Nigerian firm Chams Holdco creates subsidiary to support Africa’s digital transformation

Nigerian digital payments and verification firm Chams Holding Company Plc, (Chams Holdco), has created a new subsidiary which is expected to strengthen the push for Africa’s digital transformation.

The creation of the new subsidiary, ChamsCorp Plc, which took effect from February 1, was made known in a filing to the Nigerian Exchange Limited on February 16, according to an announcement.

Chams says the new subsidiary, which is its 5^th, will give a new dimension to its more than 40 years of work in building the digital ecosystem not only in Nigeria, but across the continent and the rest of the world.

The newly created company will focus on three major aspects, namely the manufacturing of digital devices and development of digital infrastructure and services; data center design, construction and operations, and the development and implementation of AI infrastructure and intelligent systems. It will also contribute to its parent company’s digital ID, digital verification, and trust services offering.

“For nearly four decades, we’ve enabled trust in transactions and identity. Now, we go further. Chams is expanding into AI, data centre infrastructure, and intelligent systems, building the backbone for Africa’s digital transformation,” the company wrote in a LinkedIn post.

“We are not just participating in the future. We are engineering it,” the message added.

According to the Chams announcement, a decision of its Board of Directors appointed members of the pioneer board of ChamsCorp Plc, with renowned banker Mohammed Bashir Yunusa designated as Chairman. He is described as a well-known finance expert who specializes in deal structuring, corporate and retail finance, business strategy, digital transformation, and Islamic Finance and Banking.

With more than 10 years of experience in the financial services industry, Yunusa currently serves as head of Consumer and Digital Banking for Non-Interest Banking Retail at Sterling Bank Nigeria, and will also serve as a non-executive director on the board.

“Chamscorp is designed to take our most ambitious ideas to market at speed and scale. As Africa’s digital economy evolves, we are focused on delivering transformative solutions that empower governments, businesses, and citizens alike,” Chams CEO Femi Oyenuga commented on the development, as quoted by TechAfrica News.

Chams has over the years played a major role in contributing to Nigeria’s digital ID ecosystem development to facilitate access to financial services. In 2023, the company Group Chairman publicly stated that in providing such digital services to the Nigerian government, it had incurred debts estimated at $100 million and were planning to change their business model as a result.

Article Topics

Africa  |  biometrics  |  Chams Plc  |  digital ID infrastructure  |  digital identity  |  Nigeria