Oxygen X Finance Company Limited, Access Holdings Company Plc’s consumer lending subsidiary, has been approved by regulators.
This was disclosed in a corporate notice that was submitted on Wednesday to the Nigerian Exchange Limited.
According to Access Holdings, it has the approval of the Central Bank of Nigeria in principle.
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“By offering creative and seamless digital lending solutions to address specific challenges faced by individuals and businesses in our rapidly changing world, the proposed subsidiary will positively impact the financial landscape.”
After receiving a final operating license from the Central Bank of Nigeria, the proposed subsidiary will start business. A portion of the announcement said, “Access Holdings will notify the market in due course of any further developments pertaining to the licensing process.”
This occurs just a few days after the company declared that Megatech Insurance Brokers Ltd., an insurance brokerage, has been fully acquired.
“This acquisition is a natural step in our evolution as a globally connected community and ecosystem and aligns with our mission to build and sustain one global platform, open for anyone to join where people can be connected to exceptional opportunities,” said Dr. Herbert Wigwe, Group Chief Executive Officer of Access Holdings, in response to the acquisition. The Company will use cutting-edge risk management techniques and governance standards to build and deliver clever solutions that reduce the particular risks faced by people and enterprises in a world that is always changing.