Oxygen X, Access Corporation’s consumer lending subsidiary, reported a pre-tax profit of N805 million ($501,000) in 2024. The digital lending subsidiary disbursed N152 million ($95,000) in consumer loans.

According to an investor presentation in April, Oxygen X generated N4.1 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 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.

It also reported total assets of N7.5 billion ($4.7 million) and liabilities of N2 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.

In January 2024, Access Holdings Plc announced that it had obtained the Central Bank of Nigeria’s (CBN) approval-in-principle to establish a consumer lending subsidiary to be known as Oxygen X Finance Company Limited.

The company, which began as Quick Bucks, 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. Oxygen X is building Africa’s largest, most sustainable consumer credit company. The digital lender was rolled out to make credit accessible and convenient for hardworking people in Africa.

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. Also, the company offers personal loans, business loans, and point-of-sale loans.

By offering attractive loan terms and user-friendly access, Oxygen X aims to stand out among existing loan providers in Nigeria such as Opay, Sycamore, Carbon, Branch, FairMoney, and Palmcredit.

Oxygen X leverages data analytics to drive smarter lending decisions, drawing insights from customer demographics, credit behavior, and social impact indicators. By continuously enhancing its algorithms and incorporating alternative data sources—such as mobile usage patterns and social media activity—the platform sharpens its credit scoring models. This approach not only reduces default risk but also enables Oxygen X to deliver personalized loan products that cater to the unique financial needs of a diverse customer base.

Its backing by Access Holdings, one of Nigeria’s largest financial institutions, gives it a credibility and capital advantage, enabling it to scale rapidly while maintaining responsible lending practices. Notably, Oxygen X aims to evolve beyond a bank-affiliated tool into an independent fintech. The digital lending platform’s ability to scale efficiently, offer trusted services at lower rates, and innovate in delivery and compliance will be key to staying ahead in Nigeria’s fast-evolving digital lending space.

Since moving to a holding company structure in 2020, the Access Corporation has made big bets, including the launch of its fintech subsidiary Hydrogen, and a rapid expansion across the continent. While other holding companies in the financial services space have focused on fintech, GTCO has Squad, Stanbic has Zest, and Access Corporation is the first Nigerian financial institution, to make a play for standalone digital lending.

Both platforms are part of Access Corporation’s broader strategy to deepen financial inclusion and serve Nigeria’s growing population of digitally savvy consumers.