Chams Holding Company Plc has provided fresh updates on two of its subsidiaries — CardCentre Nigeria Limited (CCNL) and Chamsswitch Nigeria Limited — highlighting both impressive growth and ongoing challenges.
Strong Growth from CardCentre Nigeria Limited (CCNL)
CCNL, which ventured into SIM card production in 2021 through a joint venture with Beijing Huahong IC Design Co., Ltd., has seen remarkable progress. Its first major breakthrough came in December 2021 with a purchase order from MTN, one of Nigeria’s largest telecom operators.
Production and delivery kicked off between August and September 2022, and the company’s revenue numbers tell a clear growth story:
₦419 million in 2022
₦1.398 billion in 2023
₦4.9 billion in 2024
This surge underscores CCNL’s growing importance in Nigeria’s telecom supply chain and its commitment to innovation and quality. The company operates out of a modern facility located at 8 Louis Solomon Close, Victoria Island, Lagos.
Chamsswitch Nigeria Limited Faces Delays
On the other hand, Chamsswitch, which is focused on digital payments, has hit some speed bumps. In July 2024, it launched a partnership with UnionPay and Wema Bank to power cross-border payments.
However, after the launch, several technical issues emerged, delaying the commercial rollout of the project. As a result, the much-anticipated revenue stream has not yet materialized. The Chamsswitch team has assured stakeholders that it is working on solutions and will present a forward-looking plan soon.
The Bigger Picture
While CCNL has delivered a strong success story in just a few years, Chamsswitch’s delay is a reminder of the complexities in Nigeria’s fast-evolving fintech space. Investors and industry watchers will be keeping a close eye on how quickly Chamsswitch can resolve its challenges and unlock new revenue opportunities.
