Hydrogen surpasses HabariPay in Q1 profit growth among bank-owned fintechs
- Hydrogen recorded a 466% increase in after-tax profit, reaching ₦283 million in Q1 2025.
- HabariPay's profit growth was 52%, increasing to ₦1.66 billion in the same quarter.
- Stanbic IBTC's Zest Payments reported a widened loss of ₦508 million in Q1 2025.
The rapid growth of Hydrogen indicates a significant shift in Nigeria's fintech landscape, where bank-backed entities are increasingly becoming formidable competitors to independent players. This trend could reshape the market dynamics, emphasizing the importance of regulatory alignment and customer base expansion for sustained success.
