Access Holdings gets CBN approval to establish consumer lending subsidiary

The Central Bank of Nigeria 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.

In a regulatory filing with the Nigerian Exchange Limited on Wednesday, Access Bank stated that the business would be launched as soon as the CBN grants final permission.

Company Secretary, Access Holdings, Sunday Ekwochi, said Oxygen X is expected to “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.

“Access Holdings Plc (“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.

“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.

At the close of transactions on Wednesday, equities investors traded 31,669.9 million shares of Access Holdings Plc valued at N935.9 million exchanged in 606 deals.

Further checks on the price movement by PUNCH Online, however, showed investors dumped the shares of the Holdco as it closed trading lower on Wednesday.

Specifically, Access Holdings lost 0.20 kobo representing 0.67 per cent to close at N29.60 from N29.80 it commenced trading for the day.

All rights reserved. This material, and other digital content on this website, may not be reproduced, published, broadcast, rewritten or redistributed in whole or in part without prior express written permission from PUNCH.

Contact: [email protected]