Access Holdings Plc has gotten an approval-in-principle from Central Bank of Nigeria (CBN) to establish an Oxygen X Finance Company Limited, a consumer lending subsidiary.
This was made known in a company notice on the Nigerian Exchange NGX website on Wednesday.
In a statement signed by Sunday Ekwochi, Access Holdings Company Secretary, 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 individual businesses.
“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 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 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 stated.