eTranzact targets to raise N7bn from ongoing Rights Issue

eTranzact is targeting to raise N6.99billion from its existing shareholders in its ongoing Rights Issue which opened on Tuesday July 14.

The company is offering its existing shareholders 4,666,666,667 ordinary shares of N0.50 each, at N1.50 per share.

The Rights Issue is on the basis of ten (10) new ordinary shares for every nine (9) ordinary shares held as at March 25, 2020.

The acceptance list for the Rights which opened on Tuesday July 14, 2020 closes on Monday August 10, 2020.

eTranzact is Nigeria’s premier payment processing platform.

The company’s home grown Switch with its processing power activates its partners to drive billions of dollars in transactions yearly through its card, and direct from bank account gateways.

Shareholders of the company had last year given approval for the board of directors to raise additional capital to boost its operations.

The decision to raise additional capital became imperative considering the need of the company to expand its operations, deepen its market share and to remain competitive in the financial technology industry.

The capital to be raised will be used to upgrade and enhance the company’s technology infrastructure and network security systems and also to improve on its service delivery. The company will also invest in its agent network expansion programme, human resources and employee development.