Business

Chams posts N13m loss in H1 ’20

Chams Plc has recorded a loss of N13.14 million for the half year ended June 30, 2020 as against a profit of N225.96 million reported in 2019.

 

The company in a report obtained from the Nigerian Stock Exchange (NSE) recorded a revenue of N910.10 million from N1.96 billion posted in 2019, representing a drop of 53.57 per cent. Cost of sales stood at N456.93 million in 2020 from N1.26 billion in 2019.

 

Chams Plc recently said it was committed to growing its business through strategic partnerships and introduction of innovative products and services that are tailored to the Nigerian and African markets.

 

The Group Managing Director, Chams Plc, Gavin Young, said: “An example of an innovative identity verification solution we provide to state governments, which has made a major difference in improving the lives of state pensioners, is our pensioner verification app. “Pensioners can verify themselves through taking a selfie, which we match against other facial records of the pensioner, including the state pension’s database.” Speaking further,

 

Young said: “ Once verified, the pensioner is good to receive pension payments for another defined period. Prior to the app being introduced, pensioners were required to travel from their rural locations to a bank branch in order to verify themselves through fingerprint biometrics.

 

This was often a long, costly and laborious exercise for the pensioner. “Now, they can perform the verification exercise through using either their own phone or another smartphone, from any location.

This is just one way we at Chams are applying simple identity technology to specific customer needs and improving lives.

 

“We are excited with this innovation as it applies across many industries where verifying the identity of individuals is required. In addition to the basic verification technology, we customize the solution for our customers by linking to their own database as part of the verification process.”

 

According to him, the solution is extremely flexible in that it could either be offered via Chams’ app, a specific customized app, or though the customer’s own app as an add-on. He explained that the company also provides a unique API service for large customers to do Bulk verifications saying “customers can register on ConfirmMe, and, after account confirmation, APIs are provided.

 

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