Access Holdings Plc says it has received approval from the Central Bank of Nigeria (CBN) to set up a payment subsidiary.
The firm said this on Wednesday in a corporate filing, signed by Sunday Ekwochi, company secretary, Access Holdings Plc.
According to the document, the new wholly-owned subsidiary is named Hydrogen Payment Services Company Limited.
The company said Hydrogen aspires to be “Africa’s most powerful business network” which would provide switching and payment processing services to financial service providers as well as other stakeholders.
Speaking on the new subsidiary, Herbert Wigwe, group chief executive officer, (GCEO), Access Corporation 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.”
Wigwe said Hydrogen would 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.
He added that this would in turn support the attainment of CBN’s financial inclusion strategy.
In March, Access Holdings restructured into a holding company — allowing the company to own majority stake in subsidiary companies.
Last month, Access Holdings received approval to acquire majority equity stake in First Guarantee Pension Limited.
In June, CBN had given approval to another HoldCo, Guaranty Trust Holding Company, to set up HabariPay, its wholly-owned payment unit.