Nigeria's largest bank to launch standalone digital lender
TLDR
- Access Corporation, the parent company of Nigeria's largest bank, is introducing Oxygen X, a consumer lending subsidiary for digital lending solutions.
- Oxygen X, formerly known as Quickbucks, is being launched to expand Access Corporation's reach in the digital lending space.
- The approval in principle from the Central Bank allows Access Corporation to initiate operations in Nigeria with Oxygen X.
Access Corporation, the parent company of Nigeria's largest bank by assets, is introducing Oxygen X, a consumer lending subsidiary designed to offer digital lending solutions to a broader market beyond its banking customers.
Although the launch date for Oxygen X has not been disclosed, Access has obtained approval in principle from the Central Bank to initiate operations in Nigeria, as indicated in a statement published on the Nigerian Exchange.
Oxygen X is not an entirely new product for Access Corporation; it was initially named Quickbucks. The Quickbucks app, which currently holds a 2.6-star rating on Android's Playstore, was first introduced two years ago. The launch of Oxygen X reflects the company's strategic move to expand its reach in the digital lending space and cater to a wider consumer base in Nigeria.
Key Takeaways
The launch of the standalone lending app by Access signals a strategic move to acquire users beyond those with Access Bank accounts. This approach allows Oxygen to target a wider audience and compete in the digital lending space independently. Unlike other holding companies in the financial services sector, which have focused on fintech ventures (such as GTCO with Squad and Stanbic with Zest), Access Corporation is pioneering the establishment of a standalone digital lending platform. Oxygen X will enter the competitive landscape, challenging digital lenders like Carbon and OPay, as it seeks to serve an expanding market of digitally oriented customers. ASince transitioning to a holding company structure in 2020, Access has been proactive in making significant investments, including the launch of Hydrogen and an ambitious expansion across the African continent.
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