CHEQUING OUT
regular income , no matter the size , and in making regular payments – all of which is of great value in confirming a small loan can be made . Further , once such a loan is agreed upon and the repayments are again demonstrated the data builds up into an even stronger financial record , allowing the customer to gain larger amounts of credit in the future .
SMEs and entrepreneurs benefit the most
The difference this makes to people who could not previously access credit is transformational as it means the ambitions of many – that were once held back by the lack of working capital , or the unpredictability of cash flow – can suddenly be realised . People can start or expand a small business . They can hire a member of staff or take on larger premises , they can invest in tools or transport like a motorbike .
Financial inclusion is about giving Nigerians opportunities to improve their lives themselves and they don ’ t need to be with a bank to do it .
Introducing four new American Express Cards to Nigeria
A local example of how such services have been developed and are still changing is O3 Capital . Currently the
Abimbola Pinheiro , CEO of O3 Capital second largest credit card issuer in Nigeria with over 20,000 cards , it has strategically focused on issuing Nairadenominated credit and prepaid cards to the Nigerian market and has now gone further by announcing the launch of four new American Express credit cards – Green , Gold and Platinum for personal use and Gold Business for commerce – the first American Express business card issued in Nigeria .
O3 ’ s objectives have always aligned with the Central Bank of Nigeria ’ s ( CBN ) Financial System Strategy 2020 which has been the main driver of a ‘ cashless Nigeria ’. By capitalising on the CBN initiative and the increasing demand for micro-credit facilities among the growing middle-income segment of the Nigerian workforce , O3 Capital has developed its products to cater to the rapidly expanding credit card market .
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