Transactions on eTransact hit N1 billion
SOLA FANAWOPO
Monday, March 29, 2004

eTranzact, Nigeria’s premier, fully integrated electronic payment system has recruited many merchants on its platform with total transaction values in excess of one billion naira within nine months of operations in the country.
These merchants include Econet Wireless (Telco), Lagos State Water Corporation (Utility), Dangote (B2B), Mega Plaza (B2C), Western Pacific Limited, www.computerport.biz, www.xtaples.com. Other merchants where transactions will commence any moment from now include, Living Faith Church (Winners’ Chapel) and Covenant University.

eTranzact was conceptualised, designed and developed in Nigeria. It is the first fully integrated and operational mobile phone, B2B (Business to Business) and Internet payment system in Nigeria. It enables customers shop securely, effect money transfers online, pay bills, make purchases and buy airtime via the mobile phone, POS devices, Bank Outlets and the Internet.

“This“truly Nigerian electronic payment initiative has revolutionised transaction processing in Nigeria since its introduction. eTranzact no doubt is definitely the only functional electronic platform for genuine mCommerce and eCommerce in Nigeria today”, said Valentine Obi, Chief Executive Officer of the company.
According to him, eTranzact is the only multi-channel electronic payment system that facilitates financial transactions using the Internet, mobile (SMS & WAP), VoiceXML and bank outlets. While other payment solutions are restricted in their channels, eTranzact offers several choices and flexibility to prospective users.

He said eTranzact makes it possible for every subscriber to have some peace in a tension-prone world. “This is because of its open architecture which makes it highly scalable and its inbuilt features which include security, convenience, modularity, inter-operability, user-friendliness, reliability and dependability,” he added.

Obi said the exploits of the platform are not limited to Nigeria. According to him eTranzact has been successfully deployed and is now fully operational in Zimbabwe while plans have been concluded to introduce eTranzact to other African countries like South Africa, Botswana and Ghana, in the second and third quarters of this year.

“ Other African countries like Kenya, Zambia, Namibia and Malawi are scheduled for next year.“eTransact is fully incorporated in UK, USA and Latin American countries. Interestingly we are starting a pilot in Mexico in the third quarter,” Obi further disclosed.
He also disclosed that eTransact has become a foreign exchange earner for Nigeria as Nigerians are sent to those countries as expatriates to set up and man eTranzact operations there.
He said eTransact was the first African IT product to receive Computer World Honors Award On 6th April 2004, at Silicon Valley, San Francisco, California, USA. The product won the prestigious Computer World Honors Award.

According to him, eTrasact received medal of achievement for innovative and visionary use of Information Technology to promote positive, social, economic and educational change.