Access Holdings gets approval-in-principle for consumer lending subsidiary
Access Holdings secured a tentative approval for a new consumer lending division to be named Oxygen X Finance Company Limited, Nigeria’s biggest lender by assets said Wednesday.
The final operating license that will set the subsidiary running is now expected from the Central Bank of Nigeria, Access Holdings said in a note to the Nigerian Exchange.
The disclosure is the second diversification move by Access Holdings this week after the announcement on Monday of its acquisition of Lagos-based Megatech Insurance Brokers.
Both are parts of the broad plan by the corporation to branch out from core banking into new areas within the financial services in a bid to grow revenue and diversify risk.
“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 document said.
Oxygen X Finance Company is targeting micro-SMEs and retail customers including lower and middle-income salary earners as well as self-employed individuals as its clientele.
Its proposed product offerings encompass traditional consumer and SME lending (asset and device financing, personal loans, working capital financing), emerging consumer lending (Buy Now Pay Later, savings & investment products and value-added services, according to its 5-year strategy document seen by PREMIUM TIMES.
Last week, the group said it had fully acquired African Banking Corporation Zambia Limited (trading as Atlas Mara Zambia) through its commercial banking arm Access Bank.
At least, six other bank acquisitions are lined up for this year in markets including Angola, Tanzania, Sierra Leone, The Gambia and Cameroon after sealing deals with Standard Chartered Bank.
Access Holdings’ total assets stood at N21.4 trillion as of the end of September, according to its latest earnings report. The stock has returned 224 per cent in the last 52 weeks.
Support PREMIUM TIMES’ journalism of integrity and credibility
Good journalism costs a lot of money. Yet only good journalism can ensure the possibility of a good society, an accountable democracy, and a transparent government.
For continued free access to the best investigative journalism in the country we ask you to consider making a modest support to this noble endeavour.
By contributing to PREMIUM TIMES, you are helping to sustain a journalism of relevance and ensuring it remains free and available to all.
Donate
TEXT AD: Call Willie – +2348098788999
Access Holdings secured a tentative approval for a new consumer lending division to be named Oxygen X Finance Company Limited, Nigeria’s biggest lender by assets said Wednesday.
The final operating license that will set the subsidiary running is now expected from the Central Bank of Nigeria, Access Holdings said in a note to the Nigerian Exchange.
The disclosure is the second diversification move by Access Holdings this week after the announcement on Monday of its acquisition of Lagos-based Megatech Insurance Brokers.
Both are parts of the broad plan by the corporation to branch out from core banking into new areas within the financial services in a bid to grow revenue and diversify risk.
“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 document said.
Oxygen X Finance Company is targeting micro-SMEs and retail customers including lower and middle-income salary earners as well as self-employed individuals as its clientele.
Its proposed product offerings encompass traditional consumer and SME lending (asset and device financing, personal loans, working capital financing), emerging consumer lending (Buy Now Pay Later, savings & investment products and value-added services, according to its 5-year strategy document seen by PREMIUM TIMES.
Last week, the group said it had fully acquired African Banking Corporation Zambia Limited (trading as Atlas Mara Zambia) through its commercial banking arm Access Bank.
At least, six other bank acquisitions are lined up for this year in markets including Angola, Tanzania, Sierra Leone, The Gambia and Cameroon after sealing deals with Standard Chartered Bank.
Access Holdings’ total assets stood at N21.4 trillion as of the end of September, according to its latest earnings report. The stock has returned 224 per cent in the last 52 weeks.
Support PREMIUM TIMES’ journalism of integrity and credibility
Good journalism costs a lot of money. Yet only good journalism can ensure the possibility of a good society, an accountable democracy, and a transparent government.
For continued free access to the best investigative journalism in the country we ask you to consider making a modest support to this noble endeavour.
By contributing to PREMIUM TIMES, you are helping to sustain a journalism of relevance and ensuring it remains free and available to all.
Donate
TEXT AD: Call Willie – +2348098788999
Denial of responsibility! Techno Blender is an automatic aggregator of the all world’s media. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials, please contact us by email – [email protected]. The content will be deleted within 24 hours.