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Access Bank gets CBN approval to compete against Flutterwave, GTCO’s Habari Pay



Uncertainty trails Access Bank acquisition of Diamond Bank

The Central Bank of Nigeria (CBN) has approved the request of Access Holding, the parent company of Access Bank, to establish a payment company that will compete against Guaranty Trust Holding Company (GTCO).

Access Holding’s payment company, Hydrogen Payment Services Company Limited (Hydrogen) will rival HabariPay in the Nigerian payment market, increasing the list of commercial banks flooding the $12.15 billion market, as estimated by Statista.

In a document sent to investors and the capital market authority, Nigerian Exchange Limited (NGX) on Wednesday, Access Holdings said Hydrogen will provide switching and payment processing services to financial providers and other stakeholders.

Read also:Access bank cuts operating hours after spending over N77bn on energy, others

HabariPay’s Squad is also playing in the same market, alongside Africa’s unicorn, Flutterwave, amongst other tech startups operating in Nigeria.

Commenting on the approval by CBN, the Group Chief Executive Officer of Access Holdings, 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.”

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