Access Holdings Plc, the parent company of Access Bank, has received approval in principle from the Central Bank of Nigeria (CBN) to establish Oxygen X Finance Company Limited, a consumer lending subsidiary. The regulatory filing with the Nigerian Exchange, signed by Access Holdings’ company secretary, Sunday Ekwochi, disclosed that the proposed subsidiary aims to provide innovative digital lending solutions to address evolving challenges faced by individuals and businesses.
Upon obtaining the final operating license from the CBN, the proposed subsidiary will commence operations. Access Holdings plans to keep the market updated on subsequent developments related to the licensing process.
Herbert Wigwe, Group Chief Executive of Access Holdings, emphasized the company’s strategic positioning to be a central player in financial flows on the continent, focusing on trade, expanding financial services, and serving corporates with excellence. He highlighted the commitment to building a high-performance organization with a talented team capable of delivering the company’s future aspirations and building strong relationships with stakeholders. Looking ahead, Wigwe expressed confidence in navigating changes in the financial sector by having a clear strategy, a sound plan, and the right team for seamless execution.