Profit at Access Bank’s Fintech Hydrogen Soars 1,074%

Hydrogen Payment Services Company Limited, the fintech arm of Access Bank, saw its earnings jump more than eleven-fold last year, emerging as the most profitable non-banking subsidiary of Access Holdings.

The fintech company posted a profit of N1.89 billion, up from N161 million in 2023, according to Access Holdings’ earnings report released on Wednesday. Its operating income surged to N10.03 billion from N2.08 billion, while expenses climbed to N8.14 billion from N1.92 billion.

“Hydrogen’s vision is to build Africa’s most powerful business services network,” the holding company said. “Hydrogen offers a wide range of products and services, including InstantPay, Payment gateway, POS, Card, and Switch, which have been well-received by customers and the industry as a whole. Our clientele base cuts across from mid-size to large private and public sectors of the economy, targeting organizations/businesses that perform and receive payments on a day-to-day basis.”