O3 Capital Nigeria, a financial service company under the regulatory authority of the Central Bank of Nigeria, has launched the first non-bank credit card into the Nigerian market.
The new credit card, which works on the Interswitch network, can be used on all ATMs, POS and internet payment sites in Nigeria.
Abimbola Pinheiro, CEO of O3 Capital Nigeria, said that the card was designed to enhance effective lending, as well as promote economic activity by utilizing innovative payment systems with ease of accessibility to the general populace.
He said: "Our entire operating systems run on certified platforms that are PCI DSS certified in line with international security standards as issued by PCI SSC (Payment Card Industry Security Standards Council).
"The card enterprise infrastructure is driven by an ultramodern card management system that is provided by a Canadian software company, Bevertec CST. Customer relationship management system is provided by Redmain, a UK-based CRM solution provider.
"Our infrastructure provides a robust experience for the cardholder while guaranteeing transaction and data security in line with the international EMV standard and best practices. Our Risk management System is integrated with the Credit Bureaus to provide a thorough and efficient credit appraisal system."
Pinheiro explained that the company issues Naira-denominated credit cards with limits ranging from N100,000 – N1,500,000, adding that with O3 cards, the average Nigerian will not be ‘cash-strapped’ but will have that additional funding source to meet daily needs.
"The O3 selection process is extremely through with a high level KYC scrutiny in line with our philosophy of ‘right customer low risk’. The IT infrastructure is integrated with the existing credit bureaus which enables an automated credit history review of each applicant. The card management system has a predictable risk management and anti-fraud solution.
"With O3 cards, the entire 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 utilizing innovative payment systems with ease of accessibility to the general populace."