Access Holdings Plc is establishing a new consumer lending subsidiary that aims at further expanding consumer finance options for individuals and businesses.
The new subsidiary named Oxygen X Finance Company Limited, is expected to commence operations soon upon obtaining a final operating license from the Central Bank of Nigeria (CBN).
CBN had earlier granted approval-in-principle to the new subsidiary.
According to the company, the new subsidiary will impact the financial landscape by providing innovative and seamless digital lending solutions tailored to meet the needs of individuals and corporate customers.
The Nigerian expansion came as Access Bank Plc, the flagship subsidiary of Access Holdings, sealed a deal to acquire the majority equity stake of about 80 per cent in Uganda’s Finance Trust Bank (FTB).
The deal will see Access Bank concurrently acquiring the shares currently held by FTB’s Institutional Shareholders who have sought to exit to a strategic, long-term shareholder.
The transaction is, however, subject to regulatory approvals by the Central Bank of Nigeria and Bank of Uganda. It is expected to close in the first half of 2024, following the fulfilment of customary conditions precedent.
Group Chief Executive, Access Holdings Plc, Mr. Herbert Wigwe, said the transaction marked an important milestone for the bank as it moves closer to the achievement of the group’s five-year strategic plan through continued expansion into key markets.
“We are building a strong and sustainable franchise to support economic prosperity, encourage Africa trade, advance financial inclusion thereby empowering many to achieve their financial dreams,” Wigwe said.
