American Express (AMEX) Launches First Business Credit Card In Nigeria

American Express Co. is launching its first business credit card in Nigeria in partnership with local neobank O3 Capital, potentially improving access to dollars in the West African nation.

O3 Capital and Amex unveiled the product on Thursday in Lagos, the commercial capital, offering the business card with a spending limit of $10,000.

With the O3 American Express Green, Gold, and Platinum Cards, O3 Capital will enhance its overall customer offering, providing American Express Card Members a range of travel and lifestyle benefits for use in Nigeria and when travelling overseas. These Cards will provide access to discounts at select businesses across Nigeria, cinema and dining perks, hotel and car rental benefits, and various insurances and protections.

Additionally, the O3 American Express Platinum® Card will provide access to a travel and lifestyle concierge service, a membership with a global hotel programme, and five complimentary visits per year to eligible local and international airport lounges. Cards will be able to be used at American Express accepting merchants across Nigeria and around the world.

The O3 American Express® Gold Business Card will be the first American Express card launched in Nigeria to specifically support the spending needs of businesses. This card will improve the day-to-day management of business transactions and cashflow with access to a credit facility, the ability to perform international transactions, and the inclusion of an extended repayment period of up to 45 days. It will also aim to support the running of a business, with benefits such as three complimentary visits per year to eligible local and international airport lounges, car rental perks, and travel insurance included.

Abimbola Pinheiro, Chief Executive Officer of O3 Capital, said:

“This agreement with American Express is a significant milestone, both for O3 Capital and for Nigerian businesses. We will provide solutions for a wide range of customers – from consumers looking for more value from their payment products to businesses who want to enjoy the benefits of a domestically issued card with the international reach of American Express. We are particularly proud to be the first who will issue an American Express Business card to the Nigerian business community and we look forward to working with American Express to fulfil our potential.”

Mohammed Badi, President of Global Network Services at American Express, commented:

“With the O3 Capital American Express cards, consumers and businesses in Nigeria will have even more payment choice. American Express is excited to continue to strengthen its presence in Nigeria and expand its reach across Africa. 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.”