Chams HoldCo secures CBN payment service licence

By Cynthia Ezekwe

Chams Holding Company, a Nigeria-based  identity management and integrated technology solutions company, has  secured a Payments Service Holding Company (PSHC) licence from  the Central Bank of Nigeria (CBN), to ensure global relevance.

According to the payments system management department of the CBN,a PSHC is a company whose principal object clause includes the business of a holding company set up for the purposes of making and managing equity investment in two or more companies, being its subsidiaries, which are payments service providers across categories including; mobile money operations, switching and processing, and payment solution services.

Mayowa Olaniyan, Chams Holding’s Group Managing Director (GMD), described the PSHC license as an indispensable achievement to the company, as it will promote the establishment of a business institution that will further increase the pivotal role of the company in the payment industry across Africa, and also boost global relevance.

Olaniyan further noted that the company  popularly known for its outstanding ground breaking performances in identity management, payment collections, and transactional systems has  a primal focus of growing its consumer and digital payments solution as it expands other potential and current investments in the digital space.

Commenting on the company’s achievements, she said:“We have significantly improved the value of our assets at Chams HoldCo. Chamsswitch Limited, for example, has partnered with three 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 Mobile Money Operators(MMOs) in Nigeria, operating under the brand name Kegow.’’

Olaniyan further noted  that other subsidiaries of the company such as Card Centre Nigeria Limited (CCNL), has  expanded their businesses  and secured a major partnership deal which has led to the acquisition of substantial SIM card production businesses; while  ChamsAccess Limited has recorded great success as a major supplier of instant card issuance machines to the banks.

THe GMD also expressed gratitude to CBN for  certifying and granting Chams such a prestigious payments license, while  reaffirming the company’s  commitment towards  driving innovative FinTech solutions into the market, both in Nigeria and beyond, whilst increasing value for investors.