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According to Business Day, only 45 percent of Nigerians are banked. Similarly, the latest figures received from the Nigerian Communications Commission (NCC) indicate that there are 83 million active GSM lines in the country.

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Data from the Nigeria Inter-Bank Settlement System Plc (NIBSS) shows that the total BVN count as of January 16th, 2022 has reached 52.1 million. Against the Nigerian 200 million population, this figure shows a huge gap in financial inclusion between the banked and the unbanked in Nigeria.

Therefore there is a need to use technology as a tool to bridge the gap in financial inclusion, especially as regards SMEs.Financial inclusion is an important component that enables the growth of the Nigerian Economy and this is what Etranzact uses technology to achieve via its platform that powers payments and collections for both government and businesses on mobile devices.

ETranzact is one of the providers of mobile banking and payment services in Africa. Just like Interswitch, it is one of the first FinTech companies in Nigeria that came to solve the problem of helping businesses accept payment online. Obi Valentine founded Etranzact in 2003 with the vision to lead global providers of mobile transaction services via its mobile switching platform. Etranzact is one of the pioneers of electronic and mobile payment products and services to customers in Nigeria. It is one of the first fully operational multi-application and multi-channel electronic transaction switching and payment processing companies that is publicly quoted on the Nigeria Stock Exchange.

The platform empowers individuals and businesses with smarter, simpler payments for their diverse lifestyles and businesses. Its platform’s payment solution caters to the uniqueness and complexities of different corporate operations and can be customized to suit any business process.

Also, their solutions are secure, flexible, and thoughtfully designed to guarantee hassle-free payment acceptance and processing.

Etranzact’s product offerings include Switchit, pocketmoni, webconnect, payoutlet, corporate pay, bankit, mobile top-up, and cardlex cash. Etransact’s mobile money service in Nigeria, PocketMoni is a service offering that allows users to send and receive money and pay their bills, anywhere, anytime, via their mobile phones.

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Furthermore, businesses on its platform are guaranteed a trusted platform with 99.9% uptime, consumer insights, and analytics that provide a data bank for them to make informed business decisions. Etranzact can be trusted because it is ISO certified and operates with the highest security standards approved by the Central Bank of Nigeria. As a result, it strives to give customers the confidence with every transaction which is why it maintains the utmost payment, security, and risk standards.

Etranzact currently partners and has a real-time connection with over 50 commercial banks and 350 Microfinance Institutions across Africa. They are also a leading Third-Party Processor (TPP) for MasterCard in Africa. Also, the company is a major MTO (Made-to-order) hub in Africa, that provide both secure, convenient, and low-cost local and International funds remittance program in the continent. Consequently, it allows Africans in the diaspora to remit money back home. Etranzact has direct integration with Western Union, MoneyGram, HomeSend, TransferWise, and World Remit, among others.

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This article was first published on 3rd May 2022


I am an accomplished content creator and recently delved into technical writing. I enjoy using my skills to contribute to the exciting technological advances and create awareness of evolving technological trends in Nigeria.

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