Access Holdings Plc, which trades as Access Corporation, has obtained the final approval from the Central Bank of Nigeria (CBN) for its wholly owned subsidiary payment company, the bank said Wednesday.
Access Bank said in a statement issued to the Nigerian Exchange Limited that the payment company will be known as Hydrogen Payment Services Company Limited.
Hydrogen is envisioned to be Africa’s most powerful business network that will provide switching and payment processing services to financial service providers and other stakeholders.
Speaking on the new subsidiary, Group Chief Executive Officer, Access Corporation, Herbert Wigwe 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.”