CHEQUING OUT
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 .
Our aim is to foster a culture of credit card usage in Nigeria and leverage the opportunities presented by the changing financial landscape to the benefit of our customers . In March last year , O3 Capital established a N5billion Commercial Paper which is the first step in its strategic plan to fund the future growth of the company . Now we are seeing the fruits of that investment as we expand our services to the Nigerian public – the first company that is not a bank to provide such products .
It means that the unbanked – people who for a variety of reasons often beyond their control have not had access to banking can now access credit . The requirement for a physical bank and a bank account is no longer an obstacle .
It means that new generations of young and entrepreneurial Nigerians such as Gen
Zs , millennials , SMEs and entrepreneurs can now gain all the benefits of a domestic card with Amex ’ s international reach – plus longer repayment periods ( 45 days ) available for businesses . This makes travel , be it business or leisure much easier and carries less worry or the need to change currencies .
It is also a driver of economic growth , for it means Nigerians gain instant access to the global e-commerce mass market .
It has only taken four years since the publication of the Financial System Strategy 2020 for real changes to be experienced by Nigerians , and at the rate of innovations coming onstream who knows how we shall manage our lives in four more years – but the need for cash and the obstacles to accessing financial help will be even more in the distance . � www . intelligentfin . tech
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