O3 Capital, a Nigerian fintech and a non-bank credit card issuer, has said since the launch of its four American Express cards, it has received banking and fintech commercial proposals for collaboration.
The credit card issuer said in a statement that corporates in Nigeria have shown significant interest, particularly in managing day-to-day cash flow items such as staff expenses and such users include various financial institutions, asset management companies, and SMEs with trade partners in India, China, and other African countries.
“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,” Abimbola Pinheiro, chief executive officer of O3 Capital, said.
“Our card 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,” Pinheiro said.
“We are also pleased to have received a positive acknowledgment from the Government of Nigeria to our exciting developments which is aligned with the Financial System Strategy 2020 of the Central Bank of Nigeria, and the main thrust of a ‘cashless Nigeria’,” he said. “This acknowledgment underscores the importance of O3 Capital’s contribution to the country’s financial ecosystem.”
In May 2024, O3 Capital announced an agreement with American Express to issue four new American Express credit cards: the O3 American Express Green Card for consumers, the O3 American Express Gold Card for consumers, and the O3 American Express Platinum Card for consumers; and the O3 American Express Gold Business Card for small- and medium-sized enterprises (SMEs).
The firm said since launch, the O3 American Express Green Card and the O3 American Express Platinum Card, have been the standout performers being used by both everyday consumers as well as senior professionals and corporates proving their broad appeal and widespread benefits.
“The entry-level card Green card has been immensely popular, particularly 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,” it said.
“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,” the firm stated.
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