Hydrogen, the fintech arm of Access Corporation, holding company of Nigeria’s biggest bank by assets, declared profits of ₦161 million at the end of 2023. This is the first time Hydrogen will be posting profits since its launch in 2022, according to Access Corporation’s full-year financial statements.
The two-year-old payments company closed December 2023 with an operating income of ₦2.08 billion. This “reflects the culmination of our strategic investments and diligent efforts in building a sustainable and resilient business model,” a company spokesperson from Hydrogen told TechCabal via email.
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Launched in 2022, the company fully commenced operations in 2023.
Hydrogen has big ambitions: it wants to build Africa’s most powerful payment business network. It competes with other fintech players such as GTCO’s Squad, Flutterwave, Moniepoint, Stanbic IBTC’s Zest, and Paystack. While it acknowledges the saturated payments market, Hydrogen believes that its approach is different, relying on “a combination of strategic partnerships, technological prowess, and a deep understanding of the market dynamics”.
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Hydrogen offers products and services that include InstantPay, Payment Gateway, POS, Card, and Switch services. The fintech hopes to serve a clientele that cuts across the private and public sectors.
The company claims to have processed approximately ₦15 trillion in transactions across its different channels in 2023. It also launched eight payments products in the same year.
