Chams grows 17.9% in 2025 on a $4.26 million SIM and bank card boom
Chams Holding Company Plc, a Nigerian identity management and transactional technology provider, grew its income by 17.89% to ₦17.48 billion ($12.61 million) in 2025, according to its unaudited full-year results.
The growth was largely driven by a 573.16% jump in card sales, which the firm categorises as “data card products supply of cards,” to ₦5.90 billion ($4.26 million). This was driven by increased SIM card purchases from telecom operators, and banks’ demand for cards remained strong.
Chams 2025: The Revenue Decoder
How card manufacturing became the new growth engine.
The “Card Boom” Factor
+573% GrowthRevenue from producing SIMs and bank cards exploded in 2025.
Where did the money come from? (2025)
₦10.65bn (61%)
₦5.90bn (34%)
The TC Take: While machines are still the cash cow, the future is plastic. The surge is driven by telco SIM demand and new bank card issuance.
Chams’ profit for the year climbed by 54.86% to ₦605.58 million ($436,753). Since 2020, the company’s turnover has jumped by 728.75%.
The 5-Year Sprint
Revenue trajectory (2020–2025)
728.75% Growth in 5 Years
Chams has multiplied its revenue ~8x since 2020, driven largely by its pivot to card production and identity management.
The company’s 2025 results show how it is cashing in on two of Nigeria’s busiest lanes: SIM distribution and payments infrastructure.
As telecom operators buy more SIM cards and banks continue issuing cards, Chams earns more from supplying the physical layer behind those ecosystems, while biometrics still does most of its revenue heavy lifting.
“The expansion into the production of SIM cards for telecommunications providers and initiatives in cross-border payments are key contributors to performance enhancement,” the company told TechCabal in March 2025.
The company is also a major player in biometric identity solutions, with clients across government and financial services. Its banking customers include Keystone Bank, First Bank, and Sterling Bank, while public-sector partners include the Independent National Electoral Commission, the Nigerian Customs Service, the National Health Insurance Scheme, the Nigerian Communications Commission, and several pension fund administrators.
Despite the surge in card sales, biometrics-related revenue, including counting, phone, computer, and sorting machines, remained Chams’ largest income line in 2025, generating ₦10.65 billion ($7.68 million).
That product mix also pushed the cost of sales up by 30.77%, contributing to a 13.06% decline in gross profit.
The Profit Paradox
How Chams made more profit while margins shrank.
The company slashed overheads to protect the bottom line.
After posting a 42% year-on-year revenue growth in 2024, Chams chairman, Demola Aladekomo, said the company would pursue fundraising as part of its growth strategy.
On August 5, 2025, Chams announced plans to raise ₦7.65 billion ($5.52 million) through a rights issue and private placement. By December 23, 2025, the Nigerian Exchange Group (NGX) said an additional 2,348,030,000 ordinary shares had been listed following the rights issue. As of January 30, 2026, the company had a market capitalisation of ₦45 billion ($32.46 million), with its share price at ₦5 ($0.0036).
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