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Fintechs in Nigeria: eTranzact

The first generation of fintech companies in Nigeria was birthed out of a need to make digital payments accessible in the wake of the country’s GSM revolution. One of them, eTranzact, jumped on the opportunity early on.

Set up in 2003 by Valentine Obi, eTranzact is an electronic payment solutions company. They have provided the platforms needed to carry out cashless transactions.

Founded in 2003, eTranzact is an electronic payment solutions company. For over a decade, they have provided the platforms that public and private institutions need to carry out cashless transactions. Their services enable transactions on every portion of the e-payments turf, including internet, ATM, POS, and mobile.

The company was set up by Valentine Obi, an IT professional. He served as its CEO until 2018, when he was replaced by Niyi Toluwalope.

Products and Services

Etranzact currently provides solutions for businesses in a number of industries, including education, banking, travel and transportation, telecommunications, and the public sector.

Banking and Financial Markets

This company powers electronic cash and cheque payments between banks and their customers, whether they are individuals or corporate organizations. It also makes it possible for companies to pay and be paid by multiple parties at the same time.    

Education

Several dozen universities rely on the eTranzact payment card system for the collection of students’ fees. Students from subscribed institutions can pay their fees with a preloaded card. They can do this at any bank on the eTranzact platform.

Alternatively, they can utilize the PIN vending solution. Under this arrangement, they will receive a unique ID at the bank after making their payment there, and proceed to complete the transaction on the university’s online portal. 

Transportation

Airlines also leverage eTranzact’s reloadable card solution, which lets their passengers make payments through electronic channels. Thanks to this service, they can settle bills for impending flights from wherever they are, at any time they find convenient.  

This service works for air transport companies operating both local and international flights.

Telecommunications

By partnering with eTranzact, telecoms companies grant their customers access to mobile banking transactions. The telco service also lets them pay telephone bills through several channels: SMS, internet, ATM, and POS.

Public Sector

Government has had to comply with its own cashless policy. ETranzact spotted the opportunity in this, and has made itself a lead provider of electronic transaction services to the public sector. Its partnerships in this area has yielded a range of products, including e-ID cards, e-public transport cards, and tailor-made e-payments. 

The PocketMoni App

The PocketMoni app allows its users to pay bills, buy airtime, send and receive money, and manage cooperative society contributions. The app can be downloaded from the Google Play Store.

Featured image source: TechCabal

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Ikenna Nwachukwu

Ikenna Nwachukwu holds a bachelor's degree in Economics from the University of Nigeria, Nsukka. He loves to look at the world through multiple lenses- economic, political, religious and philosophical- and to write about what he observes in a witty, yet reflective style.

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