Nigeria Debuts her First Non Bank Based Credit Card

The first non bank based credit card in the country has been introduced by Chief Executive Officer, 03 Capital Nigeria Limited, Mr. Abimbola Pinheiro. While introducing the cards, he said with 03 credit cards, Nigerians were freely offered with effective lending opportunities that will increase their purchasing powers while the country also benefits from economic activity promotion through innovative payment system. The launch becomes Nigeria’s commencement of credit card system without attachment to any bank.
He argued that “In Nigeria today there are about 100,000 bank based credit cards. When it’s being compared with our population of over 160 million, you will agree that a lot more is still needed to capture the entire people’’.
He reported that the credit card works on the Interswitch network meaning they can be used on all Automated Teller Machines, ATMs, and POS, Point of Sales Terminals, and Nigerian internet payment sites in Nigeria. The naira denominated credit cards have limits ranging from N100, 000 to N1, 500,000.
 Pinheiro stated that their infrastructure gives a robust knowledge for the cardholder while guaranteeing transaction and data security in line with the international EMV standard and best practices. Their Risk management System is integrated with the Credit Bureaus to provide a thorough and proficient credit appraisal system.
“The O3 selection process is extremely thorough with a high level KYC scrutiny in line with our philosophy of ‘right customer low risk’. The IT infrastructure is integrated with the existing credit bureaus which enables an automated credit history review of each applicant. The card management system has a predictable risk management and anti-fraud solution’’.