News
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.
PalmPay, Nigeria’s leading digital banking platform, has announced the launch of its ₦400 million festive rewards campaign, designed to reward users with cash prizes and fully sponsored international travel experiences for everyday transactions on the PalmPay app.
The campaign will run from December 17, 2025, to January 8, 2026. The campaign is designed to reward everyday transactions with extraordinary experiences. It runs alongside PalmPay’s Purple December brand campaign, which focuses on wrapping up the company’s key brand and community initiatives for the year.
At the centre of the rewards campaign is the PalmPay World Travel Carnival, an interactive card collection experience that allows users to earn city cards by completing transactions on the app. Users are required to collect five city cards – London, New York, Dubai, Sydney, and Cape Town and combine them into a World Card, which unlocks a share of the prize pool.
The more World Cards a user creates, the larger their share of the cash rewards. Any extra uncombined cards can be swapped with friends and other PalmPay users to help complete additional World Cards.
Beyond cash rewards, the Carnival also offers Free Global Trips. In each round, the top two users with the highest number of eligible transactions (₦100 and above) and at least one World Card will win an all-expense-paid international trip.
The travel grand prize covers:
- Visa fees
- Round-trip international airfare
- 5-day, 4-night hotel accommodation
- Side attraction
- Meal expenses
- Airport pick-up and drop-off
- All transportation for scheduled tour activities during the trip
Winners will be determined through a transparent leaderboard system, with prizes credited automatically at the end of each round on December 25, December 31, and January 8.
Participation is simple:
- Complete tasks on the PalmPay app, such as Airtime, Data, Transfers, and other specific transactions listed in the app, to earn cards.
- Collect all five city cards.
- Swap cards with friends to complete your collection.
- Combine cards to form a World Card and earn cash rewards.
- Perform more transactions to climb the leaderboard for a chance at the global trip prize.
To ensure fairness, PalmPay has instituted strict rules: no cheating, bots, fake accounts, or manipulation. Any violations may lead to disqualification or account bans. Additionally, the Free Travel Prize is limited to one per user throughout the campaign.
Speaking on the launch, Femi Hanson, Head of Marketing & Communication, “This festive rewards campaign is about turning everyday banking into meaningful value for our users. With the World Travel Carnival as the headline activation, we are reinforcing PalmPay’s promise of being the smarter way to bank—where smart financial decisions unlock bigger opportunities.”
The Rural Electrification Agency (REA) and the National Bureau of Statistics (NBS) have signed a Memorandum of Understanding (MoU) to conduct a nationwide energy survey aimed at closing long-standing data gaps in Nigeria’s power sector. The initiative is expected to guide policy, attract investment, and accelerate universal electricity access.
Signed in Abuja, the agreement establishes a National Energy Survey based on the Multi-Tier Tracking Framework (MTF), a globally recognized methodology that measures electricity access not only by grid connection but also by quality, affordability, reliability, and usage of electricity and clean cooking solutions.
The survey will be implemented under the Energy Sector Management Assistance Program (ESMAP) of the World Bank. Dr. Abba Aliyu, REA Managing Director/CEO, said the partnership underscores REA’s commitment to evidence-based rural electrification planning and will generate detailed insights on electricity access and off-grid solutions nationwide.
Prince Adeyemi Adeniran, Statistician-General of the Federation/CEO of NBS, emphasized that reliable statistics are essential for effective policymaking, assuring that NBS will provide technical oversight, sampling expertise, and quality assurance to meet global standards.
The survey will assess energy access, household affordability, expenditure patterns, and the adoption of off-grid technologies such as solar home systems, mini-grids, and clean cooking solutions. REA will provide sector expertise and policy alignment, while NBS manages regulatory approvals, methodology, and technical supervision.
Funded and technically overseen by the World Bank, the exercise will run for 18 months, with the resulting data expected to improve national energy planning, programme targeting, and private sector investment, particularly in underserved and rural communities.
Officials said the collaboration reflects the Federal Government’s commitment to strengthening inter-agency coordination, enhancing energy data availability, and advancing Nigeria’s goal of universal electricity and clean cooking access.
The Stakeholders in Blockchain Technology Association of Nigeria (SiBAN), the nation’s foremost self-regulatory body for the blockchain industry, has completed its election cycle, heralding the beginning of a new executive council dedicated to scaling Nigeria’s digital economy.
The highly anticipated elections concluded recently with the emergence of a new leadership team poised to champion industry standards, foster innovation, and drive widespread adoption of blockchain technology across the country.
The newly elected executives, who will officially assume their roles in January 2026, represent a blend of legal, financial, and technical expertise critical for navigating the evolving regulatory landscape.
Leading the charge is Mela Claude-Ake, a lawyer, who has been elected the President of SiBAN to succeed the outgoing President, Obinna Iwuno, whose tenure was marked by significant achievements, including facilitating crucial reforms and forging strategic partnerships with regulators and other critical stakeholders in the digital asset industry. Mr. Iwuno will formally hand over the reins to the new council in January 2026.
Other elected to the executive council are Chimene Chinah – Vice President 1, in charge of Blockchain education and adoption; Oroke Cornelius – Vice President 2, in charge of membership, strategic partnerships, and funding; and Ayo Shonibare – Vice President 3, in charge of policy, regulation, and ethics.
Others are Ugochukwu Peters – Vice President 4 in charge of digital asset operations and capital markets, Mbene Vivian – Chief strategy officer in charge of projects and incubation, Olufunmilayo Tugbobo as Financial Secretary/Chief Financial Officer, and Chiemeka David Ohajionu as Chief Communications Officer.
The newly elected council’s structure reflects SiBAN’s commitment to addressing key pillars of the blockchain ecosystem: from grassroots education and fostering innovation through projects, to establishing robust regulatory frameworks.
In his acceptance speech, Mela Claude-Ake emphasized the vital role SiBAN plays in shaping the future of finance and technology in Nigeria.
“The trust placed in this new council is not one we take lightly. We inherit a great foundation built by the outgoing team. Our mission now is to accelerate. We stand at a critical juncture where the potential of blockchain to revolutionize every sector, from finance and governance to supply chain, is undeniable. This new council will focus relentlessly on advancing smart, collaborative regulation, democratizing blockchain education, and protecting the interests of all stakeholders to ensure that Nigeria remains a leader in the African digital economy space,” he assured.
He added that he is humbled by the opportunity to be the face of one of Nigeria’s youngest and most promising sectors — blockchain tech.
“As a tech enthusiast I am excited at the possibilities. The ecosystem needs careful nurturing by the government. My administration will be focused on building new bridges for the blockchain sector internationally and domestically, establishing trust with the public and unifying the sector. I enjoin all blockchain stakeholders in Nigeria, connected to Nigeria or of nigerian heritage to join hands together with my administration in building the industry of our dreams.”
The industry now looks forward to the handover ceremony in January 2026 and the initiatives the new SiBAN leadership will unveil to solidify the association’s role as a catalyst for innovation and a respected partner to the Nigerian government.
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