Chams Holding Company Plc and Computer Warehouse Group (CWG) Plc have reported billion-naira profits for the first time in 13 years, driven by increased IT infrastructure upgrades in Nigerian banks and higher demand for SIM cards in the telecom sector. Their combined after-tax profit surged by 395%, reaching ₦4.88 billion in 2024. Chams’ revenue from its subsidiary, Card Centre, nearly tripled to ₦6.48 billion due to rising demand for ATM cards and identity management solutions for banks and government agencies. CWG’s profits soared by 524% to ₦3.59 billion, fueled by banks upgrading their core banking systems and its 20-year partnership with Infosys, which boosted software revenue by 400%. The adoption of Finacle, Infosys’ core banking software, played a key role, with major banks like GTBank, UBA, First Bank, and Stanbic IBTC leveraging it for digital transformation. Both companies are expanding their offerings to stay competitive against fintech firms and global IT giants like Accenture and Microsoft. Despite strong financial performance, challenges remain, including increasing competition and rapid technological advancements in cloud computing, AI, and cybersecurity. Read the full news here: TechCabal