Nigerian Fintech Startup Hydrogen Posts Profits, Sets Sights on Pan-African Payment Domination

Nigerian Fintech Startup Hydrogen Posts Profits, Sets Sights on Pan-African Payment Domination

Hydrogen, the fintech arm of Access Corporation (Nigeria’s biggest bank by assets), has achieved its first profitable year since its launch in 2022.

According to Access Corporation’s financial statements, Hydrogen declared profits of ₦161 million at the end of 2023.

The company also closed December 2023 with an operating income of ₦2.08 billion.

A Hydrogen spokesperson attributed this success to “strategic investments and diligent efforts in building a sustainable and resilient business model.”

Building Africa’s Payment Powerhouse

Launched in 2022 with full operations commencing in 2023, Hydrogen has a clear vision: to become the leading payment network across Africa.

The company faces stiff competition from established players like GTCO’s Squad, Flutterwave, Moniepoint, Stanbic IBTC’s Zest, and Paystack.

Undeterred by the crowded marketplace, Hydrogen believes its strategic approach gives them a distinct edge.

They emphasize building strong partnerships, leveraging their technological prowess, and possessing a deep understanding of the unique dynamics of the African market.

Comprehensive Product Suite and Ambitious Goals

Hydrogen offers a comprehensive suite of products and services designed to cater to a wide range of clients.

These include InstantPay, Payment Gateway, POS terminals, Card services, and Switch services.

Their target clientele spans both the private and public sectors, aiming to become a one-stop shop for all their payment needs.

The company boasts of processing a staggering volume of transactions in 2023, with an estimated value of ₦15 trillion across its different channels.

This highlights the rapid growth they’ve achieved in a short period.

Additionally, they launched eight new payment products in the same year, demonstrating their commitment to continuous innovation and market expansion.