e-tranzact to Raise N7bn Capital before December

By August 10, 2019 Investment News, NEWS

e-tranzact International Plc has said plans are in place to conclude its N7 billion capital raise before the end of 2019 financial year.

Speaking at a media interactive session in Lagos, Managing Director, e-tranzact International Plc, Niyi Toluwalope, said that it is working with a private consortium on the capital raise and awaiting the nod of the Nigeria Stock Exchange (NSE) and the Nigeria Communications Commission (NCC).

Toluwalope further explained that the capital raise of N7 billion was to ensure improvement, considering the need for the company to expand its operations, deepen its market share and remain competitive in the financial technology industry.

He said: “The capital to be raised would be used to upgrade and enhance the company’s technology infrastructure and network security systems and also to improve on its service delivery.

“The injection of additional equity would enable the company’s management to strategically maintain the company’s leading position within the electronic payment industry.”

Read more: Daily Trust