Transaction Solutions (Ghana) Limited (TranSol) was incorporated in July 2002 as a private company limited by shares. TranSol is one of Ghanaâ€™s premier Information Technology and Electronic Transactions Solutions companies. It provides prepaid utility and telecommunication, Electronic File Transfer (EFT), third party payments, and bank switching and retail PoS services. In February 2003, TranSol signed a contract with Scancom Ghana Ltd, operators of the Areeba GSM network to act as sole service provider of Electronic Recharge Vouchers. This service went live at the end of February 2003.
The company has also been appointed one of the key distributors of all Areeba products. The company has signed an agreement with Shell Ghana Limited to set up outlets at Shell locations across the country for direct retailing of products from all mobile phone networks and other services that will bring benefit to both companies. These outlets are referred to as ezi shops.In partnership with Ecobank, TranSol is also installing Automated Teller Machines (ATMs) at various locations to provide convenient services to all VISA customers. These ATMs have been branded ezi cash and can be located at selected Shell Filling Stations and prominent supermarkets nationwide.
TranSol was converted into a public limited liability company on May 12, 2006 and was officially listed on the Ghana Stock Exchange after a successful public floatation of 20,000,000 ordinary share of no par value at Â¢1000 per share.The company has witnessed very significant improvement in its financials registering rapid growth in its revenues since it started operation in 2003. Revenue was up from Â¢8.0 billion in 2003 to Â¢36.7 billion and Â¢193.0 billion for 2004 and 2005. These represent 353% and 426% annual growth rates for 2004 and 2005 respectively.
Even though TranSol recorded a loss of Â¢597.8 million in 2003 (1st year of operation) the company recovered significantly in the subsequent years recording a net profit after tax of approximately Â¢556.8 million in 2004 and Â¢5.9 billion in 2005. The balance sheet has been strengthened over the period with fixed assets improving from Â¢1.1billion in 2003 to Â¢6.2 billion in 2005. Total assets have followed suit increasing from almost Â¢2.5 billion in 2003 to Â¢21.1 billion in 2005. Shareholders fund also went up from about Â¢2.0 billion in 2003 to about Â¢5.6 billion in 2005 due to improved profitability. People who work for the company are likely to enjoy a good quality of life.
They are given appreciably high salaries, and are well trained to offer consistent and good service to customers.Overall the company is into innovative products and services that have the potential of meeting customer and market needs. The future economic prospects for the company are generally positive.