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First non bank credit card debuts in Nigeria

by Business News Report

The Central Bank of Nigeria (CBN) ’s cashless initiative has received greater boost as a Lagos based company, 03 Capital Nigeria Limited introduced the first non bank based credit card in the country.
The launch of the scheme is historic as it led to Nigeria’s commencement of credit card system without linkage to any bank.
Chief Executive Officer, 03 Capital Nigeria Limited, Mr. Abimbola Pinhiero, while introducing the cards, said “In Nigeria today we have about 100,000 bank based credit cards. When we compare it with our population of over 160 million, you will agree that a lot more is still needed to capture the entire people. 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 would have credit card in their wallets. We cannot develop without a credit card system.
He explained that “the credit card works on the Interswitch network which means they can be used on all Automated Teller Machines, ATMs, Point of Sales Terminals, POS and Nigerian internet payment sites in Nigeria. The main strategic thrust of the company is issue naira denominated credit cards with limits ranging from N100,000 to N1,500,000. Our mission is to ensure that the average Nigerian is not cash strapped but can have access to funds to meet their day to day needs.”
While also endorsing the product, Mr. Tope Adebayo, a representative of NIBBs, said “ NIBBs has been partner of progress with almost all the banks in Nigeria. There have been collaboration with the banks and other institutions to develop this product. We need collaboration to make our system work well. This product is roburst and need the collaboration of all stakeholders to make it succeed.”

The Chairman of 03 Capital Nigeria Limited, Mr. Bode Emmanuel at the official launch of the credit cards said “This is the first time the country will have a proper credit card system, all other cards by banks are not credit card in the real sense but debit cards. So, the 03 Credit Card is the real credit card and has come to stay. Where ever a credit card has started all over the world it began in a small way before spreading. This is the first time in Nigeria that we are going to have a proper credit card system. It is something that is going to develop the economy. I commend the management for the foresight especially the managing director.”
Speaking as well, Mr.Tunde Popoola , CRC Credit Bureau Limited said “We congratulate Mr Abimbola and his team for a job well done. It is on threshold of history with the launch of credit card. We hope that it will help people to have access to credit and be seamless.. It will also enhance consumption and because of the cycle it will in turn enhance production and create employment.”



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