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Nigeria : NIGERIA rolls out the maiden Non-bank Credit Card of the nation

September 1, 2014

O3 Capital Nigeria Limited on Thursday has launched the country s first non-bank credit card, giving a huge fillip to the Central Bank of Nigeria s (CBN) initiatives to set up a cashless economy for the Nigeria.

Moreover, the move has facilitated O3 Capital, promoters of the product, to become the nation s first issuer of non-bank credit card.

Speaking at a meeting involving reporters, investors and stakeholders on Thursday in Lagos, the Chief Executive Officer of the company - Mr. Abimbola Pinhiero has stressed that the Nigerian economy s movement to the next stage depends on helpful lending for consumers.

The CEO has further stated that maintaining the World Bank and IMF s growth prediction for the Nigerian economy calls for collaboration involving all citizens of the country.

According to him, despite being a nation of 160 million people, Nigeria has just 100,000 credit cards across banks now, the minimum of figure of which must be one million.

The 03 credit cards operate on the Interswitch network, which means they can be used on all ATMs, POS and internet payment sites in Nigeria, he said.

He has disclosed that the Card project is built on a futuristic Card Management System of Bevertec CST, a major software firm of Canada, and a Customer Relationship Management System of the UK-based Redmain.

He stated, O3 Cards comply with the international EMV standard with data transmission done under an encrypted and secure environment. Our entire operating systems would run on certified platforms that are PCI DSS certified in line with international security standards issued by The PCI SSC (Payment Card Industry Security Standards Council).

The best marketing model that describes the credit card market in Nigeria is the adoption model. This is the model where the industry is virgin (in its state of infancy) and there is a need for the establishment of a credit card culture and infrastructure. O3 Capital intends to drive the evolution of this credit card culture in Nigeria given that there are less than 100,000 existing credit cards in a country that has a population of 160 million. We believe that the key to achieve competitive advantage is through our product differentiation strategy and product efficacy.

He has added that his organization is dedicated to offer easy access to funds to the average Nigerians so that they can fulfill daily needs. The product will facilitate them to have added source of funding, and help them avoid cash-strapped situations.

He further stated, With O3 cards, all the customer s basic needs become affordable. Our objective correlates to that of the Central Bank of Nigeria s Financial System Strategy 2020, which includes the Cashless Policy. Its objective is to promote economic activity by utilising innovative payment systems with ease of accessibility to the general populace.

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Source: TendersInfo (India)

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