SMEs in Nigeria are about to witness a new turnaround as they can now gain access to business credit cards, and this is coming after local Neobank 03 Capital Nigeria Limited partnered with American Express Co (AMEX).
O3 Capital and Amex unveiled their latest offering on Thursday in Lagos.
The collaboration has the potential to enhance access to dollar transactions in West African countries. According to O3, this latest partnership agreement with AMEX is to expand its offerings and boost the credit economy agenda in Nigeria.
What SMEs In Nigeria Should About The Business Card
The business card comes with a spending limit of $10,000 and offers a repayment window of up to 45 days for international transactions.
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It will come in the form of four new American Express credit cards. These include the O3 American Express Green Card tailored for consumers, the O3 American Express Gold Card also designated for consumers, the O3 American Express Platinum Card designed for consumers, and the O3 American Express Gold Business Card aimed at 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 traveling 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 program, 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 provided are designed to assist in the operation of a business, offering advantages like three free visits annually to qualifying local and international airport lounges, car rental benefits, and inclusive travel insurance.
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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 fulfill our potential.”
President for Global Network Services at American Express, Mohammed Badi also commented on O3 AMEX Cards and the partnership by saying;“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.”
Backstory
Nigeria has for years struggled with a local dollar scarcity, contributing to sometimes sharp volatility in the naira, which has lost 65 percent of its value against the greenback since foreign-exchange reforms in mid-2023.
The Central Bank of Nigeria has sought to attract foreign investors to boost dollar inflows and is encouraging banks to source the greenback independently to ease demand constraints.
Still, they can be hard to find. Most of the nation’s lenders have stopped or limited the use of naira credit cards to make payments abroad and restricted card issuance to wealthy clients.
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