When money is exchanged, everyone in Nigeria talks about “who is in charge.” However, you likely have no idea who is handling your money behind the scenes, whether you’re purchasing an item from an online vendor or you’re buying in bulk from a manufacturing company.
Two corporate behemoths are quietly trying to take control of every naira you swipe, click, or tap while we quarrel over fuel prices and debate which point-of-sale (POS) operator charges the lowest. It’s pertinent to know these two behemoths are Hydrogen from Access Bank and Squad from GTCO. They are not the ones you see; they don’t have stores, and they don’t even improve the flavour of your jollof rice. However, they control the financial systems that power both the formal and informal economies in Nigeria.
Let’s now take a closer look at how these unseen billionaires affect Nigerians’ pay and compensation.
A Comparison Between The Merchant Enabler, Squad vs. The Infrastructure Giant, Hydrogen
Designed for merchants, GTCO Squad is run by HabariPay, a fintech division of GTCO Holdings. It promises easy, quick, and reasonably priced payment methods, including social sellers and corner stores. It wants to be your business partner whether you’re using QR codes, USSD, or your phone as a POS device.
Hydrogen, in contrast, is largely in the background. Powering banks, fintechs, telcos, and big corporations is Hydrogen’s strength as Access Holdings’ fintech division. It is the unseen backbone that handles billions of transactions every day with products like switching services, payment gateways, APIs, and cross-border transaction tools.
Continuing, Squad targets merchants and small enterprises, while Hydrogen concentrates on establishments, BrandSpur banking and finance news desk reports.
Hydrogen is at the top when you follow the money. By 2024, Hydrogen handled payments totalling more than ₦49.1 trillion, while the squad managed 27.4 trillion naira.
Hydrogen earnings increased 1,074% in a single year, reaching ₦1.89 billion. Its profits for the first quarter of 2025 alone increased by 466% (₦283 million) over the prior year.
Squad, on the other hand, exhibits more steady but modest growth. Q1 2025 profits were ₦1.66 billion, a 52% increase from the previous year.
As a result, Hydrogen processes more payments and is becoming more profitable even though more merchants are using Squad.
Both behemoths have a good advantage and among the Squad’s advantages are:
- Soft POS, which turns smartphones into point-of-sale devices
- Payments are accepted directly into distinct accounts via virtual accounts.
Perfect Payment Links for Small Online Stores and Social Sellers - E-invoicing and USSD make it easy for offline businesses to take payments.
- For small businesses, cross-border payments are made possible by international transactions.
- APIs for developers enable companies to create unique payment solutions.
Futhering, merchants look out for easy onboarding, quick settlements, and the ability to accept payments without registering as a business. However, not all feedback is positive. Consumers lament unjustified account freezes, settlement delays, and subpar customer service. Due to unresolved issues, Squad has a low Trustpilot rating.
While Hydrogen’s advantage covers:
- Switching and Backend Processing: Enables corporates, fintechs, and banks to make payments.
- Cross-Border Settlement: Utilises the pan of Access Bank -African network
APIs: Enable other companies to connect to its backend system directly.
Real-time payments and reconciliations are made possible by InstantPay and merchant portals. - VAS Products: Assists businesses and governments with telecom, utilities, and tax collection.
- Corporates value regional reach, backend stability, scale, and dependability.
- Hydrogen is a reliable partner for big transactions because of its 99.99% transaction success rate.
Although these complaints are more directed at Access Bank than Hydrogen, retail customers continue to voice concerns about things like slow customer service, delayed transaction reversals, and a bad mobile banking experience.
Because of its GTBank heritage, GTCO has a strong brand equity, and they associate the Squad name with dependable banking services that merchants are familiar with and trust the brand.
However, because its brand strength is concentrated in corporate circles, such as banks, big companies, and fintech developers who depend on its infrastructure, Hydrogen is largely unknown to the typical Nigerian.
This distinction is significant because, although Squad’s name is well-known, Hydrogen’s work is mostly done in the background. Visibility fosters trust in retail payments.
In response to regulatory pressures for bank-led innovation, both businesses established their fintech divisions in 2022. However, their approaches are different:
Squad helps small businesses digitise their payments in the retail and SME sectors, while Africa’s digital railroads are being built by hydrogen, which processes trillions of dollars in secret. But both have the same objective, which is to become the most popular platforms in Nigeria’s expanding digital payment market.
Why Should Nigerians Care About the Impact in the Real World?
Squad is the obvious choice for the average small business owner because it is easily navigable, visible, and made with their needs in mind. You don’t need extensive infrastructure or complicated paperwork to begin taking payments. While Hydrogen serves as the backbone for corporations, fintechs, and institutions, it guarantees seamless cross-border and cross-platform transactions.
However, as Squad keeps growing and Hydrogen develops its merchant services, their paths might eventually intersect more directly.
The future belongs to hydrogen in retail trust and merchant adoption if they continue on this path.
Though, Squad’s retail presence and brand strength remain unquestionable, despite Hydrogen’s more rapid growth.
Who processes the most money is not the only factor driving Nigeria’s payment ecosystem. For businesses of all sizes, from the biggest multinational to the smallest roadside vendor, it’s about visibility, trust, and problem-solving skills.
Ultimately, Nigerians themselves emerge victorious. Businesses like Squad and Hydrogen keep your money flowing, whether you’re sending money across borders, paying for goods online, or tapping a point-of-sale system. Their contributions shape the sustainability of payments in Africa without drawing much attention to themselves.
