Table of Contents
American Express Company, in partnership with local neobank O3 Capital, is introducing its business credit card in Nigeria, marking a significant milestone as the first of its kind in the country.
This initiative aims to provide business owners with a spending limit of $10,000 and a repayment period of up to 45 days for international transactions, as reported by Bloomberg.
Join our Telegram Channel for Updates
The launch of this card is anticipated to improve access to working capital in Nigeria, according to the Bloomberg report. Mohammed Badi, Amex’s president of global network services, highlighted the importance of this achievement, noting that it offers another avenue to support local businesses in their growth endeavors.
Badi expressed American Express’ enthusiasm to strengthen its presence in Nigeria and extend its operations across Africa. Additionally, there are plans to expand American Express’ reach to 42 countries, up from the current 30, driven by growing demand from consumers and small businesses, as reported by Bloomberg.
In addition to the business credit card, American Express and O3 are collaborating to introduce cards for personal and household use, featuring spending limits ranging from $10,000 to $20,000. The O3 Amex card addresses the inconvenience of queuing at banks for business and personal travel allowances, according to O3 Chief Executive Officer Abimbola Pinheiro.
O3 aims to issue 16,000 American Express cards by the end of the year and a million cards over the next five years. Furthermore, there are plans to offer these cards in other countries, including Rwanda, Congo, and Ghana, to issue Amex cards in these regions by the end of next year.
