for network devices supplied to the telecommunications firm since April 2024.

The petitioner is also seeking the payment of N70,530,062 as accrued interest arising from a loan facility allegedly obtained to finance the transaction between both parties, as well as general damages for breach of contract.

According to court documents, the dispute arose from a series of transactions carried out between April 2024 and February 2025, during which Swift Network Plc, through its procurement officer, allegedly requested the petitioner to manufacture and supply various network devices based on purchase orders issued by the company.

The petitioner stated that payment for the supplied items was expected either immediately after delivery or within 30 days of supply, but alleged that Swift Network repeatedly failed to honour the agreement despite receiving the products.

Optics and Wireless Limited further claimed that it became apparent after the final order for servers in April 2025 that the respondent was either unwilling or unable to settle the accumulated debt.

The petitioner also informed the court that its solicitors, Messrs Zionla Legal Practitioners & Solicitors, subsequently issued a statutory notice of demand dated December 11, 2025, demanding payment of the outstanding sum and accrued interest.

According to the petitioner, all efforts to recover the debt proved unsuccessful, adding that the situation has exposed the company to serious financial challenges and possible legal action from the bank that allegedly granted it the loan facility used to execute the supply contracts.

Optics and Wireless Limited argued that Swift Network Plc is insolvent and unable to meet its financial obligations, urging the court to wind up the company in line with the provisions of the Companies and Allied Matters Act and the Winding-Up Rules.

Among the reliefs sought, the petitioner asked the court to order that Swift Network Plc be wound up by the court and that any voluntary winding-up process involving the company should continue under the supervision of the court.

Justice Lewis Allagoa subsequently adjourned the matter till July 10 for further hearing.

 


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Simba Infrastructure, Galaxy Backbone Partner to Deliver Hosted Unified Communications and Call Centre Solutions Across Nigeria

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Aminu Usman, Profit Centre Head, SIMBA, Dr. Abdul-Malik Suleiman, GM Strategic Partnerships & Regions, Galaxy Backbone Ravi Bajaj, GM Sales SIMBA and Ramatu Buhari, GM Sales, Galaxy Backbone Limited
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Simba Infrastructure Limited, a leading provider of customer experience and communications technology, has entered into a strategic partnership with Galaxy Backbone Limited (GBB), the Federal Government of Nigeria’s ICT infrastructure and shared services provider, to deliver Hosted Unified Communications (UC) and Hosted Call Centre Solutions to organisations across both the public and private sectors.

This collaboration brings together Simba Infrastructure’s deep expertise in converged communication technologies, systems integration, and private-sector engagement with Galaxy Backbone’s trusted government relationships, world-class Tier III and Tier IV data centre infrastructure, and an extensive fibre-optic network spanning 30 states and the Federal Capital Territory.

Together, both organisations will deliver secure, scalable, and cost-effective communication solutions designed to transform how businesses and government institutions engage with customers and citizens.

Under this this partnership, Simba Infrastructure will lead business development efforts within the private sector, delivering tailored Unified Communications and Call Centre solutions aligned with the unique needs of enterprises. Galaxy Backbone, on the other hand, will drive adoption within the public sector, providing secure, locally hosted data centre services that ensure compliance, reliability, and operational efficiency.

Commenting on the partnership, Sanjay Vaswani, Director at Simba Infrastructure said: ”Simba is pleased to mark this first phase of collaboration, with a long-term vision of deploying fully localized, AI-driven technologies that enable developers to build and scale using Naira-based solutions.

“While Aminu Usman, Profit Centre Head at Simba Infrastructure tressed on the fact that partnering with Galaxy Backbone will marks a significant milestone in our mission to deliver innovative, cloud-based communication solutions to Nigerian organizations.

“By combining Galaxy Backbone’s robust infrastructure and strong public sector presence with Simba’s customer-centric approach and technological expertise, we are creating a powerful platform to drive digital transformation and business growth.”

Also speaking, the GM Strategic Partnerships & Regional Business, Galaxy Backbone Limited,  Abdul-Malik Suleiman noted; “Galaxy Backbone remains committed to advancing digital inclusion, secure communication, and reliable ICT services across Nigeria. Our partnership with Simba Infrastructure strengthens our ability to deliver innovative, locally hosted Unified Communications and Call Centre solutions that will benefit both public and private sector organisations.”

This partnership underscores a shared commitment to advancing Nigeria’s digital transformation agenda by equipping organisations with the tools to enhance collaboration, streamline communication, and improve customer experience—while ensuring that critical data remains securely hosted within Nigeria.

 


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