CBN Licenses Access Holdings To Establish Consumer Lending Subsidiary

The Central Bank of Nigeria (CBN) has granted approval in principle to Access Holdings Plc, the parent company of Access Bank, to establish Oxygen X Finance Company Limited, a consumer lending subsidiary.

This was contained in a regulatory filing with the Nigerian Exchange signed by company secretary, Access Holdings, Sunday Ekwochi.

It stated 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 individuals and businesses in our rapidly evolving world.

It said the proposed subsidiary will commence operation upon obtaining a final operating licence from the CBN, saying that Access Holdings will update the market on subsequent developments regarding the licensing process in due course.

Group chief executive of Access Holdings, Herbert Wigwe recently said: “we have positioned ourselves to be at the centre of financial flows on the continent; trade, expanding and deepening financial services and serving corporates with excellence, creating a self-sustaining ecosystem.

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He added that, the company will continue to create a high-performance organisation with a strong bench of talent who are the best African leaders with capabilities to deliver the Company’s future aspirations, saying “we will continue to build strong relationships with all our stakeholders, to enable us deliver on our strategy, in line with our long-term values.

“As I look to the year ahead, the financial sector, like many others, is facing profound changes. We have dealt with challenging conditions successfully in the past as a team, and I am confident we will do it again. Having a clear strategy and a sound plan which leverages our strengths is paramount, as it is having the right team to execute seamlessly,” he said.