Access Bank revealed in a regulatory filing with the Nigerian Exchange Limited on Wednesday that the business would be launched once the CBN grants final permission.
Access Holdings' Company Secretary, Sunday Ekwochi, stated that Oxygen X is anticipated 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 conclusion 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.
Upon further examination of price movement by investors, however, showed a trend of dumping the shares of the Holdco as it closed trading lower on Wednesday.
In particular, Access Holdings lost 0.20 kobo, representing 0.67 per cent, to close at N29.60 from the N29.80 it had at the commencement of trading for the day.