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 and a repayment period of up to 45 days for international transactions.
With the arrangement, American Express will issue four new American Express® credit cards: the O3 American Express® Green Card, the O3 American Express® Gold Car, the O3 American Express Platinum® Card for consumers, and the O3 American Express® Gold Business Card for small- and medium-sized enterprises (SMEs).
With the American Express Green, Gold, and Platinum Cards, O3 Capital said it will enhance its overall customer offering, providing American Express Card Members with a range of travel and lifestyle benefits for use in Nigeria and when travelling overseas.
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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, the company said in its official statement on Thursday.
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 cash flow 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,” the management said at a news conference in Lagos.
The financial services offering 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.