Access Holdings Plc, the parent company of Access Bank, has secured preliminary approval from the Central Bank of Nigeria (CBN), to establish Oxygen X Finance Company Limited, a cutting-edge consumer lending subsidiary.
The move was disclosed in a regulatory filing with the Nigerian Exchange Limited on Wednesday, where Access Bank emphasized that the launch of Oxygen X Finance Company Limited is imminent pending the final authorization from the CBN.
Sunday Ekwochi, the Company Secretary of Access Holdings, expressed optimism about Oxygen X’s potential impact on the financial landscape.
He stated that the subsidiary aims to provide innovative and seamless digital lending solutions, effectively addressing the distinct challenges faced by both individuals and businesses in today’s rapidly evolving world.
“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,” Ekwochi announced.
He added, “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 license from the Central Bank of Nigeria.”
Investors responded actively to the news, with equities trading witnessing 31,669.9 million shares of Access Holdings Plc changing hands, valued at N935.9 million, in 606 deals on Wednesday.
However, a closer look at price movement indicated a slight dip in the Holdco’s share value, closing at N29.60, down by 0.20 kobo or 0.67 percent from its opening at N29.80 for the day.
