January 17, (THEWILL) – Access Holdings Plc, the parent group of Access Bank has received the Central Bank of Nigeria (CBN) approval-in-principle to establish its own consumer lending subsidiary.
The new entity will be known as Oxygen X Finance Company Limited.
According to a corporate disclosure on the NGX website, the company will commence operation when the final approval is obtained from the CBN.
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 in our rapidly evolving world.”
The operational framework of Access Holdings’ Oxygen X remains undisclosed at present. . .
THEWILL recalls that Access Holdings Plc recently announced the acquisition of Megatech Insurance Brokers Limited, an insurance brokerage company licensed and regulated by the National Insurance Commission.
The development came on the heels of the acquisition of African Banking Corporation Zambia Limited, trading as Atlas Mara Zambia (Atlas Mara) after obtaining all requisite regulatory approvals by Access Bank Zambia.
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Sam Diala is a Bloomberg Certified Financial Journalist with over a decade of experience in reporting Business and Economy. He is Business Editor at THEWILL Newspaper, and believes that work, not wishes, creates wealth.
