Access Holdings Obtains approval-in-principle License For Consumer Lending Subsidiary Oxygen X
Nigerian leading multinational services group that offers commercial banking, lending, payment, insurance, and asset management services, Access Holdings, has obtained approval-in-principle for consumer lending subsidiary Oxygen X.
With the launch of Oxygen X, Access Holdings seeks to provide digital lending solutions to individuals and businesses across Nigeria.
The corporation noted that 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 businesses and individuals.
The approval secured for Oxygen X is however tentative, the final operating license that will set the consumer lending subsidiary running is now expected from the Central Bank of Nigeria, Access Holdings said in a note to the Nigerian Exchange.
Access Holdings’ launch of a consumer lending subsidiary, is coming after a week ago, when it announced the acquisition of Lagos-based Megatech Insurance Brokers.
Both of these are part of the corporation’s plan to branch out from core banking into new areas within the financial services sector in a bid to diversify and grow more revenue.
While other holding companies in the financial services space have focused mainly on fintech such as (GTCO has Squad, Stanbic has Zest, and Access has Hydrogen), Access Corporation has become the first to make a play for standalone digital lending.
Oxygen X Finance Company is targeting micro-SMEs and retail customers including lower and middle-income salary earners as well as self-employed individuals as its clientele.
Its proposed product offerings encompass traditional consumer and SME lending (asset and device financing, personal loans, working capital financing), emerging consumer lending (Buy Now Pay Later, savings & investment products, and value-added services, according to its 5-year strategy document seen.
