Access Holdings announced it has obtained the approval-in-principle from the apex bank, the Central Bank of Nigeria (CBN), to set up Oxygen X Financial Company Limited that will serve as a consumer lending subsidiary to the financial group.
According to the financial heavyweight, the proposed subsidiary will make a positive impact on the financial landscape by providing innovative and seamless digital lending solutions to address distinct challenges faced by individuals and businesses in the rapidly evolving world.
In another development, Access Holdings has also officially secured all necessary regulatory approvals for the acquisition of Megatech Insurance Brokers Limited, a licensed and regulated insurance brokerage company under the National Insurance Commission (NAICOM).
“Access Holdings Plc is pleased to inform the investing public and the Nigerian Exchange Ltd that it has obtained all required regulatory approvals for the acquisition of Megatech Insurance Brokers Ltd an insurance brokerage company licensed and regulated by the National Insurance commission.”
Access Holdings, a leading player in the financial services sector, is on a mission to build a globally connected community of ecosystems inspired by Africa. The acquisition of Megatech Insurance Brokers Ltd expands the company’s product offerings, adding a strategic dimension to its vision of creating a world where risk is efficiently managed.
Dr. Herbert Wigwe, Group Chief Executive Officer of Access Holdings, expressed enthusiasm about the acquisition, stating
“This is a natural step in our evolution as a globally connected community and ecosystem. It aligns with our mission to build and sustain one global platform, open for anyone to join, where people can be connected to exceptional opportunities,” Dr Wigwe said.
Wigwe emphasized that Megatech will focus on designing and providing intelligent solutions to address the unique risks faced by individuals and businesses in an ever-changing world. The company aims to achieve this through the use of cutting-edge risk management tools and best-in-class governance standards.
“The company will design and provide intelligent solutions that mitigate the unique risks faced by individuals and business in an ever-changing world using leading risk management tools and governance standards,’’ he added.
Megatech Insurance Brokers Ltd, with its license and regulation by the National Insurance Commission, brings a wealth of experience to Access Holdings.
The company’s role will be pivotal in crafting intelligent solutions that address the evolving risks faced by individuals and businesses in today’s dynamic environment leveraging the expertise and capabilities brought in by Megatech Insurance Brokers Limited. As the company continues to evolve, it remains dedicated to fostering a globally connected community and driving innovation in the insurance industry.
