Business

Chams HoldCo embarks on corporate expansion to drive profitability

From left, Non- Executive Director, Chams Holding Company, Alhaji Yusuff Modibo; Group Managing Director, Mayowa Olaniyan; Chairman, Sir Demola Aladekomo; Company Secretary, Yetunde Emmanuel; Non-Executive Director, Muhammed Bashir-Yunusa; Non-Executive Director, Chijioke Ugochukwu and Mr Non- Executive Director, Dumebi Obodo, during the Annual General Meeting (AGM) of Chams HoldCo PLC in Lagos at the weekend

A leading fintech company, Chams Holding Company PLC, has embarked on corporate expansion to promote organic growth, boost earnings and deliver shareholder value.

Despite the inclement operating environment, the Company’s revenue increased by 92 per cent to N9.6 billion from N5 billion in 2022 while the total assets were up by 16 per cent to N19 billion in the review period.

Addressing the shareholders at the Company’s Hybrid Annual General Meeting (AGM) at the weekend l, the Chairman, Sir Demola Aladekomo, explained that Chams HoldCo Plc was poised to mobilize more funds for expansion to boost profitability.

“Looking back on 2023, Chams Group can say that despite the challenging economic climate and obstacles encountered at every turn, it persevered and introduced several cutting-edge digital solutions. Our share prices achieved its highest growth to N2.44. NGX recognized our shares as the second-best-performing stock on NGX due to their stellar performance as frontline financial technology.

“One of our major plans for 2024 is the Fundraising. The funds generated will be rightly invested in the company to generate profit for the Group, so our shareholders can start receiving dividends for their investments soon. We aim to increase the production capacity of CardCentre, which will lead to more profit for the Group. ChamsSwitch also projects a partnership with a financial institution to execute her partnership with UnionPay. Our subsidiaries have also laid down various plans for the growth and progress of the Group. It is sufficient to say that 2024 will be an outstanding year for the Chams Group,” said Aladekomo.

Corroborating him, the Group Managing Director, Mrs.Mayowa Olaniyan, noted that the revenue generation potential of Chams Group was boosted by the digital solutions of its subsidiaries, especially for the Pension Fund Administrators (PFAs).

“This is a clear testimony that their digital solutions are impressive, providing innovations that ease the administration of pensions in Nigeria through a seamless and secured remittance system divulged from what was obtainable from traditional banking systems in the past. ChamsAccess continues offering other valuable services to its vast clientele, including cash management and cybersecurity solutions, which contributed more than 54% of Group revenue for the year.

ChamsSwitch Ltd continued to focus largely on the corporate customer business segments, e-commerce payments, remittances, and bank card processing. It leveraged its existing digital solutions and focused on creating further partnerships locally and internationally, such as its ongoing collaboration with UnionPay International from China. The subsidiary contributed not less than 25 per cent of Group revenue in the year.

CardCenter Nigeria Ltd, a leading smartcard personalization company in Nigeria, continued to improve revenue generation unfettered through its engagement with corporate clients in the financial services sector, governments, telecoms, healthcare, and energy sectors. Its strategic alliance education-formed in 2022 has led to its improved financial performance, securing orders from some of the biggest telecom companies. The subsidiary contributed 11.5 per cent of Group revenue in the year.

ChamsMobile Ltd continued its foray into the fintech sector, promoting its personalized banking platform KEGOW, which provides mobile wallet services. This offers seamless e-payment services for the masses in every facet of life. This company provided about nine per cent of the Group revenue in the year.

“The Group is relentless in delivering international digital solutions to solve the most pressing problems for our society thereby serving continental dishes with a local candor. Whilst returning to profitability is important to us, we value providing innovative solutions to contemporary problems above every other objective,” explained Olaniyan.

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