ADVERTISEMENT

Lagos Firm Introduces Nigeria's First Credit Card

Nigeria's first non-bank based credit card has been introduced by a company in Lagos.

The cashless policy introduced by the Central Bank of Nigeria (CBN), has received an encouraging boost as a Lagos-based firm, 03 Capital Nigeria Limited unveiled the first non-bank based credit card in the country.

The launch becomes Nigeria's commencement of credit card system without attachment to any bank.

In his introduction, the company's CEO, Abimbola Pinheiro, said with 03 credit cards Nigerians were freely presented with effective lending opportunities that will increase their purchasing powers while the country also benefits from economic activity promotion through innovative payment system.

"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," he said.

ADVERTISEMENT

"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," Pinheiro added.

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 naira denominated credit cards have limits ranging from N100,000 to N1,500,000.

Pinheiro also flaunted the security compliance of the initiative, declaring: "Our entire operating systems run on certified platforms that are PCI DSS certified in line with international security standards as issued by Payment Card Industry Security Standards Council, PCI SSC.

"The Card enterprise infrastructure is driven by an ultramodern Card Management System that is provided by a leading Canadian software company, Bevertec CST Inc. Customer Relationship Management System which 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."

ADVERTISEMENT

He continued, "The O3 selection process is extremely thorough 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."

JOIN OUR PULSE COMMUNITY!

Unblock notifications in browser settings.
ADVERTISEMENT

Eyewitness? Submit your stories now via social or:

Email: eyewitness@pulse.ng

Recommended articles

Lagos postpones eagerly anticipated Easter boat regatta indefinitely

Lagos postpones eagerly anticipated Easter boat regatta indefinitely

Third Mainland Bridge reopens in 1 week, formal ceremony later - Minister

Third Mainland Bridge reopens in 1 week, formal ceremony later - Minister

Sanwo-Olu opens 'Sunday market' on Good Friday for Easter shopping

Sanwo-Olu opens 'Sunday market' on Good Friday for Easter shopping

Wike thanks Tinubu for the opportunity to serve

Wike thanks Tinubu for the opportunity to serve

Barrister Bida pens special birthday prayer for President Tinubu, Nigerians

Barrister Bida pens special birthday prayer for President Tinubu, Nigerians

Tinubu’s aide distributes food items to 1,750 persons in FCT, Kwara

Tinubu’s aide distributes food items to 1,750 persons in FCT, Kwara

Court grants senator accused of forging NYSC certificate ₦50m bail

Court grants senator accused of forging NYSC certificate ₦50m bail

Delta monarch declared wanted by military surrenders to police

Delta monarch declared wanted by military surrenders to police

Renowned Canada-based Nigerian playwright, Oguntokun is dead

Renowned Canada-based Nigerian playwright, Oguntokun is dead

Pulse Sports

Nigeria vs Mali: Has Finidi George done enough to land Super Eagles job permanently?

Nigeria vs Mali: Has Finidi George done enough to land Super Eagles job permanently?

I want to emulate Keshi and win the AFCON - Finidi George shares ambitious Super Eagles dream

I want to emulate Keshi and win the AFCON - Finidi George shares ambitious Super Eagles dream

Michelle Alozie: I had to do it because of African referees

Michelle Alozie: I had to do it because of African referees

AC Milan star reveals he was named after Super Eagles legend Tijani Babangida

AC Milan star reveals he was named after Super Eagles legend Tijani Babangida

Give him the job! Super Eagles fans beg NFF to make Finidi George permanent coach after Nigeria's win over Ghana

Give him the job! Super Eagles fans beg NFF to make Finidi George permanent coach after Nigeria's win over Ghana

Super Eagles 2-1 Black Stars: Nigerians praise Iwobi, Lookman, Finidi George after friendly victory against Ghana

Super Eagles 2-1 Black Stars: Nigerians praise Iwobi, Lookman, Finidi George after friendly victory against Ghana

ADVERTISEMENT
ADVERTISEMENT