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In 2024, many Nigerian banks undertook one of the most significant technological transitions in recent years, migrating their core banking software to more advanced platforms to enhance operations and improve the customer experience.
However, the process came with challenges, including prolonged system downtimes, integration issues, cybersecurity concerns, and data migration errors that left some customers unable to access their accounts for days.
Many of the banks involved—First Bank, GTBank, UBA, Fidelity, Stanbic IBTC, FCMB, and Wema—migrated to Finacle, a core banking software owned by Infosys. CWG Plc played a key role in introducing and implementing Finacle in Nigeria’s banking sector.
In 2024, CWG doubled its revenue and quadrupled its profit. The listed ICT company reported its strongest financial results to date, with revenue reaching N46.4 billion, a 97 per cent increase from N23.5 billion in 2023. Pre-tax profit rose 290 percent to N4.42 billion, while after-tax profit jumped 428 percent to N3.04 billion.
CWG’s reach in 2024 extended well beyond Nigeria’s borders, with its Ghana and Uganda operations posting standout results. Nigeria itself generated more than N30 billion in revenue, while CWG Ghana and CWG Uganda each more than doubled their 2023 sales, contributing N8.44 billion and N7.34 billion respectively.
“The surge in technology uptake across West Africa underpinned CWG Ghana’s success, pushing its revenues past $6.4 million,” noted Adewale Adeyipo, Group CEO, CWG Plc. He went on to highlight that CWG Uganda delivered gains across all performance metrics, closing the year with $5.89 million in revenue.
These figures underscore the effectiveness of CWG’s regional diversification, which this year will target new markets in East Africa and the Middle East. While Nigeria remains its primary contributor, replicating its enterprise-software model across multiple African territories not only opens fresh growth channels but also hedges against reliance on a single economy.
In Q1 2025, CWG reported N1.48 billion in after-tax profit, a 368 percent increase from N316.1 million in Q1 2024. Quarterly revenue rose 83 percent year-on-year to N15.3 billion.
Read also: CWG’s expansion to drive growth on rising demand
In the early 2000s, CWG identified the need for robust banking solutions in Nigeria and sought out Finacle as a suitable platform. Despite initial setbacks, including a lack of response from Infosys, CWG’s persistence led to a successful partnership.
This collaboration began with the implementation of Finacle at Comet Bank (later known as First Atlantic Bank) and expanded to numerous other financial institutions. Since then, CWG has deployed over 14 core banking implementations, supporting more than 10 million daily transactions and servicing over 30 million accounts across Africa.
The strategic alliance has helped solidify CWG’s position as a leading IT services provider in Africa, enabling it to offer comprehensive solutions that enhance operational efficiency and customer experience in the banking sector.
Today, CWG is a key enabler for financial institutions in Nigeria seeking to upgrade their digital infrastructure. The company provides critical cloud services and software solutions to about 60 percent of financial institutions in the country. Its expertise in deploying and supporting Finacle—Nigeria’s most widely used core banking application—has made it the go-to technology partner for banks aiming to modernise their operations.
Founded by Austin Okere as Computer Warehouse Group in 1992, CWG has grown from a relatively unknown entity into a publicly listed company on the Nigerian Stock Exchange, now operating in about 17 countries. Over three decades, it has become synonymous with excellence in Africa’s Information and Communication Technology (ICT) sector.
CWG offers a wide range of IT services, including communications and integration, IT infrastructure solutions, cloud computing, and managed services. The company operates a robust partnership network connecting businesses, enterprises, and governments with value-added services that drive efficiency and digital transformation.
Read also: CWG sees 368% profit boost in Q1 2025 amid robust revenue growth
Beyond financial services, CWG plays a key role in other sectors such as telecommunications, e-governance, and enterprise support. It provides IT infrastructure and integration services to major telecom firms like MTN and Etisalat, with 50 percent of mobile calls in Nigeria routed through CWG-managed enterprise servers. It also offers managed services for 40 percent of the telecom sector.
CWG’s proprietary solutions are also gaining traction. SMERP, its cloud-based management suite for SMEs, saw a tenfold increase in revenue in 2024. KuleanPay, the company’s escrow service, experienced a twenty-fold increase in transaction volume, while UCP, CWG’s cooperative administration platform, handled half a billion transactions—marking a 50 percent rise compared to the previous year.
In the public sector, CWG supports governments with digital solutions aimed at improving transparency, reducing costs, and enhancing citizen engagement. Through its Pan-African initiative launched in 2016, the company has expanded its footprint across West, East, and Central Africa, delivering IT resources and strategic support across the continent.
CWG’s commitment to innovation and excellence has earned it multiple accolades, including recognition by the World Economic Forum (WEF) as a Global Growth Company.
As Nigerian banks continue to adopt cloud-based and AI-driven solutions, CWG’s deep expertise and broad service offerings ensure it will remain a key partner in shaping the future of banking technology in Africa.
