Access Holding Plc has received the approval of the Central Bank of Nigeria to run a switching and payment service subsidiary.
The bank disclosed on Wednesday that the CBN has approved its payment subsidiary, Hydrogen Payment Services Company Limited.
Hydrogen will compete with the likes of Flutterwave which is Africa’s leading Payment Solution Service Provider (PSSP).
It will also compete with Interswitch and Paystack Payments Ltd in the PSSP space.
Recently, HabariPay owned by a lender, Guaranty Trust Company (GTCO) received final approval to operate as a payment unit.
“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 with a vision to be Africa’s most powerful business network will provide switching and payment processing services to financial service providers and other stakeholders,” the bank said.
Early September 2022, Flutterwave said it received CBN’s Switching and Processing License.
But Access said its new subsidiary will challenge competitors in the African continent.
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.
“Hydrogen will deploy cutting edge technology infrastructure, strong risk management and governance standards to provide secure, cost efficient and convenient payment services to individuals and businesses across the African continent thereby supporting the attainment of the Central Bank of Nigeria’s financial inclusion strategy.”