The Central Bank of Nigeria, CBN ’s cashless initiative, has received greater boost as a Lagos based company, 03 Capital Nigeria Limited introduced the first non bank based credit card in the country.
The launch becomes Nigeria’s commencement of credit card system without attachment to any bank.
Chief Executive Officer, 03 Capital Nigeria Limited, Mr. Abimbola Pinheiro, while introducing the cards, said with 03 credit cards, Nigerians were freely presented with effective lending opportunities that will increase their purchasing powers while the country also benefits from economic activity promotion through innovative payment system.
He argued that “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 capture the entire people.
There is no risk without a reward. If we as Nigerians don’t take risks, our economy will not develop. It is our philosophy that every Nigerian would have credit card in their wallets. We cannot develop without a credit card system”.
He explained that the credit card works on the Interswitch network which means they can be used on all Automated Teller Machines, ATMs, Point of Sales Terminals, POS and Nigerian internet payment sites in Nigeria. The naira denominated credit cards have limits ranging from N100,000 to N1,500,000.
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