03 Capital Nigeria Limited has just introduced the first non bank based credit card in the country. This is part of the CBN ’s cashless initiative to boost the economy. The launch becomes Nigeria’s commencement of credit card system without attachment to any bank.
Mr. Abimbola Pinheiro, the Chief Executive Officer during the introduction of the cards 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 argued.
He verified 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.
The security compliance of the initiative was also flaunted by Pinheiro 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.
A leading Canadian software; Bevertec CST Inc provides an ultramodern Card Management System which drives the Card enterprise infrastructure. Customer Relationship Management System is provided by Redmain, a UK based CRM Solution Provider.
“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.
NIBSS is also a partner of progress with almost all the banks in Nigeria, said Mr Tope Adebayo, a representative of NIBSS while endorsing the product.
