eTranzact to grow customer base by 50 per cent next year
The Chief Operating Officer of eTranzact (a payment aggregator in the country), Mr George Babafemi, is optimistic his outfit will grow its customer base by 50 per cent next year.
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He said the company, having recognised the positive trend in the market, had taken several strategic steps to provide innovative solutions to meet the requirements of the government and the public sector.
Speaking to the Graphic Business in Accra, Mr Babafemi said Africa especially Ghana, was increasingly embracing the electronic payment and switching service in the world.
“The company began operations in the country nine years ago with only one financial institution, but now can boast of 23 financial firms, and we are very optimistic the company will increase its customer base by about 50 per cent next year,” he said.
“We offer solutions such as electronic wage payment and payment for other services, allowing these processes to be centralised and managed more effectively. These public sector institutions are also able to collect bills electronically,” he said.
Need for cashless society
He said the country was moving away from a physical cash economy to a cashless electronic money system, thereby averting the security risk of moving around with money.
He noted that if government wanted to reduce the usage of physical cash in the country, the way forward was to embrace electronic payment system, adding that a cashless society will be of enormous benefit to Ghana.
According to him, apart from increased efficiency in making payments, a cashless economy will enhance better information on payment transactions for policy making and attract more people into the formal banking sector.
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He said the introduction of such a system would go a long way to reduce the number of ghost names on government payroll and encouraged staff that were paid through the government pocket to register with the electronic switching (e-zwich) smart card systems for the payment of their salary.
“This should form part of government’s efforts to improve on the management of public sector and also help reduce the cost involved in dealing with money,” he added.
Focus on eTranzact
The eTranzact is an Information Computer Technology (ICT) company whose core business is payment and transaction switching. The company has operations not only in Ghana but Cote d’Iviore, Nigeria, Zimbabwe, South Africa and the United Kingdom.
The company started operations in Ghana in 2006 and is currently one of the leading companies in the electronic payment industry. It has provided direct and indirect employment for people across all strata of the economy, fot skilled and unskilled professionals within these markets.
In expanding across Africa, the company has not underestimated the diversity across the various markets. The company has also partnered with local promoters to obtain a better understanding of the local market and enable the company to better navigate the legal and regulatory terrain.
“Our vision is to be the leading global provider of electronic transactions services, leveraging off their award-winning mobile switching platform,” Mr Babafemi said.
Company’s operations
He said the company operated a multi-channel and multi-application payment platform that provided a secure, convenient and cost effective means to make and receive payments.
“Using this system, eTranzact is able to provide a consistent product and service across the markets in which it operates, centred around the company’s values,” he said.
Explaining further, the chief operating officer said the company’s platform enabled users to pay for goods and services purchased from merchants, transfer funds to bank accounts, cell phones, cards and payment of bills, in addition to other applications, in real time.
“The multi-channel capacities of the eTranzact platform enable seamless payment via a variety of electronic media, including the Internet, mobile phones, POS devices and ATMs,” he added.
He said a significant number of the company’s customer base comprised firms spanning from the financial services industry to the public sector.
“The company is currently in partnership with a number of institutions of higher learning in the country, government agencies and department, banks, ICT companies, aviation companies and a variety of other organisations across the various markets in which it operates,” he added.
