In partnership with local neobank O3 Capital Nigeria Limited, American Express Co. (Amex) has rolled out new business credit cards in Nigeria which could help improve access to dollar transactions in the country. The collaboration between O3 Capital and Amex was recently announced in Lagos, revealing a business Credit Card with a $10,000 spending limit and a repayment period of up to 45 days for international transactions. In his statement, Mohammed Badi, the President of Global Network Services at Amex, announced that the introduction of the American Express Business Card in Nigeria, the largest African country, will provide an additional avenue to assist local businesses in achieving their growth goals.
According to Badi, American Express is eager to further establish itself in Nigeria and broaden its impact throughout Africa. Additional O3 Capital-Amex cards designed for personal and household expenses will be subject to spending restrictions ranging from $10,000 to $20,000. Badi’s announcement included plans for American Express to increase operations in Africa from 30 countries to 42 due to growing interest from consumers and small businesses in their cards. Nigeria has been grappling with a lack of local currency for some time, leading to frequent fluctuations in the naira’s value, which has decreased by 65% compared to the US Dollar since foreign exchange reforms were introduced in mid-2023.
O3-Amex card eliminates the need to wait in line at banks.
To increase foreign Investment and alleviate demand constraints, the Central Bank of Nigeria is actively promoting the independent sourcing of dollars by banks. Nonetheless, finding them can still be difficult as many banks in the country have either discontinued or restricted the use of Naira credit cards for international transactions, reserving card issuance only for affluent customers. Abimbola Pinheiro, CEO of O3 Capital Nigeria Limited, explained how the O3-Amex card eliminates the need to wait in line at banks for both corporate and personal travel expenses.
Pinheiro announced that O3 Capital’s goal is to distribute 16,000 American Express cards by the conclusion of 2024 and expand the availability to approximately one million cards within the following five years. Additionally, they aim to introduce the Amex cards in various markets such as Rwanda, Congo, and Ghana, with the target of issuing them by the end of 2025. Pinheiro emphasized the importance of the partnership with American Express, describing it as a major achievement for both O3 Capital and Nigerian enterprises.
Four new AmEx credit cards were introduced to Nigerians.
He assures the provision of a variety of solutions to cater to different types of customers, including individuals seeking enhanced value from their payment methods and businesses interested in leveraging the global presence of American Express through domestically issued cards. O3 Capital Nigeria Limited partnership with AmEx introduced four new American Express credit cards to the Nigerian market. These cards, including the O3 American Express Green, Gold, and Platinum Cards, offer consumers access to credit, discounts, and exclusive travel opportunities. The 03 AmEx Gold Business Card is the first card introduced in Nigeria designed to cater to the unique spending requirements of businesses in Nigeria.
This pioneering credit card offers businesses benefits such as credit access, seamless international transactions, a generous repayment window of up to 45 days, airport lounge access, and additional exclusive perks. O3 Capital Nigeria Limited, a leading Fintech company in the country and the pioneer non-bank credit card provider, is committed to increasing financial access for every Nigerian, including the unbanked population, business owners, and SMEs. To access the Green Card users will pay an issuance fee of $5, a maintenance fee of $10, and a membership fee of $40, along with a credit limit of $1,000.
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The Gold Card provides a credit card option in both USD and naira. To acquire this card, users must pay an issuance fee of $5, a maintenance fee of $10, a membership fee of $150, and they will receive a credit limit of $10,000. The Platinum Card includes a dual currency credit card in both USD and naira, with an issuance fee of $5, maintenance fee of $10, membership fee of $300, and a credit limit of $20,000. The Gold Business Card also offers a dual currency credit card in USD and naira, with an issuance fee of $5, maintenance fee of $10, membership fee of $250, and a credit limit of $10,000.