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eTranzact Elated by First Dividend Payment to Shareholders

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The smiles before the avalanche of shareholders by the board of directors of eTranzact International PLC, knew no bound as the shareholders the Company paid dividend to its shareholders since listing on the Nigeria Stock Exchange (NSE).

eTranzact, Africa’s leading provider of mobile banking and electronic payment services, was listed on the NSE at an entry price of N4.80, however, it declared a 5k per share dividend to its shareholder for year 2014.

The Board of Directors of the company gave the approval during the company’s 11th Annual General Meeting (AGM) held on Thursday in Lagos.

According to eTranzact, “This was a particularly memorable AGM for us, as it signaled the first time we paid dividend to our Shareholders since we became listed on the Stock Exchange. The shareholders were thrilled and came in their numbers to witness the event and to also receive their PocketMoni Mastercard which after their signed agreement would be loaded with their dividends.”

The company’s 2014 annual report and financial statement showed that eTranzact generated record revenues, operating profits and cash flows which transformed the company’s accumulated deficit to a retained surplus.

The report showed that gross revenue for the year 2014 was N7.1 billion which represents a 51 per cent growth compared to 2013.

Operating profit on the other hand grew from N188.7 million in 2013 to N388 million in 2014, representing a 101 per cent annual growth.

Meanwhile, profit before tax grew by 145 per cent from 2013 performance while profit after tax grew by 112 per cent compared to 2013.

Key growth drivers were; strengthened collaboration with partner banks in driving mobile banking business, strategic alliances with International money transfer operators which is driving growth of remittance business, alliances with government agencies, parastatals and educational institutions which is driving bulk payments, central collection and transaction switching and processing business.

Speaking on the growth, Mr Felix Ohiwerei, ‎chairman of the Board, who appreciated the management for its innovation, drive and resources, said that eTranzact will continue to strive to grow “to become regional and global leader in the electronic and mobile payments industry, and with our performance in the period under review and indicators from the current period, we believe that the period ahead will be even more glorious.”‎

He added: “We are happy with the results that we saw today. We see it as the beginning of new level of growth for eTranzact. The potential out there is great. For some time now, we have been preparing to take advantage of full opportunities out there and the strategies we have in place are beginning to pay off. We are optimistic that in the years ahead, things will get much better.”

Also speaking, ‎Mr. Valentine Obi MD/CEO, eTranzact International Plc, explained that: “We have been encouraged by our performance in the period under review. We have experienced consistent growth in revenue and profitability over the past ten years with transaction activity value, volumes and partnerships also experiencing significant growth in the last three years. Key to our growth has been setting key performance indexes around user experience, platform stability and technology development, and we plan to continue to do this.

“It is new level for us indeed and this shows that the strategies we have in place are working and it will continue to work. Going forward, Nigerians will be seeing new products that eTranzact will be introducing to help the industry grow and increase our profitability as well for the benefit for our shareholders and other partners.”

The shareholders of the company were well represented and excited about the approved dividend, they commended the performance of the company’s profitability under the year under review.

They are optimistic that the company would pay more in no distance future, judging from its performance and its ability to surmount the Nigerian economic challenges in 2014.

In addition, the AGM was a memorable one for the company and its shareholders as it was the first time dividend was paid since the company was listed on the Stock Exchange.

Felix Ohiwerei, chairman, Valentine Obi, MD/CEO, Sullivan Akala, ED, Business development, Wole Abegunde, Omowunmi Adedurotimi, Company Secretary, Tony Egbuna, and Victor Etuokwu, all of eTranzact during the Company’s annual general meeting held in Lagos recently.

 


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E-Financial

Lagos State Appoints MoneyMaster as Payment Partner for “Ounje Eko” Programme

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“Ounje Eko”, the food price discount initiative of the Lagos State Government, has appointed leading payment service bank, MoneyMaster Payment Service Bank Limited (MMPSB), as its collaborator in the bid to ensure ease of payments at the market.

MoneyMaster is one of the Central Bank of Nigeria-licensed Payment Service Banks (PSBs) to promote financial inclusion across Nigeria.

Under the partnership, MMPSB will apply its cutting-edge payment solution to engender easy payment and reconciliation in order to make   the experiences of Lagosians who will be getting their food supplies from the markets pleasurable. Its payment solution is also all-encompassing and ensures real time value to payment destinations.

The mobile bank was appointed as the collection and payment partner for “Ounje Eko” Food Markets programme which is a government initiative serving the five divisions of Lagos State. Consequent on this, MoneyMaster Payment Service Bank will collect payments in 57 LCDAs in the state.

The partnership gives credence to the quality of payment solutions that MoneyMaster is reputed for in its services to its growing business clientele in private and public sectors.

 


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E-Financial

CBN, EFCC Probe Banks, Firms over Alleged Forex Racketeering

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Central Bank of Nigeria (CBN), is investigating irregular foreign exchange transactions and forward contracts valued at approximately $2.4 billion.

CBN, EFCC Probe Banks, Firms over Alleged Forex Racketeering

The  inquiry follows an extensive audit by Deloitte, which scrutinized $7 billion in dollar debts accumulated under the bank’s previous leadership.

In the aftermath of the 294th Monetary Policy Committee meeting in Abuja, Yemi Cardoso, governor of CBN,  disclosed to journalists that the investigation, supported by the Economic and Financial Crimes Commission, among other security bodies, aims to clarify the legitimacy of these FX allocations identified as problematic by the audit.

“It was determined that a number of these transactions did not qualify…they were outright illegal. The law enforcement agencies are now looking into those transactions that as far as we are concerned, are not valid to be paid,” Cardoso detailed, emphasizing the unlawful nature of these forex deals.

The crux of the investigation lies in the audit findings that a significant portion of the scrutinized transactions lacked proper documentation and, in many instances, were deemed outright illegal.

However, the unfolding investigation has raised concerns within the organized private sector, with some entities contemplating legal action against commercial banks for unresolved forex bids.

Despite these tensions, Governor Cardoso reassures that the foreign exchange market remains open and transparent, inviting stakeholders to address their forex needs through the official channels.

Furthermore, Cardoso clarified the distribution of fertilizers to farmers as a one-off measure and not indicative of a shift back to direct interventions by the CBN, underscoring a commitment to strategic, regulatory governance rather than direct market involvement.

 

 

 

 

 

 

 

 


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CBN Urges Banks to Expedite Action on Recapitalisation

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Central Bank of Nigeria (CBN) has directed deposit money banks in the country to expedite action to increase their capital base from the current ₦25bn.

CBN Urges Banks to Expedite Action on Recapitalisation

Olayemi Cardoso, governor of CBN

Olayemi Cardoso, governor of CBN, stated this during the apex bank’s 294th meeting of the Monetary Policy Committee (MPC) on Tuesday in Abuja, when the MPC hiked the interest rate by 22.75% to 24.75%.

The apex bank chief said the MPC examined developments in the banking sector and expressed satisfaction that the industry remained stable. The committee, however, said to guard against risk, commercial banks in the country should accelerate their recapitalisation efforts.

Cardoso said, “The MPC also reviewed developments in the banking system and noted that the industry remains safe, sound, and stable. The committee thus called on the bank to sustain its surveillance and ensure compliance of banks with existing regulatory and macro-potential guidelines.

“The MPC also enjoined the banks to expedite actions on the recapitalisation of banks to strengthen the system against potential risks in an increasingly globalised world.”

 

 

 

 


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