Access Holdings plc has obtained an approval-in-principle from the Central Bank of Nigeria (CBN) to establish a consumer lending subsidiary known as Oxygen X Finance Company Limited.
This was disclosed by the bank on the NGX website on Wednesday. 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 in a rapidly evolving world.
According to Access Holdings, the proposed subsidiary will commence operation upon obtaining the final operating licence from the central bank. The bank said it will update the market on subsequent developments regarding the licensing process in due course.