eTranzact International Plc reported a 22.6% revenue growth to N16.28 billion for the first half of 2026, driven by expansion in its agent banking and POS networks. However, profitability declined, with profit after tax falling as rising costs outpaced revenue gains. Operating profit dropped 23.2% to N1.59 billion due to increased administrative expenses and costs of sales. The company also faces structural headwinds from the reduction in NIBSS payment switching fees and negative operating cash flow, alongside an ongoing legal case involving alleged fraudulent platform transactions. Additionally, Trademarks Global Concepts Limited has emerged as the company’s majority shareholder with a 56.18% stake.

The Federal High Court in Abuja has ordered 12 commercial banks and six fintech platforms to freeze 69 accounts linked to an alleged N1.39 billion fraud on the eTranzact International Plc platform. The court granted the ex parte motion filed by the Inspector-General of Police following reports of database penetration and unauthorized transaction manipulation. While eTranzact has managed to recover N181 million, the majority of the funds remain outstanding, prompting this legal move to prevent further dissipation of assets.

Nigeria’s listed technology companies recorded a 75 percent surge in combined capital expenditure to N3.23 billion in the first half of 2026. Data from six firms, including Chams, CWG, and eTranzact, shows total cash and cash equivalents nearly doubled to N37.8 billion. Despite the rise in expenditure, the sector’s aggregate CAPEX-to-cash ratio declined as cash accumulation outpaced investment. Analysts note that firms are now prioritizing internal cash generation over expensive external financing, with varying strategies ranging from Chams’ infrastructure-heavy expansion to the asset-light models adopted by companies like CWG and eTranzact.

eTranzact International Plc reported a 19 percent decline in profit after tax to N1.22 billion for the half-year ended June 30, 2026, down from N1.51 billion in the same period last year. While revenue grew 23 percent to N16.28 billion, profitability was pressured by a 39 percent surge in the cost of sales to N9.50 billion and a 22 percent increase in administrative expenses. Consequently, operating profit dropped 23 percent to N1.59 billion. Despite the earnings decline, total assets rose 54 percent to N39.02 billion, though the company recorded a negative cash flow from operating activities of N6.86 billion compared to a N1.14 billion surplus in the prior year.