ACCESS HOLDINGS RECEIVES CBN’S APPROVAL FOR ITS PAYMENT SERVICE SUBSIDIARY, HYDROGEN
Herbert Wigwe, Group Managing Director, Access Bank
Access Holdings Plc has received a regulatory nod from the Central Bank of Nigeria on its wholly owned payment subsidiary, Hydrogen Payment Services Company Limited (Hydrogen)
A disclosure signed by the company secretary, Sunday Ekwochi, stated that the new payment system is projected to become Africa’s most powerful business network for financial service providers and other stakeholders.
According to the company, the development is part of its strategy to build a globally connected community and ecosystem.
It stated, “Access Holdings Plc, trading as Access Corporation announces today that it has received the Central Bank of Nigeria’s final approval for its wholly owned payment subsidiary, Hydrogen Payment Services Company Limited (Hydrogen).
It noted that Hydrogen has a vision to be Africa’s most powerful business network and will provide switching and payment processing services to financial service providers and other stakeholders.
Speaking on the new subsidiary, Dr Herbert Wigwe, group chief executive officer, Access Corporation said, “The establishment of Hydrogen is a natural step in our aspiration to create a globally connected community and ecosystem; inspired by Africa for the world and aligns with our mission to build and sustain one global platform, open for anyone to join where people can be connected to exceptional opportunities.
He added, “Hydrogen will deploy cutting edge technology infrastructure, strong risk management and government standards to provide secure, cost efficient and convenient payment services to individual and businesses across the African continent thereby supporting the attainment of the Central Bank of Nigeria’s financial inclusion strategy.”
Our source reported that the company released its half year 2022 financial result posting gross earnings of N591.803 billion for its 2022 half-year results, representing a growth of 31.42% year-on-year.
The result is on the back of an inflationary year, where businesses and their consumers have had to deal with rising cost of goods and services.