CBN Approves New Payment Service Subsidiary For Access Corporation
Access Holding Plc has received its final approval from the Central Bank of Nigeria on a new payment subsidiary, Hydrogen Payment Services Company Limited, a company fully owned by Access Corporation.
The approval was disclosed in a letter signed by the Access Corporation’s Secretary, Mr. Sunday Ekwochi on Wednesday.
The statement read; “Access Holdings Plc, trading as Access Corporation announces today that it has received the Central Bank of Nigeria’s final approval for its wholly owned payment subsidiary, Hydrogen Payment Services Company Limited (Hydrogen).”
It noted that Hydrogen has the vision to be Africa’s most powerful business network and will provide switching and payment processing services to financial service providers and other stakeholders.
Sunday Ekwochi said, the new company is a payment subsidiary of Access Corporation which is designed to provide a payment platform where switching and payment processing services would be rendered to both the financial service providers as well as other stakeholders in the industry.
Speaking on the new development, the Group Chief Executive officer, Access Corporation, 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 committed to exceptional opportunities.”
He added, “Hydrogen will deploy cutting edge technology infrastructure, strong risk management, and government 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.”