Access Holdings, a leading force in the financial sector, has received approval from the Central Bank of Nigeria (CBN) to establish a new subsidiary, Oxygen X Financial Company Limited. This move is set to bolster the group’s position by offering consumer lending solutions aimed at addressing the unique financial challenges individuals and businesses face in an increasingly digital world. Oxygen X will bring innovative, seamless digital lending options to the market, serving as a vital tool for financial inclusion and empowerment in a rapidly evolving economic landscape.
In addition to the formation of Oxygen X, Access Holdings has successfully completed the necessary regulatory procedures to acquire Megatech Insurance Brokers Limited, a licensed insurance brokerage firm regulated by the National Insurance Commission (NAICOM). This acquisition signifies an important strategic move as Access Holdings broadens its service offerings, furthering its commitment to creating a globally connected ecosystem.
Access Holdings, under the leadership of Dr. Herbert Wigwe, Group CEO, aims to position itself as a dominant player in the global financial landscape by building an interconnected platform that fosters growth, opportunity, and innovation. In his statement, Dr. Wigwe expressed his excitement, describing the acquisition of Megatech as a critical step in the company’s journey. “This acquisition aligns with our long-term mission to create a global platform, accessible to all, where people can connect to unique and exceptional opportunities,” he said.
The acquisition of Megatech Insurance Brokers will bring enhanced capabilities to Access Holdings, particularly in the realm of risk management. With the integration of Megatech, the company plans to develop intelligent solutions designed to mitigate the specific risks faced by businesses and individuals in a dynamic, constantly changing world. Utilizing cutting-edge risk management tools and strong governance standards, Megatech will play a crucial role in providing tailored solutions to meet evolving challenges.
Megatech Insurance Brokers Ltd, with its expertise and longstanding experience, will significantly contribute to Access Holdings’ mission by enabling the company to craft smart, data-driven solutions that enhance risk management for both individuals and businesses. As the financial services giant continues to evolve, it remains committed to driving innovation and expanding its reach within the insurance and broader financial markets.
