CWG Plc has revealed plans to re-introduce profitable business lines that were previously suspended due to instability of the exchange rate.
The Chairman, CWG Plc, Mr Phillip Obioha, while speaking at the company’s Annual General Meeting in Lagos, said due to the stability in the foreign exchange, the business lines would be re-introduced so as to improve on the revenue and margin, and also to cushion the effects of the initial cost required to scale the subscription and platform lines of businesses to maturity.
Obioha noted that the company continued to make progress in scaling out its subscription and platform services, though at a slow pace, across the five vertical sectors of the business.
He said the company had signed new platforms contracts with some partners, some of which had started generating monthly revenue.
According to him, the bills’n’pay platform recorded a transaction volume of N400m within a six month period with the introduction of new partnership and features on the platform.
Obioha said, “Our smart metering platform has gained significant market mindshare through strategic engagements with Realtors, power distribution companies, and other government electrification initiatives.
“We received ‘no objection’ from the Nigerian Electricity Regulatory Commission for the Meter Asset Providers programme and completed the MSP process for MSP certificate award in 2019. We are now recognised by the NERC as a MAP provider and have sold and deployed CWG smart meters with smart utility application to eight estates in Nigeria.”
He stated that one of the major strides recorded in 2018 was the collaboration with other stakeholders in the deployment of smart metering solutions at the Sura Market in Lagos for the Rural Electrification Agency.