eTranzact To Utilize Blockchain Technology To Improve Banking Services.

By Tony Diuto

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eTranzact International Plc, seeks to utilize Blockchain Technology to reduce customer cost and improve data security for its customers.

eTranzact is a pioneer company in money transfer operating in Nigeria, Ghana, Kenya, Zimbabwe, Cote d’Ivoire, and UK.

According to the Guardian Newspaper reports, the Deputy Managing Director, eTranzact, Hakeem Adeniji-Adele, said the company is already negotiating possible means of integrating Blockchain Technology into its platform notwithstanding that the Central Bank of Nigeria (CBN) is still negative towards Blockchain Tech adoption. He also said; “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 has restructured its board in June 2018. The firm now focuses on improved governance structure through investments in infrastructure, products, resources and people to align properly with the future focus.

Toluwalope said eTranzact intends to play an active role in the electronic payment space by utilizing the Blockchain Technology to analyze and store data secure. “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, eTranzact is a licensed CBN money transfer firm with the capabilities of moving 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 also noted that eTranzact is in talks with SANEF to raise and train about 500,000 super agents towards enhancing the growth of financial inclusion nationwide.

Toluwalope said that eTranzact has moved a larger percentage of its processing to the cloud, to reduce bandwidth cost and capacity. Toluwalope also added that the fintech got shareholders approval for N7 billion capital raise in January as part of its expansion strategy.

The Chief Technology Officer, Henry David talked more about the cloud business moves of the firm. He said the solution is expected to help the firm scale its architecture of infrastructure in an intelligent manner, which will help to guarantee greater time, which is 99.5 per cent target. He said in the areas of Blockchain, eTranzact plans to collaborate with some global companies to merge its innovations and proprietary technologies with their ideas for improved business environment.

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