Effort by the Central Bank of Nigeria (CBN) to
make the Nigerian economy cashless, received a
boost yesterday, with the introduction of the
nation’s first non-bank credit card.
Following the launch, O3 Capital Nigeria Limited,
promoters of the product became the first non-
bank credit card issuer in Nigeria.
Briefing journalists, investors and stakeholders
in Lagos yesterday, Chief Executive Officer of O3
Capital Nigeria Limited, Mr. Abimbola Pinhiero
said the Nigerian economy cannot move to the
next level without consumer effective lending.
He said the World Bank and IMF economic
growth forecast for Nigeria will not be sustained
if all Nigerians do not work together to sustain
the growth.
He disclosed that there are only 100,000 credit
cards cross banks in Nigeria today, adding that
with a population of 160 million, the country
deserved at least a million credit cards.
The 03 credit cards, he said, work on the
Interswitch network, “which means they can be
used on all ATMs, POS and internet payment
sites in Nigeria.”
According to him, the Card enterprise is driven
by an ultramodern Card Management System
that is provided by a leading Canadian software
company Bevertec CST and a Customer
Relationship Management System, which is
provided by Redmain, a UK based CRM Solution
provider that provides a robust experience for
the cardholder while guaranteeing transaction
and data security.
“O3 Cards comply with the
international EMV standard with
data transmission done under an
encrypted and secure
environment. Our entire
operating systems would run on
certified platforms that are PCI
DSS certified in line with
international security standards
issued by The PCI SSC (Payment
Card Industry Security Standards
Council).
“The best marketing model that
describes the credit card market
in Nigeria is the adoption model.
This is the model where the
industry is “virgin” (in its state of
infancy) and there is a need for
the establishment of a credit card
culture and infrastructure. O3
Capital intends to drive the
evolution of this credit card
culture in Nigeria given that there
are less than 100,000 existing
credit cards in a country that has
a population of 160 million. We
believe that the key to achieve
competitive advantage is through
our product differentiation
strategy and product efficacy, “he
added.
He further stated that the mission of O3 Capital is
to provide the average Nigerian with access to
funds to enable them meet everyday
consumption requirements.
With O3 cards, he said, the average Nigerian will
not be “cash-strapped” but will have that
additional funding source to meet daily needs.
“With O3 cards, all the customer’s basic needs
become affordable. Our objective correlates to
that of the Central Bank of Nigeria’s Financial
System Strategy 2020, which includes the
Cashless Policy. Its objective is to promote
economic activity by utilising innovative payment
systems with ease of accessibility to the general
populace, “he said.

http://www.businessnews.com.ng/2014/08/31/nigerias-first-non-bank-credit-card-launched/

What's your take?

This is one bold step by CBN kudos

codedmax: This is one bold step by CBN kudos

Yea! A very bold one indeed toward joining the league top of flight economy in the world.