American Express, O3 Capital Launch 4 Business Credit Cards in Nigeria, CEO Speaks on Benefits
- American Express and O3 Capital have launched its business credit cards in Nigeria at an event in Lagos
- The card is expected to cater to the needs of small and medium-sized enterprises (SMEs) in the country carrying out dollar based transactions
- The CEO of O3 Capital in a chat with Legit.ng expressed excitement and lists out the benefits of the credit cards
Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
O3 Capital a Nigerian fintech company in partnership with American Express has announced the launch of four new credit cards tailored for the Nigerian business.
At the unveiling of the card on Thursday, May 9, 2024, the companies said the cards will make it easy for Nigerians to carry out dollar based transactions.
Source: Getty Images
The cards launched are the 03 American Express Green Card for consumers, the 03 American Express Gold Card for consumers, and the 03 American Express Platinum Card for consumers and the 03 American Express Gold Business Card for small- and medium-sized enterprises (SMEs).
New credit cards for Nigerian business
The President of Global Network Services, Amex, Mohammed Badi introducing the card to journalists said that the business card comes with a spending limit of $10,000 and offers a repayment window of up to 45 days for international transactions.
He said:
“The first-ever American Express Business Card in the most populous African country will give us another way to support local businesses with their growth aspirations”.
"With the 03 Capital American Express cards, consumers and businesses in Nigeria will have even more payment choice.
"American Express is excited to continue to strengthen its presence in Nigeria and expand its reach across Africa. The first-ever American Express Business Card in the most populous African country will give us another way to support local businesses with their growth aspirations."
In a chat with Legit.ng at the launch event, Abimbola Pinheiro, the Chief Executive Officer of O3 Capital, said the O3-Amex card will help solve the problem associated with dollar-based transactions for Nigerians.
His words:
"Our partnership with American Express marks a significant milestone for O3 Capital and Nigerian businesses alike. Together, we will deliver tailored solutions to a diverse range of customers – from consumers seeking greater value from their payment products to businesses desiring the advantages of a domestically issued card with the global reach of American Express.
"We are especially proud to be the first to issue an American Express Business card to the Nigerian business community, and we eagerly anticipate collaborating with American Express to realise our full potential.
"With the introduction of these four products, we see more American Express cards arriving and people being able to use their American Express cars around the world."
FG Directs banks to issue new debit cards with NIN
Legit.ng earlier reported that the Federal Government has directed Nigerian banks and other financial institutions to issue new debit cards to customers with National Identification Numbers (NIN).
The new card will withdraw money from Automatic Teller Machines and serve as a national identity card for Nigerians.
The Minister of Communications and Digital Economy, Isa Pantami, announced the directive during a press briefing following the valedictory Federal Executive Council (FEC) meeting presided over by President Muhammadu Buhari in Abuja.
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Source: Legit.ng
