|
Getting your Trinity Audio player ready...
|
Oxygen X, the consumer lending subsidiary of Access Corporation has reported an after-tax profit of N631 million in 2024.
According to a financial report released Tuesday and analysed by BusinessDay, Oxygen X posted an operating income of N4.05 billion for 2024, the same year it received preliminary approval from the Central Bank of Nigeria to commence operations.
The company, which began as Quickbucks, was rebranded and repositioned under Access Corporation as Oxygen X—an independent arm focused on providing flexible lending solutions beyond Access Bank’s traditional customer base.
Targeting retail customers and micro, small, and medium enterprises (MSMEs), Oxygen X leverages data analytics and cutting-edge fintech tools to offer tailored lending and investment services.
The platform is part of Access Corporation’s broader strategy to deepen financial inclusion and serve Nigeria’s growing population of digitally savvy consumers.
Access Corporation’s push into standalone digital lending sets it apart from other financial holding companies while other holding companies in the financial services space have focused on fintech plays (GTCO has Squad, Stanbic has Zest, and Access has Hydrogen).
Read also: Foundation, Access Corporation commit to creating sustainable pathways for youth empowerment
This bold move comes amid a broader expansion by the Corporation following its transition to a holding company structure in 2020. The group has also made significant strides through Hydrogen, its fintech arm, which saw its operating profit skyrocket 380.7 percent year-on-year to N10 billion, while net profit surged 1,018 percent from N161 million in 2023 to N1.8 billion in 2024.
Despite its promising start, Oxygen faces stiff competition from established digital lenders like Carbon, FairMoney, and OPay, all vying for a share of Nigeria’s digital finance market.
In comparison, Credit Direct, the consumer lending subsidiary of FCMB Group, posted a significantly higher after-tax profit of N7.9 billion in 2024—a 79 percent jump from N4.4 billion in 2023.
The performance cemented its position as FCMB Group’s second most profitable subsidiary, behind First City Monument Bank which earned N54.1 billion in net profit for the same period.
