Hydrogen, the fast-rising fintech subsidiary of Access Holdings, has recorded a profit after tax of N1.8 billion for the 2024 financial year, marking a staggering leap from the N161 million posted in 2023.
The remarkable 1,018% year-on-year increase highlights the company’s rapid growth and solidifies its position in Nigeria’s highly competitive digital payments ecosystem, where it contends with platforms such as GTCO’s HabariPay, Flutterwave, Moniepoint, and Paystack.
Launched in 2022 and fully operational by 2023, Hydrogen’s growth trajectory has been fuelled by rising transaction volumes, operational efficiency, and a robust partner ecosystem. Its suite of offerings includes InstantPay, a payment gateway, POS terminals, cards, and switch services.
According to the company’s financials, operating income soared by 400%, climbing from N2 billion in 2023 to N10 billion in 2024. In the same period, Hydrogen processed transactions worth nearly N15 trillion, reflecting both the scale and depth of its market penetration.
Hydrogen’s breakout performance places it among the top-performing bank-backed fintechs in Nigeria. It joins HabariPay, the fintech arm of Guaranty Trust Holding Company Plc, which posted a profit after tax of N3.8 billion in 2024—an 81% increase from the N2.1 billion recorded the previous year.
HabariPay’s gross revenue also surged to N5.8 billion, up from N4.7 billion in 2023, driven by across-the-board growth in all income lines, according to the firm’s audited results.
However, not all bank-owned fintechs have broken even. Stanbic IBTC’s fintech subsidiary, Zest Payments, launched in late 2023, reported a N2 billion loss in its first full year of operation, highlighting the challenges faced by newer entrants in balancing growth and profitability.
Beyond Hydrogen’s record performance, Access Holdings as a group also posted impressive results. The group’s pre-tax profit rose to N867.02 billion, up from N729 billion in 2023. Gross earnings nearly doubled, reaching N4.878 trillion, compared to N2.594 trillion in the previous year.
Profit after tax stood at N642.22 billion, reflecting a modest 3.7% growth from the N619.32 billion recorded in 2023.
Hydrogen’s financial milestone highlights the rising influence of bank-led fintechs in Nigeria’s digital finance landscape, as legacy institutions continue to leverage technology to stay competitive and meet evolving customer demands.
