O3 Capital’s Amex cards make waves in Nigeria as huge demand follows innovative debut

Onome Amuge

O3 Capital, a pioneering Nigerian fintech and the nation’s first non-bank issuer of credit cards, recently revealed the remarkable results of its newly launched American Express (Amex) card portfolio’s inaugural month of operations,with customers both within and beyond Nigeria’s borders eagerly seeking access to the financial instruments.

O3 Capital and American Express made a powerful statement with the launch of four unique credit cards in May 2024. The new O3 American Express suite comprises the Green Card for everyday consumers, the Gold Card for those seeking additional rewards, and the Platinum Card for high-spending individuals. Complementing these offerings, the O3 American Express Gold Business Card has been tailored to support the credit needs of small and medium-sized enterprises in the country.

Notably, the O3 American Express® Green Card and the O3 American Express Platinum® Card, have emerged as the crown jewels of the new collection, with both everyday consumers and senior professionals alike flocking to the cards in droves. This across-the-board demand for these premium financial products not only speaks to their versatility and accessibility, but also affirms their broad appeal and wide-ranging benefits to a diverse customer base.

According to O3 Capital, the O3 American Express® Green Card, the most accessible in the fintech’s range, has gained popularity among Nigerians, particularly those in the middle class. Beyond its affordability, the card has also presented the nation’s growing middle class with a convenient and innovative means of making credit-based transactions in local currency, a valuable asset for families seeking to support loved ones pursuing higher education abroad without the financial hurdles often associated with cross-border transfers.

Beyond satisfying the personal financial needs of individual customers, O3’s cards have also struck a chord with corporates across Nigeria, particularly those with mid-sized workforces ranging from 100 to 1,000 employees. These businesses, O3 notes, are drawn to the cards for their ability to streamline cash flow management, especially for routine expenses such as staff reimbursements. The firm’s clientele in this space spans a range of industries, including financial services, asset management, and small- to medium-sized enterprises with cross-border trade partners in countries like India, China, and other African nations.

In the aftermath of the O3 card portfolio’s release, the financial services landscape of Nigeria has been abuzz with activity, as various banks and fintechs have turned their collective eye towards the innovative startup. Delighted with the reception to its products, O3 has reported an influx of interest from potential collaborators, all eager to tap into the market potential of these groundbreaking cards and the advantages they bring to everyday consumers and businesses alike.

Abimbola Pinheiro, chief executive officer of O3 Capital,shared his elation over the amazing response to the launch of American Express cards in Nigeria. He noted that the success of the Green and Platinum cards, in particular, shows the market’s enthusiasm for modern financial solutions. 

The  O3 Capital CEO expressed further,“Our cards 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.”

We are also pleased to have received a positive acknowledgment from the Government of Nigeria, to our exciting developments – and which is aligned with the Financial System Strategy 2020 of the Central Bank of Nigeria (CBN), and the main thrust of a ‘cashless Nigeria.”