The Central Bank of Nigeria (CBN) has granted Access Holdings plc approval-in-principle to launch Oxygen X Finance Company Limited, a consumer lending subsidiary.

The Bank made this information public on the NGX website on Wednesday. Through the provision of creative and smooth digital lending solutions to solve the unique issues encountered by individual firms in a world that is changing quickly, the proposed subsidiary will positively impact the financial environment.

Access Holdings states that the planned subsidiary will start up as soon as it receives the central bank's final operating license. In due time, the bank promised to keep the market informed of any further developments pertaining to the licensing procedure.