Access Corporation’s tech division, Hydrogen, which belongs to Nigeria’s largest bank, made a profit of ₦161 million in 2023.
This is a first-time profit for Hydrogen since it started in 2022, as per Access Corporation’s annual financial report.
In December 2023 alone, the payment company earned ₦2.08 billion in operating income, marking the result of their strategic investments and hard work in building a strong business model. A Hydrogen spokesperson told TechCabal via email.
Hydrogen, founded in 2022 and fully operational in 2023, aims to create Africa’s top payment network. It competes with other fintech giants like GTCO’s Squad, Flutterwave, Moniepoint, Stanbic IBTC’s Zest, and Paystack.
Despite the crowded market, Hydrogen believes its approach stands out due to its strategic partnerships, tech expertise, and market understanding.
Hydrogen provides various services like InstantPay, Payment Gateway, POS, Card, and Switch services, targeting clients from both private and public sectors.
In 2023, the company claims to have processed around ₦15 trillion in transactions and introduced eight new payment products.
Related Posts
Educatly plans MENA expansion after banking seed funding
Rubyx secures $440k loan from Proparco
