Access Holdings Plc has obtained approval in principle from the Central Bank of Nigeria (CBN) to establish a consumer lending subsidiary, Oxygen X Finance Company Nigeria.
In a statement on Wednesday, Sunday Ekwochi, Access Holding’s secretary, said the company is awaiting a final licence from CBN for Oxygen X Finance to commence operation.
Access Holdings said Oxygen X Finance will serve the consumer lending market to address distinct challenges faced by individuals and businesses.
An approval-in-principle is a preliminary indication from a regulator that a proposal or application is likely to receive approval from the authority subject to meeting certain conditions.
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“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,” Access Holdings said.
“The proposed subsidiary will commence operation upon obtaining a final operating license from the Central Bank of Nigeria.
“Access Holdings will update the market on subsequent developments regarding the licencing process in due course.”
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On Monday, the company announced the acquisition of Megatech Insurance Brokers Limited to expand its services and create growth opportunities.
Also, recently, Access Holdings said its subsidiary, Access Bank, has completed the acquisition of African Banking Corporation Zambia Limited, also known as Atlas Mara Zambia.
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