Nigeria’s leading provider of integrated identity management and digital payments solutions Group, Chams Plc, has changed its Nigerian Exchange (NGX) listing to a holding company.
The company’s Group Managing Director (GMD), Gavin Young who made this know during a chat with newsmen in Lagos, explained that Chams Plc started the process last year to meet requirements for the renewal and recapitalisation of Mobile Money and Switching payment licenses.
He said: “Part of the requirements of the Central Bank of Nigeria (CBN) was for Chams to change its listing to a non-operating holding company, which we have now successfully achieved. This change takes immediate effect, and we will now be known as Chams Holding Company Plc.”
Speaking further on the change, he noted that 2022 was a major year for the now Chams Holding Company, adding that Chams Plc is the majority stakeholder in two major Central Bank of Nigeria payment licences via subsidiaries, ‘ChamsSwitch Limited and ChamsMobile Limited.’
Young however noted that listing as a Holding Company means they are focusing on existing subsidiaries and business assets to build shareholder value, whilst incubating and growing other businesses within their subsidiaries, and creating new subsidiaries as part of the Holding Company structure.
“The Group has focused primarily on growing its consumer and business digital payment solutions whilst also expanding other potential and current investments in the digital space, to ensure sustainable value for our stakeholders. All our businesses have returned improved performances, promising growth, and good value, and we are working hard to ensure this continues”, the GMD stated.
On her part, the Managing Director, ChamsMobile Ltd, Mayowa Olaniyan disclosed that the fintech subsidiary recently recapitalised, which has positioned the company to roll-out its anticipated fintech products.
“In our concerted efforts to rapidly grow our financial inclusion services through Mobile wallets and agent financial services, ChamsMobile recapitalised to N2bil, acquired, and implemented systems and operational infrastructure, commenced the roll-out of our KEGOW Mobile Money wallets and Financial Agent services strategy towards being a leading Mobile money Fintech payments company, providing consumer and SME mobile digital payment services across Africa”, Olaniyan stated.
