NGX-Listed Tech Firms Post 29% Revenue Growth in First Half
TLDR
- Three Nigerian technology firms listed on the Nigerian Exchange reported combined revenues of ₦59.93 billion ($39.11 million) in the first half of 2025
- Gross profit rose 43% year-on-year to ₦15.95 billion. Investors responded positively, with CWG’s share price up 117% to ₦16.20 as of August 15
- Chams earned ₦9.88 billion in H1, largely from payment collection and identity card sales, which made up 70% of revenue
Three Nigerian technology firms listed on the Nigerian Exchange — Chams, eTranzact, and Computer Warehouse Group (CWG) — reported combined revenues of ₦59.93 billion ($39.11 million) in the first half of 2025, up 29% from ₦46.39 billion ($30.27 million) a year earlier.
Gross profit rose 43% year-on-year to ₦15.95 billion. Investors responded positively, with CWG’s share price up 117% to ₦16.20 as of August 15, eTranzact up 64% to ₦10.65, and Chams gaining 36% to ₦2.85.
Chams earned ₦9.88 billion in H1, largely from payment collection and identity card sales, which made up 70% of revenue. The firm is expanding into SIM card production and cross-border payments but reported a 54% drop in net profit due to rising costs.
CWG, meanwhile, posted ₦36.77 billion in revenue, a 53% increase, driven by software and managed IT services for banks and telcos. Profit after tax more than doubled to ₦3.56 billion.
eTranzact’s revenue dipped 5% to ₦13.28 billion, but lower costs lifted net profit 18% to ₦1.51 billion. Airtime sales remain its core business, though it is pushing fintech products such as PocketMoni and PayOutlet.
Daba's newsletter is now on Substack. Sign up here to get the best of Africa's investment landscape
Key Takeaways
The strong half-year results highlight how Nigeria’s listed tech companies are capitalising on rising demand for digital services. CWG is benefiting from core banking migrations and expansion into new African markets, positioning itself as a regional IT infrastructure leader. Chams is doubling down on its government and banking clients while raising funds to scale card personalisation and switching services. eTranzact continues to rely on airtime aggregation but is gradually shifting toward merchant acquiring, switching, and consumer-facing fintech apps. For investors, these results underscore that Nigeria’s NGX tech segment, though relatively small, is delivering both revenue growth and capital gains. With the country’s push toward financial inclusion, digital identity, and e-payments, listed tech firms are increasingly viewed as proxies for Nigeria’s digitisation drive. Sustaining momentum will depend on execution, cost control, and navigating Nigeria’s challenging operating environment, but early signals suggest investor confidence is strengthening.
Think someone else should see this?
To invest in this opportunity and other opportunities across Africa
Download the daba finance app on your mobile through
Take action.
Download app
Start investing in Africa’s best opportunities, including stocks, bonds, startups, venture funds, and more.
Partner with us
Unlock exciting business opportunities and growth potential.
Join Daba
Become a part of our vibrant community and enjoy exclusive benefits.
Contact us
Reach out to us for inquiries, support, or collaboration.