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February 28, 2024
CBN Grants Access Holdings Approval To Establish Oxygen X, A Consumer Lending Subsidiary


Access Holdings Plc, the parent company of Access Bank, has been granted approval in principle by the Central Bank of Nigeria (CBN), to establish Oxygen X Finance Company Limited, a consumer lending subsidiary.

The announcement of the approval was contained in a regulatory filing with the Nigerian Exchange signed by company secretary, Access Holdings, Sunday Ekwochi.

Okwochi stated that the proposed subsidiary will make a positive impact on the financial landscape by providing innovative and seamless digital lending solutions to address distinct challenges faced by individuals and businesses in a rapidly evolving world.

He said the proposed subsidiary would commence operation upon obtaining a final operating licence from the CBN, saying that Access Holdings will update the market on subsequent developments regarding the licensing process in due course.

Recall that Group Chief Executive of Access Holdings, Herbert Wigwe recently said, “We have positioned ourselves to be at the centre of financial flows on the continent; trade, expanding and deepening financial services and serving corporates with excellence, creating a self-sustaining ecosystem.”

Wigwe added that, the company will continue to create a high-performance organisation with a strong bench of talent who are the best African leaders with capabilities to deliver the Company’s future aspirations, saying “We will continue to build strong relationships with all our stakeholders, to enable us deliver on our strategy, in line with our long-term values.

“As I look to the year ahead, the financial sector, like many others, is facing profound changes. We have dealt with challenging conditions successfully in the past as a team, and I am confident we will do it again.

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“Having a clear strategy and a sound plan that leverages our strengths is paramount, as it is having the right team to execute seamlessly.”