03 Signs Deal with AMEX to Offer Credit Cards to Nigerians
Non-bank credit card issuer 03 Capital has signed a partnership deal with American Express to offer US dollar denominated credit cards to Nigerians. O3 said its latest partnership agreement with AMEX is to expand its offerings and boost the credit economy agenda in Nigeria.
With the arrangement,American Express will issue four new American Express® credit cards: the O3 American Express® Green Card, the O3 American Express® Gold Car, the O3 American Express Platinum® Card for consumers, and the O3 American Express® Gold Business Card for small- and medium-sized enterprises (SMEs).
With the American Express Green, Gold, and Platinum Cards, O3 Capital said it will enhance its overall customer offering, providing American Express Card Members with a range of travel and lifestyle benefits for use in Nigeria and when travelling overseas.
These cards will provide access to discounts at select businesses across Nigeria, cinema and dining perks, hotel and car rental benefits, and various insurances and protections, the company said in its official statement on Thursday.
Additionally, the O3 American Express Platinum® Card will provide access to a travel and lifestyle concierge service, a membership with a global hotel programme, and five complimentary visits per year to eligible local and international airport lounges.
“Cards will be able to be used at American Express, accepting merchants across Nigeria and around the world. The O3 American Express® Gold Business Card will be the first American Express card launched in Nigeria to specifically support the spending needs of businesses.
“This card will improve the day-to-day management of business transactions and cash flow with access to a credit facility, the ability to perform international transactions, and the inclusion of an extended repayment period of up to 45 days,” the management said at a news conference in Lagos.
The financial services offering aim to support the running of a business, with benefits such as three complimentary visits per year to eligible local and international airport lounges, car rental perks, and travel insurance included.
Speaking at the event, Abimbola Pinheiro, Chief Executive Officer of O3 Capital, said: “This agreement with American Express is a significant milestone, both for O3 Capital and for Nigerian businesses.
“We will provide solutions for a wide range of customers – from consumers looking for more value from their payment products to businesses who want to enjoy the benefits of a domestically issued card with the international reach of American Express.
“We are particularly proud to be the first who will issue an American Express Business Card to the Nigerian business community, and we look forward to working with American Express to fulfil our potential.”
Also, Mohammed Badi, President of Global Network Services at American Express, commented: “With the O3 Capital American Express cards, consumers and businesses in Nigeria will have even more payment choices.
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.” Banks Loans Account for 35% of Industry Assets in 2023
