Afrobility: Africa Tech and Business #75: eTranzact - How Nigeria's pioneering payments and switching platform is serving businesses and governments across Africa
Overview: Today, we’re going to explore eTranzact - the African payments and switching platform. We’ll discuss the story across the following areas:
First, Nigerian payments context
Second, eTranzact's early history
Third, Product & monetization strategy
Fourth, Competitive positioning
Fifth, Overall outlook
This episode was recorded on Feb 11, 2024
Companies discussed: eTranzact, Interswitch, Unified Payment Services Limited (UPSL), Systemspecs (Remita), Paystack, Flutterwave, Moniepoint, Paga, OPay, MTN & Airtel.
Business concepts discussed: Mobile money, Payments Collections, Payments ecosystem, payments partnerships strategy, card networks, payments infrastructure, low-end disruption, banking regulation & payments M&A strategy
Conversation highlights:
(00:57) - What is eTranzact and why we’re talking about it
(07:43) - Context of Nigeria’s payment sector before eTranzact
(16:45) - eTranzact founding story
(35:46) - Growth and geographic expansion
(45:10) - Product strategy
(01:02:56) - Monetization strategy
(01:20:41) - Competition
(1:31:10) - Bankole’s overall thoughts and outlook
(1:34:38) - Olumide’s overall thoughts and outlook
(1:43:20 - Recommendations and small wins
Olumide’s recommendations & small wins:
Interested in investing in Africa Tech with Olumide: Read about Adamantium fund & contact me at olumide@afrobility.com. Founders looking for funding: If you're a B2B founder working on Education, Health, Finance or food, please contact me for funding at olumide@afrobility.com
Checkout my FIREDOM book = FIRE (Financial Independence, Retire Early) + Freedom = personal finance and financial independence book. Website, Read: Substack Newsletter & Buy: Print, eBook or Audiobook)
Recommendation: Never Enough (Loren Allred). Incredible. I can listen to it on repeat for the whole day.
Recommendation: La Bachata (Maniel Turizo). Dope shit.
Recommendation: "Someone You Loved". Not the original but a fabulous cover. Best line, "I was getting kinda used to being someone you loved". Listen to the 3rd verse when they sing simultaneously. Incredible!
Recommendation: A Million Miles Away movie. It is a biographical drama film about the life of José Hernández, a Mexican-American migrant farm
Small win: Booked Cirque Du Soleil show. Looking forward to it.
Bankole’s recommendations & small wins:
Recommendation: Comma - Burna Boy && Wolfram|Alpha as the Way to Bring Computational Knowledge Superpowers to ChatGPT
Small win: Clean shaven + the Nigerian AFCON semifinal win only to lose in the final a few hours after recording :(
Other content: History of Web Acquiring in Nigeria && Atlas Copco on Invest Like The Best && An Empirical Examination of Why Mobile Money Schemes Ignite in Some Developing Countries but Flounder in Most
Listeners: We’d love to hear from you. Email info@afrobility.com with feedback!
Founders & Operators: We'd love to hear about what you're working on, email us at info@afrobility.com
Investors: It would be great to link up with you. Contact us at info@afrobility.com
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