Access Holdings Plc Gets Approval From CBN to Establish New Subsidiary

Access Holdings Plc, the parent company of Access Bank, recently got approval from the Central Bank of Nigeria (CBN) to establish a  consumer lending subsidiary, Oxygen X Finance Company Limited.

This announcement was made known in the regulatory filing with the Nigerian Exchange Group by the company secretary, Access Holdings, Sunday Ekwochi.

According to Access Holdings, the proposed subsidiary 'Oxygen X Finance Company Limited' is expected to impact Nigeria's financial landscape and provide seamless and innovative lending solutions that will address long-standing challenges experienced by businesses and individuals globally.

As reported, 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.

Speaking on the move, Herbert Wigwe, the group chief executive of Access Holdings, 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.

• We will continue to build strong relationships with all our stakeholders to 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, and I am confident we will do it again. Having a clear strategy and a sound plan that leverages our strengths is paramount, as is having the right team to execute seamlessly.