O3 Capital,Amex launch 4 new credit cards in landmark deal for Nigerian financial sector

Onome Amuge

O3 Capital, a leading Nigerian fintech firm and pioneer in the issuance of non-bank credit cards, has inked an agreement with American Express (Amex), a globally integrated payments company, to issue four new American Express credit cards in the country. The partnership is poised to empower Nigerian businesses with unprecedented access to the  US dollar, unlocking a world of financial possibilities and solidifying O3 Capital’s position as a leading player in Nigeria’s fintech sector.

The newly launched credit cards include the O3 American Express Green Card  for consumers, the O3 American Express Gold Card designed for consumers, the O3 American Express Platinum Card, also aimed at consumers, and the O3 American Express Gold Business Card tailored for small- and medium-sized enterprises (SMEs). Together, these four cards have set out to reshape the way Nigerians conduct financial transactions, from everyday purchases to business dealings. 

The O3 American Express Green, Gold, and Platinum Cards, offer  a plethora of travel and lifestyle benefits, both domestically and internationally. These cards will enable American Express card members to enjoy an enriched customer experience. From exclusive discounts at select Nigerian businesses, cinema and dining perks, to hotel and car rental benefits and various insurances and protections.  Designed exclusively for personal and household use, these cards will carry spending limits of between $10,000 and $20,000.

In addition, the O3 American Express Gold Business card offers a tailored solution designed to meet the unique needs of businesses. This innovative card provides a robust suite of benefits, including access to a credit facility that enables businesses to manage large expenses, international transaction capabilities, a spending limit of $10,000 and an extended repayment period of up to 45 days for international transactions. It is also aimed at supporting the running of a business, with benefits such as three complimentary visits per year to eligible local and international airport lounges, car rental perks, and travel insurance included.

Commenting on the development, Abimbola Pinheiro, chief executive officer of O3 Capital, said the  agreement with American Express is a significant milestone, both for O3 Capital and for Nigerian businesses. He noted that the partnership will provide solutions for a wide range of customers – from consumers looking for more value from their payment products to businesses who want to enjoy the benefits of a domestically issued card with the international reach of American Express. 

According to Pinheiro, O3 Capital aims to issue 16,000 American Express cards by the end of 2024 and expand to about one million cards over the next five years. The company also plans to extend its offerings to other African markets, including Rwanda, Congo, and Ghana, where it expects to introduce Amex cards by the end of 2025.

“We are particularly proud to be the first who will issue an American Express Business card to the Nigerian business community and we look forward to working with American Express to fulfil our potential,” said Pinheiro.

Mohammed Badi, president of Global Network Services at American Express, articulated the company’s eagerness to deepen its footprint in Nigeria and across Africa. Badi disclosed that the company’s plans involve extending its presence in Africa from 30 to 42 countries, underscoring the enormous potential and rising demand for American Express cards in the region.

He stated further: “With the O3 Capital American Express cards, consumers and businesses in Nigeria will have even more payment choice. American Express is excited to continue to strengthen its presence in Nigeria and expand its reach across Africa. The first-ever American Express Business Card in the most populous African country will give us another way to support local businesses with their growth aspirations.”