IT company CWG Plc eyes East Africa, Middle East expansion

• Published On: 08 May 2025 at 07:22

CWG Plc, a Nigerian IT services major, plans to expand into East Africa and the Middle East after reporting its first billion-naira profit in more than a decade, the business revealed this week.

The 32-year-old tech corporation, with operations in Nigeria, Ghana, Uganda, and Cameroon, claimed a 428% increase in earnings to ₦3.04 billion ($1.89 million) for the 2024 fiscal year. The milestone marks CWG's biggest profit since its inception, as the company moves from a typical systems integrator to a pan-African digital solutions provider.

"We are poised for even more significant revenue and profit growth in 2025," a business spokeswoman stated via email. "We're diversifying our offerings across more sectors, deepening our footprint in current markets, and expanding into new ones in East Africa and the Middle East."

While the business has not disclosed particular nations planned for entry, Group CEO Adewale Adeyipo stated in the 2024 annual report that CWG is targeting two additional markets as part of its international growth strategy.

CWG's strong regional performance drove the profit increase. Ghana's revenue doubled to ₦8.4 billion ($5 million), while Uganda's revenue increased more than 100% to ₦7.34 billion ($4.6 million). Cameroon, previously inert, recorded its first-ever revenue of ₦11.9 million ($7,407).

The corporation is also increasing innovation through its software branch, Fifthlab, which saw a 558% growth in revenue over the previous year. Fifthlab's platforms are designed specifically for important industries like finance, cooperatives, and SMEs.

"This is our next frontier—leveraging years of experience to create transformative technology for the markets we serve," he said.

Finedge, CWG's digital banking unit, added nearly 20 financial institutions in 2024. KuleanPay, its escrow and transaction management service, had a 2,000% rise in transaction volume.

SMERP, a cloud-based solution for small enterprises, had 1,000% growth, while BillsnPay, CWG's utility vending platform, handled over 30.5 million transactions worth ₦18.6 billion ($11.6 million).

The group’s cooperative-focused platform, UCP, has achieved a 140% increase in its customer base, processing 500 million transactions—up 50% year-on-year.