In the first quarter of 2025, Hydrogen, the fintech subsidiary of Access Holdings, has made significant strides in Nigeria's digital payments market by recording a remarkable profit growth of 466%, surpassing the long-time leader HabariPay, the fintech arm of Guaranty Trust Holding Company. The financial statements published on the Nigerian Exchange Limited revealed that Hydrogen's after-tax profit surged to ₦283 million in Q1 2025, while HabariPay's profit grew by 52% to ₦1.66 billion. Concurrently, Stanbic IBTC's Zest Payments widened its loss in the same period. The success of Hydrogen and HabariPay is attributed to their parent groups' strong customer bases, compliance mechanisms, and capital support. The emergence of bank-owned fintech arms like Hydrogen and HabariPay was triggered by regulatory changes in 2010, requiring banks to restructure into holding companies to offer non-banking services. This shift allowed traditional banks to establish licensed fintech subsidiaries and compete with standalone players like Flutterwave and Paystack. Analysts foresee Hydrogen potentially surpassing HabariPay to become Nigeria's most profitable bank-owned fintech by year-end, indicating a shift in the fintech landscape where regulatory compliance and financial strength are becoming crucial factors.