Access Holdings’ Oxygen X disburses ₦152 million in loans, posts ₦805 million profit in first year

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.

Get the best African tech newsletters in your inbox

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.

ObadeYemi

Adeyemi is a certified performance digital marketing professional who is passionate about data-driven storytelling that does not only endear brands to their audiences but also ensures repeat sales. He has worked with businesses across FinTech, IT, Cloud Computing, Human Resources, Food & Beverages, Education, Medicine, Media, and Blockchain, some of which have achieved 80% increase in visibility, 186% increase in month on month sales and revenue.. His competences include Digital Strategy, Search Engine Optimization, Paid per Click Advertising, Data Visualization & Analytics, Lead Generation, Sales Growth and Content Marketing.

Share
Published by
ObadeYemi

Recent Posts

AyaHQ is raising $10 million to build a Web3 talent ecosystem

AyaHQ, a pan-African Web3 talent development startup, is in talks with investors to raise $10…

10 hours ago

Don’t just grow to grow: Real talk from a serial founder

There are some lessons you only learn when life hits you hard. This week’s master…

1 day ago

Correction: After turbulent year, Leatherback shifts to enterprise remittance under new leadership

In June, Leatherback, the UK-headquartered cross-border fintech once mired in fraud investigations, unveiled new executives…

1 day ago

Voice is the new logo: Why your brand’s tone matters more than ever

A few years ago, I was in charge of presenting a big marketing strategy deck…

2 days ago

4 types of emails that get the most engagement [+ 4 emails that fail]

My inbox is like a box of chocolates: You never know what you’re gonna get…

3 days ago

Cardtonic is building a super app for everything gift cards, gadgets, and payments

In Nigeria, the vibrant holiday season often comes with an unusual problem: wasted gift cards.…

4 days ago