Access Holdings Company Plc has received regulatory approval to set up a consumer lending subsidiary, named Oxygen X Finance Company Limited.

This was revealed in a corporate notice filed with the Nigerian Exchange Limited on Wednesday.

Access Holdings said that it obtained the Central Bank of Nigeria’s approval in principle.

“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 license from the Central Bank of Nigeria. Access Holdings will update the market on subsequent developments regarding the licensing process in due course,” part of the statement read.

This comes a few days after the group announced that it had completed the acquisition of an insurance brokerage firm, Megatech Insurance Brokers Ltd.

Commenting on the acquisition, Group Chief Executive Officer, Access Holdings, Dr. Herbert Wigwe, said, “This acquisition is a natural step in our evolution as a globally connected community and ecosystem and aligns with our mission to build and sustain one global platform, open for anyone to join where people can be connected to exceptional opportunities.” The Company will design and provide intelligent solutions that mitigate the unique risks faced by individuals and businesses in an ever-changing world using leading risk management tools and governance standards.’’