Africa-Press – Gambia. CWG Plc, a leading Nigerian IT services and infrastructure company, is entering East African and Middle Eastern markets following its first billion-naira profit in over a decade.
Operating across Nigeria, Ghana, Uganda, and Cameroon, the 32-year-old company saw profits surge by 428% to ₦3.04 billion ($1.89 million) in 2024, as it repositions itself as a pan-African tech enabler shifting from systems integration to building digital platforms tailored for banks, cooperatives, and SMEs.
“We are poised for even more significant revenue and profit growth in 2025,” a CWG spokesperson told TechCabal via email. “Our strategy includes diversifying into new sectors, deepening our footprint in current markets, and expanding into additional East African countries and the Middle East.”
Although CWG has not disclosed the specific countries it plans to enter, Group CEO Adewale Adeyipo mentioned in the 2024 annual report that the company is targeting two new markets to expand its proven offerings into fresh economies.
The report attributes CWG’s improved performance to rising tech adoption across West Africa. CWG Ghana saw its revenue climb to ₦8.4 billion ($5.0 million) in 2024, up from ₦4.13 billion ($2.6 million) in 2023. In Uganda, revenue more than doubled to ₦7.34 billion ($4.6 million), while Cameroon reported ₦11.9 million ($7,407), marking its first recorded revenue.
In addition to expanding geographically, CWG is sharpening its innovation efforts through its software subsidiary, Fifthlab, which recorded a 558% surge in revenue last year propelled by the development of platforms addressing real-world challenges in key economic sectors.
“This marks our next frontier where we’re leveraging our experience and innovations to build something truly transformative for CWG, the businesses we support, and the broader African economies,” said Adeyipo.
In 2024, Finedge CWG’s banking and digital division—welcomed nearly 20 new financial institutions, while KuleanPay, its escrow and transaction management platform, recorded a remarkable 2,000% surge in transaction volume.
SMERP, CWG’s cloud-based solution for streamlining SME operations, achieved a 1,000% growth rate, while BillsnPay, the company’s vending platform, processed over 30.5 million transactions totaling ₦18.6 billion ($11.6 million).
UCP, CWG’s cooperative management platform, grew its customer base by 140% and processed 500 million transactions, marking a 50% year-on-year increase.
Banking sector continues to drive growth
In Q1 2025, CWG recorded ₦1.48 billion ($921,281) in after-tax profit, a 368% increase from ₦316.1 million ($196,706) in Q1 2024. Revenue grew by 83% to ₦15.3 billion ($9.5 million), driven mainly by increased IT spending from Nigerian banks.
Banks such as First Bank of Nigeria, UBA, GTBank, Fidelity Bank, FCMB, Stanbic IBTC, and Wema Bank collectively spent ₦60.3 billion ($37.5 million) on IT and digital services in Q1 2025, up from ₦45.3 billion ($28.2 million) in Q1 2024.
CWG’s revenue breakdown reveals IT infrastructure services led with ₦6.2 billion ($3.7 million), followed by software at ₦4.418 billion ($2.8 million), and managed and support services at ₦4.415 billion ($2.7 million).
“In 2024, several Nigerian banks invested in IT infrastructure, including Finacle, cloud solutions, and managed IT services,” said the CWG spokesperson.
Last year, the group extended Finacle’s reach by adding three new sites with Infosys and assisted MTN Nigeria in deploying digital self-service kiosks in Lagos and Abuja.
Despite strong client relationships and rising regional demand, CWG faces mounting competition from global IT consultancies like Accenture and Microsoft, whose bundled, end-to-end services may challenge local providers.
CWG’s future hinges on rapid scaling, effective localisation, and continuous innovation across its platforms—factors that could make 2025 its most transformative year both financially and geographically.
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