American Express Co. is making strides in Nigeria by launching its first business credit card in partnership with local neobank 03 Capital. This move is expected to enhance access to dollars in the West African nation, a significant development for the local credit economy.
The newly unveiled business card comes with a spending limit of $10,000 and offers a repayment period of up to 45 days for international transactions, providing businesses with flexibility and convenience in managing their finances.
Through this collaboration, American Express will introduce four new credit cards: the O3 American Express® Green Card, O3 American Express® Gold Card, O3 American Express Platinum® Card for consumers, and O3 American Express® Gold Business Card for SMEs. These cards will not only improve customer offerings but also provide a range of travel and lifestyle benefits both in Nigeria and internationally.
Cardholders can enjoy discounts at select businesses in Nigeria, as well as perks such as cinema and dining benefits, hotel and car rental privileges, and various insurance coverages. Additionally, the O3 American Express Platinum® Card will provide access to a travel and lifestyle concierge service, a global hotel program membership, and five complimentary visits per year to eligible local and international airport lounges.
Abimbola Pinheiro, CEO of O3 Capital, emphasized the significance of this partnership for Nigerian businesses, highlighting the solutions it will offer to consumers and businesses alike. This initiative marks a milestone in supporting the local credit economy, providing a much-needed boost to businesses looking to expand their payment options and enhance their financial management.
Mohammed Badi, President of Global Network Services at American Express, expressed excitement about strengthening the company’s presence in Nigeria and expanding its reach across Africa. The introduction of the first American Express Business Card in Nigeria demonstrates a commitment to supporting local businesses in their growth aspirations.
In conclusion, this partnership between American Express and 03 Capital signifies a step forward in advancing the Nigerian credit economy, offering businesses and consumers access to enhanced payment choices and valuable benefits that cater to their diverse needs.
