Meet Niyi Toluwalope: Nigerian executive leading $140 million payments firm eTranzact

Nigerian top executive, Olaniyi Toluwalope is leading one of the country’s longest-standing digital payments companies at a time the continent is leaning harder on cashless transactions.

As managing director and chief executive of eTranzact International Plc, he oversees a firm valued at about N188.6 billion ($140 million) on the Nigerian Exchange (NGX). 

A seasoned, results-driven fintech professional, his path to the top of the Lagos-based payments processor reflects more than two decades in finance, spanning Wall Street and corporate advisory roles.

From global finance to African fintech 

Toluwalope’s career spans more than two decades across investment banking, corporate finance and technology-driven financial services. He began his professional journey in the United States, working in roles across major Wall Street institutions, including JPMorgan Chase, Citigroup and Credit Suisse. 

He also worked with PricewaterhouseCoopers (PwC), advising on financial reporting and corporate advisory assignments. During this period, he worked on mergers, acquisitions and capital-raising transactions for large multinational companies, including firms such as General Electric, Boeing and others in manufacturing, defense and energy. 

He holds a bachelor’s degree in accounting and an MBA from the University of Virginia Darden School of Business. While at Darden, he earned academic recognition and took on leadership roles, including mentoring junior students preparing for investment banking careers. 

Toluwalope, leading change at eTranzact 

Since taking leadership of eTranzact International Plc, Toluwalope has focused on strengthening operations and expanding the company’s role in Nigeria’s payments infrastructure. 

The company, founded in 2003 by Valentine Obi, operates a multi-channel switching platform that processes transactions across point-of-sale systems, mobile channels, web platforms, ATMs and card services. It also provides software development and system maintenance services to financial institutions and corporate clients. 

Under his leadership, the company began to reposition itself, focusing on improving its core infrastructure and expanding its services. The effort did not go unnoticed. In 2019, he was named among Nigeria’s top 25 CEOs by the Nigerian Stock Exchange and BusinessDay, while eTranzact received an award for corporate turnaround and transformation.

Public sector partnerships and industry engagements 

In recent years, eTranzact has expanded its work with public institutions and private sector partners on digital infrastructure projects. 

The company serves as technology provider for the Military Pensions Board’s digital verification system for pensioners, launched on July 1, 2024. The system is designed to reduce manual processing and speed up verification for military retirees across Nigeria. 

Toluwalope has also spoken publicly about the need for continued investment in payment infrastructure, arguing that broader access to digital financial tools depends on reliable systems and stronger technical capacity across the sector. 

Beyond payments infrastructure, eTranzact has participated in industry discussions around artificial intelligence and small business development. The firm partnered with the Enterprise Development Centre of Pan-Atlantic University on a study examining how Nigerian small and medium-sized enterprises are preparing for AI adoption. 

It has also taken part in regulatory and tax technology discussions, including an e-invoicing workshop held in Abuja with the Nigeria Revenue Service (NRS), bringing together regulators, business leaders and technology providers. 

The company has also supported cybersecurity awareness campaigns, encouraging safer digital practices among customers and the wider public.

Company profile and financial performance 

eTranzact International Plc began operations in 2003 as one of Nigeria’s early electronic transaction switching companies. It has grown into a regional payments platform operating in Nigeria, Ghana, Kenya, Zimbabwe, South Africa, Côte d’Ivoire and the United Kingdom. 

Its services span transaction switching, mobile payments, merchant services and back-end processing for financial institutions. The company reports more than 700 partners and hundreds of millions of processed transactions over its operating history. 

In its latest unaudited results on the Nigerian Exchange, eTranzact reported revenue of N29.8 billion ($22.14 million), up slightly from N29.5 billion ($21.9 million) in the previous year. Gross profit rose to N14.17 billion ($10.53 million) from N11.38 billion ($8.45 million) over the same period. 

While competition in Nigeria’s payments sector has intensified, the company continues to position itself around infrastructure reliability and long-term partnerships with banks and public institutions.