CBN gives Access Holdings approval-in-principle to float consumer lending subsidiary

The Central Bank of Nigeria (CBN) has granted Access Holdings Plc, the parent company of Access Bank, a preliminary clearance to establish Oxygen X Finance Company Limited, a consumer lending subsidiary.

This development was announced in a company notice on the Nigerian Xchange (NGX) website which stated that the business will launch as soon as the CBN grants final permission.

In the disclosure signed by Sunday Ekwochi, Access Holdings’ Company Secretary, Oxygen X is expected to “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.

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“Access Holdings Plc (“Access Holdings”) is pleased to inform the investing public and the Nigerian Exchange Ltd that it has obtained the Central Bank of Nigeria’s approval-in-principle to establish a consumer lending subsidiary to be known as Oxygen X Finance Company Limited.

“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 our rapidly evolving world.

“The proposed subsidiary will commence operation upon obtaining a final operating licence from the Central Bank of Nigeria.

“Access Holdings will update the market on subsequent developments regarding the licensing process in due course” the notice stated.

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