Chams becomes a holding company and increases shareholder value

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Chams Plc is now a holding company having successfully changed its listing on the Nigerian Exchange (NGX) more than 37 years after its establishment. Chams is one of the leading fintech and indigenous digital payments solutions group in Nigeria

Chams is the 20th most traded stock on the Nigerian Stock Exchange in the past three months (May 17 to August 16, 2022), trading a total volume of 186 million shares in 947 trades worth 45.8 million naira over the period, with an average of 2.95 million shares traded per session.

At a press conference in Lagos yesterday, the company’s Group Chief Executive (GMD), Gavin Young, said Chams Plc had started the process in 2021 to meet its license renewal and recapitalization requirements Mobile Money payment and Switching.

“Part of the demands 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 done. This change is effective immediately and we will now be known as Chams Holding Company PLC,” Young said.

The GMD further noted that 2022 is a major year for the current Chams Holding Company, adding that “although the migration to a HoldCo has been a major part of our Consumer-Africa-Digital (CAD) 2024 Unicorn vision, led by our Founder and Chairman Mr. Demola Aladekomo and our esteemed Board of Directors in 2020, he was also commissioned by the CBN, due to the fact that Chams Plc is the majority shareholder of two main CBN payment licenses through its subsidiaries ChamsSwitch Limited and ChamsMobile Limited.

According to Young, “Listing as a holding company means that we focus on our existing subsidiaries and business assets to create shareholder value, while incubating and growing other businesses within our subsidiaries, and also creating new subsidiaries as part of the holding company structure.”

In her remarks, ChamsMobile Ltd Managing Director Mayowa Olaniyan revealed that the fintech subsidiary recently recapitalized, positioning the company to roll out its planned fintech products.

“In our concerted efforts to rapidly scale our financial inclusion services through mobile wallets and agent financial services, ChamsMobile has recapitalized N2 billion of acquired and implemented systems and operational infrastructure, and began rolling out our KEGOW Mobile Money Wallets and Fiscal Agent Services strategy. with a view to being a leading mobile money fintech payments company, providing mobile digital payment services to consumers and SMEs across Africa,” Olaniyan said.

For his part, the managing director of ChamsSwitch Ltd, Emmanuel Ojo, revealed that the switch subsidiary had made significant progress, which he attributed to a recent N2 billion recapitalization.

Considering the impact of ChamsAccess on the market, the subsidiary’s Managing Director, Dumebi Obodo, said: ChamsAccess introduced new innovative digital solutions in 2021, while continuing to develop our strong historical businesses.

“For example, through our new Pension Central digital platform, we have over 300 major customers on the platform and have processed over N4 billion in transaction value. Other digital solutions such as Argone and instant financial card issuance have all seen increased market penetration and promising growth,” he pointed out.

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