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Access Holdings Plc, a pan-African financial services conglomerate led by Nigerian multimillionaire banking tycoon Herbert Wigwe, has received final approval from the Central Bank of Nigeria (CBN) to launch its wholly owned payment subsidiary.
According to a press release issued by the pan-African banking group, the payment subsidiary, which will be known as Hydrogen Payment Services Company Limited (Hydrogen), will provide financial service providers and other stakeholders with switching and payment processing services.
The payment subsidiary’s launch will play a critical role in deepening the group’s operations, extending its range of services to largely underserved markets in support of the CBN’s financial inclusion drive, and contributing to the global payment ecosystem’s resilience.
In a statement about the new subsidiary, Access Holding CEO Herbert Wigwe stated: “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 it aligns with our mission to build and sustain one global platform, open to anyone to join, where people can be connected to exceptional opportunities.”
He added that Hydrogen will use cutting-edge technology infrastructure, strong risk management, and governance standards to provide secure, cost-effective, and convenient payment services to individuals and businesses across the African continent, thereby supporting the Central Bank of Nigeria’s financial inclusion strategy.
Wigwe, Access Holdings’ group managing director, owns 4.26 percent of the pan-African conglomerate. Access Holdings is Nigeria’s largest financial services group by assets and one of the most capitalized financial institutions on the Nigerian Exchange.
The multimillionaire banker stands to earn up to N303.6 million ($700,000) in interim dividends from his stake in Africa’s leading financial services group.
The $700,000 in interim dividends will be paid from the group’s retained earnings of N401.5 billion ($937.4 million), bringing his total dividend earnings from the leading lender to $3.26 million this year.
