First non bank-based credit card launched in Nigeria
The first non bank-based credit card in Nigeria has been unveiled by '3 Capital Nigeria Limited'.The first non bank-based credit card in Nigeria has been unveiled by '3 Capital Nigeria Limited'.
Chief executive officer Abimbola Pinheiro said Nigerians are now presented with "effective lending opportunities that will increase their purchasing power," Vanguard reports.
"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 reach the entire population", he added.
The credit card works on the Interswitch network, which means it can be used on all ATMs, point of sales terminals and internet payment sites in Nigeria. The naira denominated credit cards have limits ranging from N100,000 (€468) to N1,500,000.
Abimbola Pinheiro added that the company's operating systems run on certified platforms that are PCI DSS certified, in line with international security standards. Its IT infrastructure is integrated with existing credit bureaus, which enables an automated credit history review of each applicant.
The launch of the card is expected to develop financial inclusion in the country and boost the central bank's cashless policy, which aims to reduce the amount of physical cash circulating in the economy and increase electronic-based transactions.