Transcorp Power CEO Ezeafulukwe Says Digital Payments Reshaping Nigeria's Power Sector
- The Managing Director and CEO of Transcorp Power Ltd has provided insight into how digital payment methods is reshaping Nigeria's power sector
- One of the transformations highlighted is that it has facilitated smoother transactions, enhanced liquidity, reduces losses in the distribution network
- Transcorp Power Limited, the power subsidiary of Transnational Corporation Plc (Transcorp Group), is a leading player in the Nigerian power sector
PAY ATTENTION: Сheck out news that is picked exactly for YOU ➡️ click on “Recommended for you” and enjoy!
Christopher Ezeafulukwe, the Managing Director and CEO of Transcorp Power Ltd has highlighted the transformative power of digital payments in Nigeria's power sector.
Speaking at the recent Power & Water Nigeria Exhibition & Conference in a panel discussion titled "the evolving industry landscape to manage liquidity and boost secured digital payments" Ezeafulukwe noted that the proliferation of digital payments in the sector is helping to improve liquidity and address consumer concerns.
Source: Facebook
The Transcorp Power CEO also explained that the flow of electricity starts with Generation Companies (Gencos) selling electricity to the Nigerian Bulk Electricity Trading Plc (NBET), which then sells it to Distribution Companies (Discos).
His words"
PAY ATTENTION: Follow us on Instagram - get the most important news directly in your favourite app!
"Digital payment solutions have facilitated smoother transactions and improved liquidity"
"Additionally, digital payment platforms facilitate timely payments and reduce losses in the distribution network.
" However, challenges persist, including the need for increased awareness, customer enlightenment, and consumer cooperation."
Nigeria power sector metering challenges
Regarding metering challenges, the Transcorp Power MD/CEO acknowledged that proper enumeration is essential for effective metering.
With accurate enumeration, distribution companies can plan better, determine the appropriate number and types of meters, and enhance collection.
He stressed the importance of consumer cooperation in making the metering system work, as some consumers resist metering due to electricity theft or underpayment.
Ezeafulukwe, however, commended the progress made in metering and collection through digital channels, with some distribution companies now receiving over 90% of collections through digital platforms.
He emphasized the need for continued investment, customer enlightenment, and incentives to promote digital payment adoption and efficient metering further.
Transcorp Power MD said:
"Digital payments bring numerous benefits to the power sector. They offer convenience, reliability, and accountability for consumers, allowing them to pay for what they consume and manage their resources more efficiently."
Ezeafulukwe also added that energy-efficient appliances and devices are encouraged for cost and energy saving.
He further stressed that with a collective commitment from all stakeholders, Nigeria's power sector can continue to leverage digital payments for a more efficient and sustainable future.
Elumelu's wife buys more Transcorp shares
In another report, Awele Elumelu, the wife of Tony Elumelu, has bought N6 billion worth of shares in Transcorp.
The investment makes her the third-largest shareholder, which helps the family have a firm grip on the company.
Transcorp Group is one of Nigeria's leading Conglomerates with investments in the hospitality, power, and oil & gas sectors.
Source: Legit.ng
