BREAKING: Access corp’s fintech arm, Hydrogen, reports 10x profit surge
- Hydrogen reported a profit of ₦1.8 billion for the year ended 2024, a tenfold increase from ₦161 million in 2023.
- Access Corporation's strategic shift to a holding company structure in 2020 has proven successful.
- The core banking segment contributed ₦642.2 billion in profit for 2024, benefiting from high interest rates in Nigeria.
The impressive growth of Hydrogen highlights the potential for fintechs in Nigeria, especially those backed by established banking institutions. However, the challenges faced by other fintechs, such as Zest Payments, indicate that profitability remains a significant hurdle in the industry. This raises questions about the sustainability of growth strategies in a competitive market.
