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CBN approves payment coy for Access Holdings

Access Holdings Plc, which trades as Access Corporation, has obtained the final approval from the Central Bank of Nigeria (CBN) to operate a wholly owned…

Access Holdings Plc, which trades as Access Corporation, has obtained the final approval from the Central Bank of Nigeria (CBN) to operate a wholly owned subsidiary payment company, the bank revealed on Wednesday

The payment company will be known as Hydrogen Payment Services Company Limited, Access said in a statement issued to the Nigerian Exchange Limited.

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“Hydrogen with a vision to be Africa’s most powerful business network will provide switching and payment processing services to financial service providers and other stakeholders,” Access said in the statement signed by Sunday Ekwochi, its company secretary.

Speaking on the development, Dr Herbert Wigwe, Group Chief Executive Officer of 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 said Hydrogen would 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 CBN’s financial inclusion strategy.”

Access Bank which currently operates in 12 countries, a week ago, reported that its Profit Before Tax (PBT) rose to N97.8bn in the first half of this year, from N97.38bn in the same period in 2021, and a Profit After Tax (PAT) of N87.3bn by 1.5 per cent from N85.98bn over the same period.