Access Oxygen X, the digital banking subsidiary of Access Bank, has reported an impressive ₦631 million profit in its debut year — a strong showing that signals growing confidence in digital-only banking in Nigeria.
Launched as part of Access Bank’s strategy to reach underbanked populations and younger, tech-savvy customers, Oxygen X has quickly carved out a niche in the competitive fintech landscape. With its mobile-first platform, simplified onboarding, and low-to-zero fees on transactions, the platform has attracted over 2 million users in its first 12 months of operation.
“Digital banking is not just the future — it’s the now,” said a senior executive at Access Holdings. “With Oxygen X, we’re building a banking experience that fits into people’s lives, not the other way around.”
The ₦631 million profit is particularly noteworthy given the investment-heavy nature of launching a new banking platform. Most digital banking startups take years before turning a profit. But Access Oxygen X seems to have leveraged its parent company’s infrastructure and market reach to scale faster and more efficiently.
Analysts credit the success to three key factors: strategic pricing, seamless user experience, and aggressive customer acquisition through existing Access Bank channels.
“This is a case study in how to launch a fintech product without starting from scratch,” said Lagos-based financial analyst Tomiwa Akinsola. “Access Oxygen X is basically a fintech with a bank’s backbone — and that gives it serious staying power.”
As Nigeria’s digital economy continues to expand, the platform is expected to roll out more features, including credit scoring, lifestyle products, and SME tools. The early profit report sets the tone for what could be a defining player in the future of African digital finance.
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