eTranzact targets blockchain tech for cost reduction, data security


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Pioneer electronic payment company, eTranzact International Plc, which operates in Nigeria, Ghana, Kenya, Zimbabwe, Cote d’Ivoire, and UK, is targeting the Blockchain technology to reduce customer cost and improve data security.

 

Speaking with journalists in Lagos, on Tuesday and as reported on Guardian, the Deputy Managing Director, eTranzact, Hakeem Adeniji-Adele, noting that although the Central Bank of Nigeria (CBN) is still not sure of the Blockchain technology, “for us, we have started discussion around it, even with some global players. Blockchain is cloud enabled. Cloud has opened up our borders. CBN is discussing borderless payment right now with different banks, so we decided to look at ways to reduce customer cost and improve security, especially with cloud payments.

 

“We planned to become switching company of first because we are in the business of empowering startups and for us, such investments in Blockchain technology will democratise our businesses,” he stated.

 

Managing Director/Chief Executive Officer Niyi Toluwalope, said the firm went through board re-organisation in June 2018, to focus on improved governance structure through investments in infrastructure, products, resources and people to align properly with the future focus.

 

Toluwalope said the firm intends to play actively in the Fintech and electronic payment space, as it is developing a Blockchain technology through new big data strategy and analysis with data fast becoming the new oil, and power, which must be tapped accordingly. “Data means a lot to us as a company, the Central Bank of Nigeria (CBN), data analysts and others. We try as much as possible to make the data relevant to those who will need them and interested in what we do,” Toluwalope stated.

 

According to him, as a licensed CBN switching firm, eTranzact has the capacity to move money from bank accounts, “so rather than the smaller Fintech companies going to raise the money or build the resources, we are positioning ourselves in the centre so that any of them that has raised money to build a platform can plug into our system and consummate their transactions.” He said eTranzact is also working with SANEF in the drive towards raising and training about 500,000 super agents towards deepening financial inclusion nationwide.

 

To ensure flexibility of its services, Toluwalope said the fintech has moved larger percentage of its processes to the cloud, to reduce bandwidth cost and capacity, adding that as part of the expansion strategy, it got shareholders approval for N7 billion capital raise in January.

 

The Chief Technology Officer, Henry David, reminded that as a fintech, all the solutions eTranzact had churned out thus far are proprietary to it. Talking more about the cloud business adventure of the firm, David said the solution is expected to help the firm scale its architecture of infrastructure in an intelligent manner, which will help to guarantee optimum time, which is 99.5 per cent target. He said in the areas of Blockchain, eTranzact planned to work with some global companies to merge its innovations and proprietary technologies with their ideas for improved business environment.

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