BREAKING: Access corp’s fintech arm, Hydrogen, reports 10x profit surge

Hydrogen, the fintech subsidiary of Access Corporation—the holding company of Nigeria’s largest bank by assets—reported a profit of ₦1.8 billion ($1.18 million) for the year ended 2024. This represents an almost tenfold increase compared to the ₦161 million ($100,290) profit recorded in 2023.

This performance underscores the success of Access Corporation’s strategic shift to a holding company structure in 2020. The group’s newly established ventures in fintech, pension, and lending have all demonstrated profitability within two years of their incorporation. The core banking segment also contributed strongly, posting a profit of ₦642.2 billion ($399,892,896) for the full year 2024, benefiting from Nigeria’s prevailing high interest rate environment.

“Based on the satisfaction of our clients in 2023, word of mouth led to the onboarding of new clients. Thus, I dare to say a sizable number of top-tier financial institutions are using our services and infrastructure,” a company spokesperson from Hydrogen told Condia.  

“Finally, we see the role of collaboration in the payment services industry and acknowledge that we can partner with other players to create a win-win situation where both companies benefit financially.”

Hydrogen, launched in 2022 and fully operational by 2023, has previously outlined ambitious growth plans, taking pride in increased transaction volumes, an expanding partner network, and a focus on operational efficiency. The payments company, now in its third year, closed December 2024 with an operating income of ₦10 billion ($6,236,902) from ₦2.08 billion ($1,295,183) the year before.

The fintech offers a range of products and services, including InstantPay, Payment Gateway, POS, Card, and Switch services. In 2023, Hydrogen reported processing approximately ₦15 trillion ($8.97 billion) in transactions across its various platforms.

Competing with other banking-backed fintechs like GTCO’s HabariPay and Stanbic IBTC’s Zest, as well as independent players such as Flutterwave, Moniepoint, and Paystack, Hydrogen stands out as one of the few fintech arms of Nigeria’s top five banks to report billion naira profits in 2024. In contrast, Zest Payments, Stanbic IBTC’s fintech subsidiary, has yet to achieve profitability since its launch in October 2023, a common challenge for many fintechs in the country who are currently prioritising cash flow management.