Chams City PLC has gone through a lot.
The company was battered by the collapsed national identity card contract with Nigeria’s former government. Since then the company has not been the same. Its huge complex in Maryland Lagos has been sold to Transsion Holdings, owners of Tecno Mobile and Infinix Mobile.
The company has since then been delisted from the stock exchange, its debts piled up. To save the company from extinction, the company shelled out some of its fixed assets and focused on its core business.
The company has wriggled out of debt with a marginal profit of NGN 4 million.
Because the company will need bigger innovation to steer itself in profitable territories, Chams is moving into Internet and mobile payments.
In its just released financial report for Q1 2016, the company is investing in one major project called Naira.com. With sketchy details from the products website, the footer of the website shows that Naira.com was started in 2015. The company has already invested NGN 47 million to the development of the platform.
It is unclear when Chams will be launching Naira.com to the public. The site already has Airtel and Glo Mobile logos as signed up networks. Chams’ Naira.com might be a direct competitor to Paga, KongaPay and other mobile payment products.
We will keep you posted with latest development