Chams Plc has kicked off the implementation of a five-year strategic business plan aimed at strengthening its core competitive advantages and enhancing its ability to operate profitability within the changing macro-economic dynamics.

The plan, which included a two-year corporate plan, allows the company to intermittently review its corporate progress, is a product of extensive internal and external business reviews and a major kernel of efforts by the board and management to put the company on the path of sustainable profitability.

At the annual general meeting of the company in Abuja, chairman, Chams Plc, Prof. Adebayo Akinde, told the shareholders that the board engaged reputable consultants with expertise and vast experience in business turn-around to help it in the reinvention and repositioning of the company for excellent performance in addition to internal business review and restructuring by the management of the company.

He said the performance of the company had been impacted negatively by unstable government policies and challenges in the macro economy, which vitiated its roll-out and project timelines and frustrated corporate expectations of returns.

In his review, managing director of Chams Plc, Mr. Demola Aladekomo, said the company was poised to leverage on its cutting-edge and innovative technologies to take full advantage of the Central Bank of Nigeria (CBN)'s cashless policy, otherwise known as "cashlite" project.

He pointed out that Chams has already started rolling out its mobile payment solution with remarkable success while it has secured further milestones as a major stakeholder in the electronic and transactional payment industry.

The CBN had granted approval-in-principle for mobile payment licences in 2010.