Fintechs Pivot to Infrastructure, Post 200% Profit Growth
Chams, CWG, eTranzact turned combined losses of ₦2.39 billion in 2020 into ₦9.18 billion profits in 2025, with 728% revenue growth (Chams), 454% growth (CWG), and 31% growth (eTranzact). Their share prices surged 798% to 1,833% as they shifted from low-margin hardware/airtime sales to high-value infrastructure: Chams now produces 3M SIM cards monthly for MTN/Airtel and powers core banking for GTB/UBA; CWG provides banking software for Nigeria's top banks; eTranzact became Nigeria's tax infrastructure partner. This pivot from volume-based to value-driven models reflects renewed investor confidence in Nigeria's digital economy infrastructure. Will this shift create sustainable growth or expose new risks?