Access Holdings to launch Hydrogen payment system
Access Holdings Plc is set to become the largest payment settlement platform in Africa.
At the Statutory Meeting of the shareholders of Access Holdings Plc, held on Tuesday in Lagos, the Group Managing Director of the Corporation, Herbert Wigwe, noted that the Holding company in its bid to become the Africa’s gateway to the world is set to launch a new company, Hydrogen.
Wigwe noted that with the launch of the subsidiary, Access Holdings would be supporting intra-Africa trade, adding that in partnership with some DFIs, Hydrogen would be responsible for payment across the continent.
“We share the fact with you that we wanted to be known as Africa’s gateway to the world and what that meant was that we are going to be responsible for payments across the entire continent, irrespective of where you are and where you’re transferring money from. We are going to support intra-African trade, which is a big problem today.”
“The bank can not do this alone because this are very specialist skills and it will allow us to be able to ensure thay there are settlements even in countries where we don’t have a physical presence. The idea is that wherever you are in the world, if you’re making a transfer to anybody across the continent, one out of every three transactions that come into the continent will be settled on Access Bank’s platform,” Wigwe said.
He, however, assured shareholders that though this business would generate commissions and fees but it would not lead to significant credit risk. “They do have operational risk, obviously, but we do have strong compliance process and technology platform which we will enhance to ensure that operational risks will be significantly mitigated,” he noted.
Speaking further, the GMD said plan are underway for the establishment of more subsidiaries, among which are Insurance Brokerage, Lending platform targeted at youths, among others.
He assured the shareholders that the Corporation would increase its earnings base as it continues to spread it’s tentacles across the continent.
“We will continue to spread across Europe to make sure that at the end of the day, perhaps ten years from now,we would have created a very strong diversified entity, not just relying on Nigeria or Africa but having a broad diversified income base with good quality earnings coming from countries where the inflation rates are less than that of the country, therefore making us much more stronger franchise than any other financial institution in the continent,” Wigwe said.
Meanwhile, shareholders at the meeting unanimously adopted the statutory report of the Holdings in compliance with the provisions of Section 235 of the Companies and Allied Matters Act (CAMA).
According to resolution passed at the Bank’s Ordered General Meeting held on December 16, 2021, during which the Scheme of Arrangement was approved by Bank’s shareholders, Access Corporation has divided it’s shares into 35,545,225,622 ordinary shares of 50 Kobo each.
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