American Express has partnered with Nigerian neobank O3 Capital to introduce its first business credit card in Nigeria, which could increase access to dollar transactions.
O3 Capital and Amex launched their latest product in Lagos on Thursday.
Naijaonpoint understands that the business card has a $10,000 spending limit and a 45-day repayment window for international transactions.
O3 Capital-Amex offers alternative cards with spending caps ranging from $10,000 to $20,000 for personal and household expenses.
The President of Global Network Services, Amex, Mohammed Badi, said in a statement, “The first-ever American Express Business Card in the most populous African country will give us another way to support local businesses with their growth aspirations.
“American Express is excited to continue to strengthen its presence in Nigeria and expand its reach across Africa.”
According to Badi, Amex is looking to increase its reach in Africa to encompass 42 countries, up from the current 30, spurred by increased demand from consumers and small businesses for the company’s cards.
The Chief Executive Officer, O3 Capital Nigeria Limited, Abimbola Pinheiro, said the O3-Amex card “solves the problem of queuing at banks for business travel allowance and the personal travel allowance.
“O3 plans to issue 16,000 American Express cards by the end of 2024 and extend the offering to about a million cards over the next five years.
“It also plans to offer them in other markets including Rwanda, Congo and Ghana, where it hopes to issue Amex cards by end-2025.”
This development emerges as the majority of Nigeria’s banks have suspended or limited the utilization of naira credit cards for international transactions and have restricted card issuance to high-net-worth individuals.