According to Bajomo, “Chams’s recognition with the Legacy award (Corporates) is as a result of the role the company played and still playing in paving way for the Fintech industry to take off and thrive in Nigeria and Africa.”
Chams’ outstanding works of excellence in the fintech space are not just profound, but a fundamental catalyst for change which has brought huge economic, security and social growth to Nigeria. The company has achieved success through large-scale projects especially through its pioneering works in e-payment through the formation of Valucard in collaboration with six top Nigerian banks; identity management through the first successful implementation of the Nigerian National ID, the establishment of the INEC Voters Database and Cards, SIMREG databases for NCC and Telcos, etc.
Through its four subsidiaries, the company also delivers a broad range of innovative digital services in the private sector consumer and business segments. ChamsSwitch’s payment solutions subsidiary is one of the major switch companies in Nigeria and manages up to four payment platforms in Nigeria including Naira.com, Pelpay, Naira Plus, SwitchPay. Its flexible technology models cover the entire value chain of electronic payments, orchestrating all aspects of online payment in Nigeria from cash withdrawal and electronic funds transfer to card and ATM transactions.
In addition, it is the first home-grown company to be listed in the Guinness Book of Records for setting up the mega ChamsCity Digital Mall, and also the first computer technology company listed on the Nigerian Stock Exchange. Chams implemented Nigeria’s Biometric Verification Number (BVN) which helps to solve to a large extent, the identity crises, and curtailed fraud in the Nigerian banking system.
Expressing his views on this, Sir Demola Aladekomo, Founder and Chairman of Chams Holdco says, “We are appreciative of the honour and award. Our aim is not to relent but to keep innovating and promoting fintech solutions for a myriad of social and economic challenges faced by Nigeria and beyond.”
Gavin Young, Group Managing Director Chams, who received the award on behalf of the company, emphasized the need for smart regulation that will deepen the sector, attract more investments, and transform lives through increased opportunities for the teeming African youths.
The objectives of the Award were to celebrate the best of Fintech Innovators and Startups who have contributed to the Nigerian economy, and deepened collaboration amongst individuals and corporate institutions. Who are using innovation to solve national challenges, create employment, put Nigeria at the centre of innovation in Africa, and as a force to reckon with in the global tech landscape. FintechNGR believes that these will ultimately prepare the nation to play actively in the Fourth Industrial Revolution.
Despite the effects of the pandemic in 2021, fintech in Nigeria got $1.37b out of the $4b raised by Africa. According to Finshots, Nigeria ranked 6th in real-time payments.
Chams is a proudly Nigerian company, that has been in business for over 38 years. It is listed on the Nigerian Stock Exchange and is among the leading switch companies in Nigeria, well known for having championed e-payment, identity management and other major initiatives in Nigeria; including BVN and INEC projects. It has migrated into delivering fintech and other innovative digital solutions.
FintechNGR is the foremost platform for coordinating fintech activities in Nigeria.
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