A month ago, O3 Capital, the Nigeria fintech and non-bank credit card issuer, launched four American Express (Amex) cards. Although still early days, the O3 American Express Green card and the O3 American Express Platinum card have proven to be the standout performers.
The four cards launched in the new partnership were the O3 American Express Green card for consumers, the O3 American Express Gold card for consumers, the O3 American Express Platinum card for consumers; and the O3 American Express Gold Business card for small- and medium-sized enterprises (SMEs).
The Green card and the Platinum card, have been used by both everyday consumers as well as senior professionals and corporates – proving their broad appeal and widespread benefits. Another reason for the Green card’s popularity is due to its naira denomination. It has also offered a practical and functional solution for the middle classes to make payments in naira, but on credit – while being convenient for families with members studying abroad.
Corporates in Nigeria – especially those with headcount between 100 and 1,000 – have shown significant interest. Particularly for managing day-to-day cashflow items such as staff expenses. Users include various financial institutions, asset management companies, and SMEs with trade partners in India, China and other African countries.
The wider market has taken immediate notice, and O3 has been delighted to receive a variety of commercial overtures and expressions of interest from numerous banks and fintechs to potentially collaborate.
Desire for modern solutions
Abimbola Pinheiro, chief executive officer of O3 Capital, said: “We are delighted with the amazing response to our launch of American Express cards in Nigeria. The success of the Green and Platinum cards, in particular, shows the market’s enthusiasm for modern financial solutions. We are proud to support both individual and corporate customers in their financial journeys.
“Our cards launch has also struck a major chord with established banks and fintechs – many of whom have approached us to partner with them. The future for O3 is exciting.”
The Government of Nigeria has positively acknowledged O3 Capital as the firm’s values align with the Financial System Strategy 2020 of the Central Bank of Nigeria (CBN), and the main thrust of a ‘cashless Nigeria’. This acknowledgement underscores the importance of O3 Capital’s contribution to the country’s financial ecosystem.
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