CBN Approves Access Holdings Payment Service Subsidiary

The Central Bank of Nigeria has granted approval to Access Holdings Plc’s  wholly owned payment subsidiary, Hydrogen Payment Services Company Limited (Hydrogen).

According to a disclosure signed by Sunday Ekwochi, the company secretary, the new payment system is projected to become Africa’s most powerful business network for financial service providers and other stakeholders.

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 the 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 individuals and businesses across the African continent thereby supporting the attainment of the Central Bank of Nigeria’s financial inclusion strategy.”