Lagos Firm Introduces Nigeria's First Credit Card

oke efagene

September 3, 2014 8:51 PM

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.

"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."

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."

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