Chams HoldCo Reports Strong SIM Card Revenue Growth, Faces Delays in Cross-Border Payment Rollout

Chams Holding Company Plc has released a corporate disclosure detailing the performance and strategic developments of its subsidiaries, Cardcentre Nigeria Limited (CCNL) and Chamsswitch Nigeria Limited, as part of its ongoing business solutions rollout.

According to the statement issued on August 25, 2025, CCNL has recorded significant revenue growth following its expansion into SIM card manufacturing for telecommunications providers. The initiative, which began in 2021 under a joint venture with Beijing Huahong IC Design Co., Ltd., marked a major milestone with its first purchase order from MTN in December 2021. Production and delivery commenced in August and September 2022. The company’s facility, located at 8 Louis Solomon Close, Victoria Island, Lagos, has since become a hub for high-volume manufacturing. Revenue figures reflect the success of this venture, with ₦419 million recorded in 2022, ₦1.398 billion in 2023, and a remarkable ₦4.9 billion in 2024. Chams attributed this growth to CCNL’s commitment to quality, innovation, and customer satisfaction.

In contrast, Chamsswitch Nigeria Limited has faced setbacks in its cross-border payment solution, launched in partnership with UnionPay and Wema Bank in July 2024. Despite initial optimism, the commercial rollout has been delayed due to unforeseen technical challenges. As a result, the anticipated revenue stream from the project has yet to materialize. The Chamsswitch team is currently working to resolve these issues and is expected to present a revised implementation plan in the near future.

The disclosure also reaffirmed Chams HoldCo’s dedication to transparency and stakeholder engagement. The company emphasized its commitment to providing regular updates to shareholders and investors as developments unfold. The board of directors, chaired by Sir Demola Aladekomo and led by Group Managing Director Mrs. Mayowa Olaniyan, includes a diverse team of seasoned professionals guiding the company’s strategic direction.

Celebrating its 40-year journey, Chams Holding Company Plc expressed optimism about its future, citing resilience and innovation as key drivers of continued growth and expansion. The company remains focused on navigating challenges while delivering value across its business verticals