Chams Plc has expanded digital solutions in a strategic move to grow its income streams and deliver increased value to shareholders.
Addressing the shareholders of Chams Plc at the 37th Annual General Meeting of the company held recently, Chairman of the company, Demola Aladekomo stated, “Our organisation has taken significant steps in ensuring that we continue to innovate, grow, and create the cutting-edge digital solutions and services that will be relevant today and fit for the future.”
“During early to mid-2020, we embarked upon a new Vision for the Chams Group with the primary objective to reinvent Chams to deliver value for our shareholders through a Consumer-Africa-Digital approach. This set us on a path to diversify our income streams through consumer-facing innovative digital solutions,” he added.
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Aladekomo further stated ,“Chams Plc is historically a company which has achieved success and household brand recognition through large projects such as identity management, payroll management, BVN and voter’s registration, amongst others. However, over the past few years, Chams has evolved into a Group with diverse interests, particularly in the digital solutions and Fintech payments space.”
“Core elements of our vision are to ‘incubate and grow’ digital solutions, ring-fencing for stakeholder value, whilst adopting a 35-year-old start-up culture. This will enable the Group to be nimble and efficient in our drive towards achieving our Unicorn Vision.”, says Aladekomo.
“A major focus has been to support and grow our Fintech payment interests through our subsidiaries; ChamsSwitch Lmited and ChamsMobile Ltd, and thereby extending payment solutions across a broad range of consumer and business segments. Also, our subsidiary Chams Access Limited launched a number of innovative digital solutions in 2020; Argone and Pension Central, among others.
We are committed to being a regional leader in the medium-term and in the long-term, a global player in the digital and mobile payments space. To this end, we will continue to deliver secure, cost effective and innovative digital payment services.
In addition, the Group’s Managing Director, Gavin Young stated that the company had recognized the need to focus on innovative digital solutions across a number of sectors, and particularly the consumer segment.
According to him, the objective is to reinvent and rebirth through a Consumer-Africa-Digital approach whilst becoming an international digital solutions provider with an ‘Africa-first’ approach.
“We have a clear vision and continue to set ourselves ambitious aspirations. We are committed and confident in the future we are creating. To be positioned for the future innovations and disruptions in our industry, we will continue working smartly to develop and implement digital solutions which benefit our stakeholders and customers. We are confident that our business is well positioned with the expectation of strong growth to be delivered in the years ahead, as we are more focused than ever on driving performance to new levels.”, Young said.
“We would also like to emphasize to our valued shareholders and broader investor group, that management will continue to strive to achieve a much-improved performance so that we can reward our patient shareholders accordingly. We are confident that our strong focus on fintech payments across a broad range of segments will deliver significant value.”
Shareholders generally commended the board and management for the several initiatives embarked upon to diversify revenue streams, whilst maintaining focus’.
For instance, a shareholder, Adebayo Adeleke advocated introduction of more solutions, expansion to offshore businesses and aggressive marketing amongst others to increase earnings and enhance dividend payment.
Despite the inclement operating environment, induced by the Covid-19 pandemic, insecurity and macroeconomic uncertainties, the Group’s total current assets rose by 44 percent, from N2.5billion in 2019 to N3.6billion in 2020. This was driven by effective management of cash reserves.
