Access Corporation Ventures into Standalone Digital Lending with Oxygen X

Access Corporation, the parent company of Nigeria’s leading bank, is set to launch Oxygen X, a dedicated consumer lending subsidiary aimed at providing digital lending solutions to a broader market beyond its traditional banking customer base. Although the launch date remains undisclosed, the Central Bank has granted approval in principle for Oxygen X to commence operations in Nigeria, as stated in a release on the Nigerian Stock Exchange.

Previously known as Quickbucks, the Oxygen X initiative is not entirely new, with the Quickbucks app having been introduced two years ago. The app, currently with a 2.6-star rating on Android’s Playstore, boasts around 7 million customers that the company aims to migrate to the new platform.

Unlike other financial holding companies focusing on fintech ventures, Access Corporation becomes the first to enter standalone digital lending with Oxygen X. The move positions Oxygen X in competition with digital lenders like Carbon and OPay, targeting an expanding segment of digital-first customers.

Since adopting a holding company structure in 2020, Access Corporation has been strategically expanding its footprint, with plans to be present in 22 countries over the next five years. In November 2023, Access Bank announced its expansion into Asia, and more recently, it acquired Megatech Insurance Brokers Ltd. These developments underscore Access Corporation’s commitment to innovation and global expansion in the financial services landscape.

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