Access Holdings Plc has achieved a significant milestone with the Central Bank of Nigeria (CBN) granting approval in principle for the establishment of Oxygen X Finance Company Limited, a consumer lending subsidiary.
The news was conveyed through an official company notice on the Nigerian Exchange (NGX) website .
According to Sunday Ekwochi, the Company Secretary of Access Holdings, the proposed Oxygen X Finance Company Limited is poised to bring positive change to the financial landscape by offering innovative and seamless digital lending solutions.
These solutions aim to address specific challenges faced by individuals and businesses in the dynamic and evolving economic environment.
In the statement, Ekwochi expressed the company’s enthusiasm about the approval, stating, “Access Holdings Plc 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 primary objective of Oxygen X Finance Company Limited is to provide a range of digital lending solutions that cater to the diverse needs of individuals and businesses.
The emphasis on innovation and seamlessness underscores the company’s commitment to staying at the forefront of financial services in a 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 further stated.
Access Holdings Plc anticipates that the establishment of Oxygen X Finance Company Limited will not only strengthen its position in the financial sector but also contribute significantly to enhancing financial inclusion and accessibility for a broader spectrum of the population.
As the company progresses through the licensing process, investors and stakeholders eagerly await further updates on the operationalization of Oxygen X Finance Company Limited and its potential impact on the financial services landscape in Nigeria.