Access Holding Plc has received approval from the Central Bank of Nigeria to operate a switching and payment services subsidiary.

The bank revealed on Wednesday that the CBN had approved its payment subsidiary, Hydrogen Payment Services Company Limited.

Hydrogen will compete with Flutterwave, the leading Payment Solution Service Provider (PSSP) in Africa.

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, today announces that it has received final approval from the Central Bank of Nigeria for its wholly owned payment subsidiary, Hydrogen Payment Services Company Limited.

“Hydrogen, with a vision to be Africa’s most powerful commercial network, will provide switching and payment processing services to financial service providers and other stakeholders,” the bank said.

In early September 2022, Flutterwave reported receiving the switching and processing license from CBN.

But Access said its new subsidiary will challenge competitors on the African continent.

Herbert Wigwe, Group Managing Director, Access Corporation, said, “The creation 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 a global, inclusive platform where people can be connected to exceptional opportunity.

“Hydrogen will deploy state-of-the-art technology infrastructure, robust risk management and governance standards to deliver secure, cost-effective and convenient payment services to individuals and businesses across the African continent, supporting the achievement of Hydrogen’s strategy. financial inclusion from the Central Bank of Nigeria.

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