Hydrogen, the fintech subsidiary of Access Holdings, has reported a profit after tax of N1.8 billion for the 2024 financial year.
This represents over ten times growth when compared with the N161 million recorded by the fintech firm in 2023.
Hydrogen competes with other fintechs like GTCO’s HabariPay, as well as independent heavyweights like Flutterwave, Moniepoint, and Paystack, all vying for dominance in Nigeria’s evolving digital payments ecosystem.
It offers a wide range of products and services, including InstantPay, Payment gateway, POS, Card, and Switch.
Launched in 2022 and fully operational by 2023, Hydrogen has seen rapid growth, fueled by increasing transaction volumes, an expanding partner ecosystem, and a strategic focus on operational efficiency.
Hydrogen’s performance makes it one of the two banks’ fintech subsidiaries that saw tremendous growth last year.
Naijaonpoint earlier reported that HabariPay, the fintech subsidiary of Guaranty Trust Holding Co Plc, recorded N3.8 billion profit after tax in 2024 as the bank pushes further into the fintech space.
Beyond the astronomical growth in Hydrogen’s profit, Access as a group also posted an impressive performance with a pre-tax profit of N867.019 billion, up from N729.001 billion a year earlier.
The bank holding company also reported a surge in gross earnings, rising to N4.878 trillion from N2.594 trillion reported a year earlier.
Profit after tax stood at N642.22 billion, representing a 3.7% increase from the N619.32 billion posted a year earlier.