First non-bank based credit card launches in Nigeria

Central-Bank-Nigeria-chipplaLagos based company 03 Capital Nigeria Limited has rolled out the first non-bank based credit card in Nigeria

The launch becomes Nigeria’s first credit card system without being linked to any bank, 03 Capital Nigeria said.

03 Capital Nigeria Limited chief executive officer, Abimbola Pinheiro, revealed that with 03 credit cards Nigerians were given borrowing opportunities that will increase their purchasing powers, while the country also benefits from economic activity promotion through innovative payment systems.

Pinheiro explained that the credit card works can be used on all Automated Teller Machines, ATMs, Point of Sales Terminals, POS and Nigerian Internet payment sites across the country. The naira denominated credit cards have limits ranging from US$615 to US$9,230.

“In Nigeria today we have about 100,000 bank based credit cards. When we compare it with our population of more than 160mn, you will agree that a lot more is still needed to capture the entire people," Pinheiro said.

“There is no risk without a reward. If we as Nigerians don't take risks, our economy will not develop. It is our philosophy that every Nigerian will have a credit card in their wallets. We cannot develop without a credit card system,” Pinheiro added

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