Oxygen X Finance Firm Restricted, the digital lending subsidiary of Entry Holdings Plc, disbursed ₦152 million ($95,000) in client loans in 2024, marking a robust entry into Nigeria’s more and more aggressive digital lending market.
Final yr, Entry Holdings turned the primary main financial institution group to launch a standalone digital lending firm, with Oxygen X turning a pre-tax revenue of ₦805 million ($501,000) in lower than a yr, contributing to the group’s 5 worthwhile non-banking subsidiaries.
Based on an investor presentation on April 23, 2025, Oxygen X additionally generated ₦4.1 billion ($2.6 million) in income throughout the interval, pushed largely by the rollout of its Credit score Lifecycle Administration Product (CLMP) and money mortgage choices launched in This fall in 2024.
“Mortgage merchandise launched final yr embrace Industrial Mortgage Contract and Mortgage (CLCM), wage loans, and turnover loans,” stated Bolaji Agbede, appearing managing director and group CEO of Entry Holdings, on the presentation.
The digital lender, launched in early 2024, reported a modest buyer base in its first yr, with simply 1,211 customers and 685 mortgage purposes.
Oxygen X additionally reported whole belongings of ₦7.5 billion ($4.7 million) and liabilities of ₦2 billion ($1.2 million). Although particulars on the sorts of loans disbursed stay restricted, the group stated its lending choices are knowledgeable by information factors starting from buyer demographics to social affect and credit score efficiency.
“Platform stability and cybersecurity measures are different key areas of focus. These are the sorts of metrics which are evaluated,” Agbede added.
Constructed on the spine of Entry Financial institution’s earlier Quickbucks platform, which served round seven million customers, Oxygen X goals to evolve past a bank-affiliated software into an unbiased fintech. Its providers now goal particular person shoppers and micro, small, and medium-sized enterprises (MSMEs), with lending choices together with private loans, photo voltaic and system financing, automotive loans, and payday advances.
Oxygen X goals to draw prospects past Entry Financial institution, positioning itself as a competitor to current digital lenders similar to Carbon and OPay, that are already lively in Nigeria’s high-growth credit score market.
Entry Holdings’ fintech push seems to be paying off extra broadly. Hydrogen Fee Providers Firm Restricted, its funds subsidiary, reported a 312% improve in revenue earlier than tax, rising from ₦158 million ($98,000) in 2023 to ₦1.78 billion ($1.1 million) in 2024. Hydrogen, which handles switching, funds, and service provider providers, processed over ₦49.1 trillion ($30.5 billion) in transactions in 2024.