Hydrogen, Fintech Arm of Access Corporation, Posts First Profit in 2023

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Hydrogen, the financial technology subsidiary of Access Corporation, Nigeria's leading bank by assets, achieved its first profitable year in 2023 according to Access Corporation's full-year financial statements.

Profitability Milestone

Hydrogen, launched in 2022, declared a profit of ₦161 million at year-end 2023. The two-year-old company generated an operating income of ₦2.08 billion in December 2023, showcasing its operational strength.

Ambitious Vision

Hydrogen aspires to become Africa's preeminent payment network. It joins a competitive landscape populated by established players like GTCO's Squad, Flutterwave, Moniepoint, Stanbic IBTC's Zest, and Paystack.

Differentiation Strategy

Despite the saturated market, Hydrogen remains confident in its unique approach, emphasizing "a combination of strategic partnerships, technological prowess, and a deep understanding of the market dynamics."

Diverse Product Portfolio

Hydrogen caters to a broad client base across both private and public sectors, offering a range of products and services such as InstantPay, Payment Gateway, POS, Card, and Switch solutions.

Market Traction

The company processed an impressive ₦15 trillion in transactions across its various channels in 2023. Furthermore, it launched eight new payment products during the same year.

Hydrogen's first-year profitability is a promising sign for its future growth within the competitive Nigerian fintech landscape. Its focus on strategic partnerships, technological innovation, and market understanding positions it well to capture a significant share of the market.

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