CHAMS Achieves 42% Surge in Revenue, Signaling Strong Market Momentum

CHAMS Plc, a leading identity management and technology services company in Nigeria, has posted an impressive 42 percent year-on-year increase in revenue during its most recent financial reporting period, underscoring the firm’s expanding relevance in the digital identity and business solutions market.

According to the company’s audited accounts, revenue rose from ₦5.9 billion in the previous comparable period to ₦8.4 billion. This performance reflects growth across key business lines, including biometric identity management, digital onboarding services, and enterprise solutions such as virtual ATM cards and payment receipts processing.

CHAMS Management attributed the growth to rising demand for secure identity verification amid Nigeria’s regulatory drive to modernize digital infrastructure. “Our biometric and digital onboarding platforms continue to be in high demand, especially from corporate clients and government agencies looking to comply with Know Your Customer (KYC) regulations,” said the company’s Chief Executive Officer.

A significant revenue contributor was the expansion of CHAMS’ digital product suite. The adoption of its virtual ATM card issuance service surged across banks seeking efficient and secure digital banking alternatives. Additionally, the company’s People Identity Solution (PIS), used for employee access control and attendance tracking in corporate and public organizations, saw increased uptake.

Analysts highlight CHAMS’ ability to monetize existing infrastructure as a core strength. The firm has established biometric and digital identification networks across multiple states and institutions, which now serve as platforms for monetized services. Recurring subscription and service-based revenue streams have improved predictability and cash flow consistency.

In parallel, the company benefited from broader digital transformation trends catalyzed by the COVID-19 pandemic and evolving regulatory mandates. As industries and government agencies embrace remote access, contactless authentication, and digital record keeping, CHAMS has been well positioned to meet these demands. The firm’s customers now include financial institutions, telecom operators, educational establishments, and corporate service providers.

While the revenue growth is robust, net profits also improved significantly, although margin pressure remained due to heightened foreign exchange and inflationary costs. Management reported a net profit margin improvement from 13 percent to around 19 percent, which executives attributed to operational leverage and scaling of digital platforms. Still, analysts caution on rising operating costs and currency risks that could constrain further margin expansion.

The company has also advanced technical integration with financial market infrastructures, enabling it to issue bankcards, generate paperless statements, and link digital identity services to central customer information systems. These integrations enhance service stickiness and foster tighter long-term contracts with clients, contributing to increased revenue retention.

CHAMS’ expansion strategy includes entering previously underserved regions. The firm has rolled out portable biometric enrollment kits and digital kiosks across northern and eastern states, targeting voter registration, census activities, and enterprise identification projects. These initiatives have both increased immediate revenue and positioned the company as a partner of choice for future large-scale government engagements.

To support future growth, CHAMS executives confirmed plans to re-invest part of earnings into R&D, focusing on artificial intelligence and machine learning applications in identity verification, fraud detection, and access management. Partnerships with international tech providers and universities are reportedly underway to develop locally relevant innovations for sustainable competitive advantage.

Industry watchers believe CHAMS’ performance is emblematic of Nigeria’s broader digital identity sector—growing rapidly as institutions seek secure, scalable systems that replace paper-based and legacy registration methods. With trust, data integrity, and authentication at the heart of digital governance, companies like CHAMS are proving indispensable to national reform agendas.

Nonetheless, challenges remain. Currency volatility has increased the cost of imported hardware and cloud services, while macroeconomic headwinds may slow public-sector contracting and private business expansion. The timing of regulatory reforms—especially in areas like national digital identity frameworks—will also influence CHAMS’ long-term pipeline.

Despite these headwinds, shareholders have responded positively. CHAMS’ share price appreciated moderately following the earnings release, and analysts anticipate strong investor interest if management sustains double-digit growth. In response, CHAMS reaffirmed its dividend policy, indicating intentions to propose a notable dividend payout in its upcoming Annual General Meeting, financed from retained earnings and subscription inflows.

Looking ahead, the company is targeting top-line growth of 30–35 percent for the next fiscal year, with a robust pipeline from university enrolment drives, telecom subscriber validation contracts, and payroll solutions for large corporations. Future revenue drivers are expected to include government-led digital ID projects and expanded financial institution partnerships seeking mobile-first services.

For stakeholders, CHAMS’ 42 percent revenue leap is a clear signal that identity management and digital enablement are concluding their niche phase, evolving into central pillars of enterprise and state operations. As Nigeria pushes to formalize data systems and improve service delivery through technology, CHAMS stands poised to capture value while enabling a more digital, inclusive, and secure economy.