Chams gets Payment Service Holding Company license by CBN

Chams HoldCo, an Identity management and digital payment solutions provider has been awarded a Payments Service Holding Company (PSHC) license by the Central Bank of Nigeria (CBN), due to the major payment licenses within the company.

While speaking on this achievement, Mayowa Olaniyan, Group Managing Director (GMD) Chams HoldCo stated, “Chams HoldCo was granted the PSHC license on Friday, January 13, 2023 by CBN and also renewed both Switching, and Mobile Money Operators (MMO) licenses for the subsidiaries. The need for the PSHC license is to establish a business institution that will further increase the pivotal role of the company in the payment industry across Africa and ensure global relevance”.

She further reiterated the Chams HoldCo’s efforts towards improving performance and increasing value for her investors.

According to Mayowa, “Chams HoldCo has a primal focus of growing its consumer and digital payments solution as it expands other potential and current investments in the digital space”.

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She further added, “We have significantly improved the value of our assets at Chams HoldCo. Chamsswitch Limited, for example, has partnered with 3 major card schemes for card processing and has implemented two robust B2B products called Kardit and PelPay. This has tremendously increased its transactional payment volumes. Similarly, Chamsmobile Limited is one of the foremost MMOs in Nigeria, operating under the brand name Kegow.”

Mayowa also noted that other subsidiaries such as Card Centre Nigeria Limited (CCNL), has expanded its business and secured a major partnership deal which has led to the acquisition of substantial SIM card production businesses. Chamsaccess Limited has also been making tremendous waves as a major supplier of instant card issuance machines to the banks, and driving the development of new digital solutions, particularly under Argone and Pension Central brands.
“We are very grateful to the Central Bank of Nigeria for certifying and granting Chams such a prestigious payments license. I want to reaffirm our commitment towards continuously driving innovative FinTech solutions into the market, both in Nigeria and beyond, whilst increasing value for all our stakeholders,” the GMD said.