Oxygen X Finance Company Limited, the digital lending subsidiary of Access Holdings Plc, disbursed ₦152 million ($95,000) in consumer loans in 2024, marking a strong entry into Nigeria’s increasingly competitive digital lending market.
Last year, Access Holdings became the first major bank group to launch a standalone digital lending company, with Oxygen X turning a pre-tax profit of ₦805 million ($501,000) in less than a year, contributing to the group’s five profitable non-banking subsidiaries.
According to an investor presentation on April 23, 2025, Oxygen X also generated ₦4.1 billion ($2.6 million) in revenue during the period, driven largely by the rollout of its Credit Lifecycle Management Product (CLMP) and cash loan offerings introduced in Q4 in 2024.
“Loan products launched last year include Commercial Loan Contract and Mortgage (CLCM), salary loans, and turnover loans,” said Bolaji Agbede, acting managing director and group CEO of Access Holdings, at the presentation.
The digital lender, launched in early 2024, reported a modest customer base in its first year, with just 1,211 users and 685 loan applications.
Oxygen X also reported total assets of ₦7.5 billion ($4.7 million) and liabilities of ₦2 billion ($1.2 million). Though details on the types of loans disbursed remain limited, the group said its lending decisions are informed by data points ranging from customer demographics to social impact and credit performance.
“Platform stability and cybersecurity measures are other key areas of focus. These are the types of metrics that are evaluated,” Agbede added.
Built on the backbone of Access Bank’s earlier Quickbucks platform, which served around seven million users, Oxygen X aims to evolve beyond a bank-affiliated tool into an independent fintech. Its services now target individual consumers and micro, small, and medium-sized enterprises (MSMEs), with lending options including personal loans, solar and device financing, car loans, and payday advances.
Oxygen X aims to attract customers beyond Access Bank, positioning itself as a competitor to existing digital lenders such as Carbon and OPay, which are already active in Nigeria’s high-growth credit market.
Access Holdings’ fintech push appears to be paying off more broadly. Hydrogen Payment Services Company Limited, its payments subsidiary, reported a 312% increase in profit before tax, rising from ₦158 million ($98,000) in 2023 to ₦1.78 billion ($1.1 million) in 2024. Hydrogen, which handles switching, payments, and merchant services, processed over ₦49.1 trillion ($30.5 billion) in transactions in 2024.