O3 Capital has launched a non- bank Credit Card into the Nigerian market, as part of its strategy to uphold the Central Bank of Nigeria’s cashless policy.
The cards operate on an interswitch, meaning it can be used on all ATMs, POS, internet payment sites in Nigeria.
O3 Capital Nigeria’s company chief Abimbola Pinheiro explained that the card is designed to enhance effective lending, as well as promote economic activity by utilizing innovative payment systems with ease of accessibility to the general populace.
“Our entire operating systems run on certified platforms that are PCI DSS certified in line with international security standards as issued by PCI SSC (Payment Card Industry Security Standards Council),” he said.
“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 explained that the company issues Naira-denominated credit cards with limits ranging from N100,000 – N1,500,000, adding that with O3 cards, the average Nigerian will not be ‘cash-strapped’ but will have that additional funding source to meet daily needs.
“The O3 selection process is through with a high level KYC scrutiny in line with our philosophy of ‘right customer low risk,” Pinheiro said.
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.
Other non-bank credit cards in Nigeria include the Genesis Card from eTranzact, the Verve Card from Interswitch and PocketMoni Card from eTranzact.