LAGOS (Sundiata Post) – One of Nigeria’s financial technology companies, Etranzact’s 2016 Q1 result reveals that its profit for the quarter dropped by 2.6%. The company’s gross revenue actually rose from N2 billion same quarter last year to N2.2 billion.
Its cost of sales went up to N 1.6 billion compared to NGN 1.5 billion. To boost its sales, the company slightly increase its sales and marketing expenditure to NGN 37.9 million compared to NGN 34,2 million it expended in 2015 of the same quarter. The company’s cash reserve dropped to NGN 2.7 billion compared to NGN 3 billion it held in the same quarter last year.
Etranzact is playing in the financial technology sector competing with Interswitch, Paga and other payment verticals