Access Holdings Gets Approval-in-Principle to Operate Lending Subsidiary, to Rival OKash, others
- Access Holdings has taken another big step by obtaining CBN's approval-in-principle for a consumer lending subsidiary
- According to the holding company, the proposed subsidiary is designed to make a positive impact on the financial landscape
- The development comes after it recently announced that it obtained all required regulatory approvals for an insurance broker
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Legit.ng journalist Zainab Iwayemi has over three years of experience covering the Economy, Technology, and Capital Market.
Access Holdings Plc has announced that it obtained the Central Bank of Nigeria's approval-in-principle to establish a consumer lending subsidiary, Oxygen X Finance Company Limited.
It said this in a disclosure to the Nigerian Exchange signed by Sunday Ekwochi, the company secretary.
Source: UGC
More seamless solution
The bank stated that the proposed subsidiary would positively impact the financial landscape by providing innovative and seamless digital lending solutions to address distinct challenges facing individuals and businesses in the rapidly evolving world.
According to Access Holdings, the proposed subsidiary will commence operation upon obtaining the final operating licence from the Central Bank of Nigeria.
It also stated that the company would update the market on subsequent developments regarding the licencing process.
Earlier, Legit.ng reported that the Holdings announced the acquisition of Megatech Insurance Brokers Ltd.
It stated that it had obtained all required regulatory approvals for acquiring Megatech Insurance Brokers Limited, an insurance brokerage company licensed and regulated by the National Insurance Commission.
It noted that the acquisition complements Access Holdings' bouquet of product offerings in pursuit of its vision of building a globally connected community of ecosystems inspired by Africa for the world.
Access Bank buys Zambian bank
Legit.ng earlier reported that Access Bank Zambia Limited, Nigeria's Access Corporation subsidiary, confirmed the successful acquisition of African Banking Corporation Zambia Limited, which operates under Atlas Mara Zambia.
The development means Atlas Mara is now a wholly owned subsidiary of Access Bank Zambia, Punch reports.
The statement from Access Bank also showed that upon full integration of the two banks, customers will have access to over 60 branches, five cash centres, eight agencies, more than 5,300 Tenga Express Agents, and a network of over 240 ATMs across Zambia.
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Source: Legit.ng
