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Tag: digital lending subsidiary

  • Oxygen X is Powering Nigerians Through Sustainable Digital Lending

    Oxygen X is Powering Nigerians Through Sustainable Digital Lending

    Oxygen X Finance Company Limited, the digital lending subsidiary of Access Holdings Plc, is redefining access to credit in Nigeria through bold innovation, sustainable growth, and a clear purpose: to make a positive impact in Africa. 

    Established as the first standalone digital lending business by a major Nigerian bank group, Oxygen X is on a mission to become the world’s most respected African consumer lending business. Guided by its ambition to be the largest and most sustainable non-bank consumer lending company in Africa, the company is already making remarkable strides. 

    In 2025 alone, Oxygen X has disbursed over ₦3.5 billion in consumer loans to about 4000 active customers, affirming its entry into the highly competitive digital lending landscape. To further its goal of putting the customers at the forefront of their business and being the most respected African consumer lending business in the world, Oxygen X has launched pay small small asset financing with partners like HPZ Thermocool, Zoome Energy for electric vehicles and batteries and VGL energy for solar products, device financing schemes with partners like Intelligra. 

    “From day one, we’ve been intentional about delivering real impact,” Olayinka Alimi, Acting CEO, Oxygen X. “These results represent thousands of Nigerians who now have access to the financial tools they need to grow.” 

    As part of its ongoing mission to empower more Nigerians, Oxygen X is launching a new campaign titled “You Are Next.” The campaign celebrates the resilience and hustle of everyday Nigerians while spotlighting the role that access to fair credit can play in changing lives. 

    “Nigerians are natural-born hustlers,” the campaign states. “But behind every success story is a moment of luck—the right support at the right time. Oxygen X provides that support, helping turn survival into success.” 

    From cash loans to innovative credit products, Oxygen X is committed to bridging the gap between potential and progress, by giving Nigeria good loan amounts the first time, thus giving every Nigerian the chance to not just get by, but to thrive. 

  • Access Holdings’ Total Assets Grows to ₦41.1 Trillion in Q3

    Access Holdings’ Total Assets Grows to ₦41.1 Trillion in Q3

    Access Holdings Plc, one of Africa’s leading financial institutions, has announced its unaudited results for the third quarter ended September 30, 2024. The financial results highlight the group’s continued growth momentum, emphasising resilience and sustainable performance as the Group works to deliver solid returns for its shareholders.

    Gross revenue for the nine-month period rose by 114.5% year-on-year, climbing from ₦1.6 trillion in 2023 to ₦3.4 trillion in 2024. Interest income, a major driver of this growth, represented 70% of gross revenue at ₦2.4 trillion, while non-interest income contributed ₦1.0 trillion, marking an 87.2% increase due to higher transaction volumes on digital channels and other alternative platforms. Despite inflationary pressures, the cost-to-income ratio remained stable at 60.8%, while profit before tax saw an 89.6% rise to ₦558.2 billion, and profit after tax rose 82.8% to ₦457.7 billion. This robust performance translated to an annualised return on equity of 22.2%, with earnings per share up to ₦12.40.

    Access Holdings reported significant gains in Q3 2024, driven by strong performance across its banking and non-banking subsidiaries, including Access ARM Pensions, Hydrogen Payments, and Access Insurance Brokers. The Group’s total assets surged to ₦41.1 trillion, up by 54.0% year-to-date, while shareholders’ equity grew by 51.0% to ₦3.3 trillion. Customer deposits saw an impressive rise of 45.4%, increasing from ₦15.3 trillion in December 2023 to ₦22.3 trillion by Q3 2024, while gross loans and advances grew 56.2%, reaching ₦13.9 trillion.

    Access Bank continued its strong performance, with both interest and non-interest income contributing significantly to gross earnings. Subsidiaries in the UK and across Africa performed particularly well, delivering 54.8% of the Banking Group’s profit before tax, an increase of 185.8% year-on-year. The Group remains committed to expanding its footprint by offering tailored banking solutions in each region, enhancing customer experience, and advancing cross-border banking capabilities.

    The non-banking subsidiaries of Access Holdings also delivered consistent growth. Access ARM Pensions, following a merger with ARM Pensions, now oversees ₦3.1 trillion in assets under management. Hydrogen Payments processed ₦27.5 trillion in transactions, growing its operating profit by 516% year-on-year to ₦5.7 billion. Access Insurance Brokers, still in its first year of operations, posted a gross written premium of ₦8.3 billion and a profit before tax of ₦641 million. New entrant, Oxygen X Finance, the group’s digital lending subsidiary, reported ₦2.1 billion in operating income and a profit before tax of ₦412 million.

    Looking ahead, Access Holdings remains focused on enhancing profitability through diversified revenue streams across all markets. The group is deeply committed to advancing sustainability, embedding environmental, social, and governance principles into its operations to foster positive community impact. Through ongoing investments in employee development, Access Holdings is building a culture of innovation and excellence, further positioning the group as a driver of long-term value for its shareholders.