Access Holdings gets approval-in-principle from CBN for new consumer lending subsidiary

Cynthia Ezekwe

The Central Bank of Nigeria (CBN) has given its approval-in-principle for Access Holdings Plc to set up a new consumer lending company, Oxygen X Finance Company Limited. The company will be a fully-owned subsidiary of Access Holdings and will focus on providing financial services to retail consumers.

The development was announced on the website of the Nigerian Exchange Limited (NGX). A statement signed by Sunday Ekwochi, Access Holdings’ company secretary, detailed the expected impact of the new subsidiary on the financial landscape. As stated in the statement, Oxygen X Finance Company Limited will aim to address distinct challenges faced by businesses and individuals through the provision of innovative and seamless digital lending solutions.

Access Holdings further noted in the statement that, following the approval-in-principle, the new subsidiary will require the final operating license from the Central Bank of Nigeria (CBN) before it can commence operations. It added that it will provide updates on the licensing process as and when they become available.