The fintech subsidiary of Access Corporation, the parent company of Nigeria’s largest bank by assets, Hydrogen, reported profits of ₦161 million at the close of 2023.
This marks the first time Hydrogen has recorded profits since its establishment in 2022, as indicated by Access Corporation’s full-year financial report.
The payments company, which has been operational since 2023, concluded in December 2023 with an operating income of ₦2.08 billion. A spokesperson from Hydrogen conveyed to TechCabal via email, stating that this achievement “reflects the culmination of our strategic investments and diligent efforts in building a sustainable and resilient business model.”
Launched in 2022, Hydrogen has ambitious goals, aiming to develop Africa’s most robust payment business network. It competes in a crowded fintech landscape alongside players like GTCO’s Squad, Flutterwave, Moniepoint, Stanbic IBTC’s Zest, and Paystack. While recognizing the saturated nature of the payments market, Hydrogen distinguishes itself through a unique approach, leveraging “a combination of strategic partnerships, technological prowess, and a deep understanding of market dynamics.”
Hydrogen’s product offerings encompass a range of services, including InstantPay, Payment Gateway, POS, Card, and Switch services. Targeting clients across both the private and public sectors, Hydrogen aims to cater to diverse customer needs.
The company boasts processing approximately ₦15 trillion in transactions across its various channels in 2023 and introduced eight new payments products during the same period.
