CWG Plc, one of Nigeria’s biggest IT services and infrastructure firms, is expanding to new markets in East Africa and the Middle East after recording its first billion-naira profit in 13 years.
With operations in Nigeria, Ghana, Uganda, and Cameroon, the 32-year-old company which reported a 428% jump in profit to ₦3.04 billion ($1.89 billion) in 2024, is increasingly positioning itself as a pan-African tech enabler, moving beyond its traditional role as a systems integrator to develop homegrown digital platforms for banks, cooperatives, and Small and Medium Enterprises (SMEs).
“We are poised for even more significant revenue and profit growth in 2025,” A CWG spokesperson said in an email to TechCabal. “As we move into 2025, we are diversifying our offerings to more sectors, strengthening our presence in our existing markets, and expanding operations into other East African countries and the Middle East.”
Although CWG has yet to name the specific countries it is entering, Group CEO Adewale Adeyipo noted in the 2024 annual report that the group is targeting two additional markets to extend its tested offerings into new economies.
According to the report, the spike in technology consumption across West Africa drove improved performance at CWG Ghana, with a recorded revenue of ₦8.4 billion ($5.0 million) in 2024 from ₦4.13 billion ($2.6 million) in 2023. CWG Uganda’s revenue more than doubled to ₦7.34 billion ($4.6 million) while Cameroon reported ₦11.9 million ($7,407) from zero revenue.
Beyond geographical expansion, the group is increasing its focus on innovation through its software arm, Fifthlab. This division experienced a 558% revenue growth in the past year, driven by the creation of its platforms designed to solve practical problems within crucial economic sectors.
“This is our next frontier, where we are applying everything we have learned and built, creating something truly transformative for CWG, the businesses, and the economies we serve across Africa,” Adeyipo said.
In 2024, Finedge, the company’s banking and digital arm, onboarded nearly 20 new financial institutions. KuleanPay, its escrow and transaction management platform, experienced substantial growth, marked by a 2,000% increase in transaction volume.
SMERP, CWG’s cloud-based business solution, which helps SMEs streamline their operations, recorded a 1,000% growth rate, and BillsnPay, its vending platform, processed over 30.5 million transactions worth ₦18.6 billion ($11.6 million).
UCP, its cooperative management platform, expanded its customer base by 140%, processing 500 million transactions—a 50% year-on-year increase.
Banking sector still drives growth
In Q1 2025, CWG posted ₦1.48 billion ($921,281) in after-tax profit, up 368% from ₦316.1 million ($196,706) in the same period of 2024. Revenue rose to ₦15.3 billion ($9.5 million), an 83% surge from ₦8.38 billion ($5.2 million), largely fueled by IT spending from Nigerian banks.
The banks, including First Bank of Nigeria, United Bank for Africa, GTBank, Fidelity Bank, First City Monument Bank, Stanbic IBTC, and Wema Bank, spent a combined ₦60.3 billion ($37.5 million) on IT and digital services in Q1, up from ₦45.3 billion ($28.2 million) a year earlier.
A breakdown of CWG’s revenue sources shows IT infrastructure services accounted for the largest revenue share, contributing ₦6.2 billion ($3.7 million). Software revenue followed closely with ₦4.418 billion ($2.8 million), while ‘managed and support services’ contributed ₦4.415 billion ($2.7 million).
“In 2024, several Nigerian banks decided to invest in IT infrastructure, particularly Finacle, cloud-based solutions, managed IT services, to mention a few,” the CWG spokesperson said.
The group also expanded the Finacle footprint last year by adding three new sites in partnership with Infosys and supported MTN Nigeria in launching digital self-service kiosks in Lagos and Abuja.
While CWG benefits from deep client ties and growing regional demand, it faces increasing competition from global IT consultancies such as Accenture and Microsoft. These firms offer bundled, end-to-end services that could pressure local players.
CWG’s success will depend on its ability to scale quickly, localise effectively, and sustain innovation across its proprietary platforms. If it delivers, 2025 could be its most transformative year yet, financially and geographically.
