American Express is launching a business credit card in Nigeria.
The mentioned card is the first such product of the specified US financial services company in Nigeria.
A business credit card provides business owners with a $10,000 spending limit and a repayment period of up to 45 days for international transactions. This product is the result of American Express’s collaboration with Nigerian digital bank O3 Capital. Launching a business credit card can improve access to capital in a West African country.
Mohammed Badi, president of global network services at American Express, says that this is the first business credit card in the most populous African country in the history of the company. Also, this product will be another way to support local businesses in realizing their desire for growth.
Mohammed Badi stated that American Express is pleased to continue to strengthen its presence in Nigeria and expand its reach throughout Africa. According to him, the company intends to scale its activities on the mentioned continent to 42 countries from the current 30. In this context, he noted that there is a corresponding demand from local consumers and small businesses.
American Express and O3 also launched cards for personal and household use. In this case, the spending limits will range from $10,000 to $20,000. The mentioned cards solve the problems of queues at banks for business travel and personal travel allowances. This was stated by the chief executive officer of the Nigerian digital lender Abimbola Pinheiro. Also, according to him, O3 plans to issue 16,000 American Express cards by the end of 2024 and another million cards over the next five years. Besides, the Nigerian digital lender intends to offer the mentioned means of payment in other countries, including Rwanda, Congo, and Ghana. Abimbola Pinheiro said that O3 plans to issue American Express cards in the mentioned countries by the end of the current year.
Recently, the number of companies that are seeking working capital solutions has been increasing. The corresponding tendency is international and is especially typical for firms from Africa, Central Europe, and the Middle East. Last year and during the first months of 2024, 58% of the growing corporations in the mentioned regions had been using working capital solutions.
As we have reported earlier, American Express Allows Spending of Rewards on Amazon.
Serhii Mikhailov
Serhii’s track record of study and work spans six years at the Faculty of Philology and eight years in the media, during which he has developed a deep understanding of various aspects of the industry and honed his writing skills; his areas of expertise include fintech, payments, cryptocurrency, and financial services, and he is constantly keeping a close eye on the latest developments and innovations in these fields, as he believes that they will have a significant impact on the future direction of the economy as a whole.
