O3 Capital Introduces First Non-Bank Credit Card
O3 Capital Nigeria Ltd is a wholly
Nigerian owned financial service institution that offers various consumer loans
using the credit card as its delivery channel. O3 Capital became the first
non-bank credit card issuer in Nigeria when they recently introduced theirO3
Credit Cards into the market. The credit cards work on the Interswitch network
which means they can be used on all ATMs, POS and internet payment sites in
Nigeria.
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| Cross section of guest during the Media Launch of O3 Capital Limited Credit Card held at southern Sun Hotel in Lagos, on Thursday August 28 2014. |
The Card enterprise is driven by
an ultramodern Card Management System that is provided by a leading Canadian
software company Bevertec CST and a Customer Relationship Management System which
is provided by Redmain, a UK based CRM Solution provider,that provides a robust
experience for the cardholder while guaranteeing transaction and data security.O3
Cards comply with the international EMV standard with data transmission done
under an encrypted and secure environment.
Our entire operating systems would run on certified platforms that are
PCI DSS certified in line with international security standards issued by The
PCI SSC (Payment Card Industry Security Standards Council).
The best marketing model that describes the credit card market in
Nigeria is the adoption model. This is the model where the industry is “virgin”
(in its state of infancy) and there is a need for the establishment of a credit
card culture and infrastructure. O3 Capital intends to drive the evolution of
this credit card culture in Nigeria given that there are less than 100,000
existing credit cards in a country that has a population of 160 million. We
believe that the key to achieve competitive advantage is through our product
differentiation strategy and product efficacy.
The mission
of O3 Capital is to provide the average Nigerian with access to funds to enable
them meet everyday consumption requirements. With O3 cards, the average
Nigerian will not be “cash-strapped” but will have that additional funding
source to meet daily needs. With O3 cards, all the customer’s basic needs
become affordable.
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| From left, Managing Director, CRC Credit Bureau,Mr Tunde Popoola;Chairman,O3 Capital Nigeria Limited, Bode Emmanuel and Managing Director,O3 Capital Nigeria Limited,Mr Abimbola Pinheiro,and Vice President,Maxut Incorporated,Mr Martin Ajayiobe during the Media Launch of O3 Capital Limited Credit Card held at southern Sun Hotel in Lagos, on Thursday August 28 2014. |
Our
objective correlates to that of the Central Bank of Nigeria’s Financial System
Strategy 2020, which includes the Cashless Policy. Its objective is to promote
economic activity by utilising innovative payment systems with ease of
accessibility to the general populace. Deployment of credit cards should give
the relevant boost to the Nigerian economy by increasing the purchasing power
of the consumer by driving activity in the economy across the board. O3 takes the CBN
cashless policy to a whole new level
The O3 selection process is
extremely thorough with a high level KYC scrutiny in line with our philosophy
of “Right Customer Low Risk”. The IT
infrastructure is integrated with the existing credit bureaus which enables an
automated credit history review of each applicant. The card management system
has a predictable risk management and anti-fraud solution. And as a last
resort, all the cards would be insured.
The O3 Card
allows you to purchase all forms of goods and services whenever and wherever
you want, without ready cash. The cards can be used at restaurants, hotels,
supermarkets. hospitals, petrol stations, schools, airline counter or sites
etc.All purchases or withdrawals made during the month (payment cycle) the
cardholder is expected to make only one payment which does not have to be the
whole amount. The cardholder can pay only 10% of what is outstanding on the
account and roll the balance over till when is more convenient.
There are 3 basic
criteria to qualify for a card; be above 21 years old, have a job and live in
Nigeria. O3 Cards have credit limits up to N1,500,000 which are revolving
credit lines that are valid for 24 months.
O3 Cards also
issue Business (Business Owners and SMEs) and Corporate Cards.
The convenience
O3 Cards offer starts from the application process. You apply online from your
desk and the card and Pin would be delivered to you at your desk
Visit
www.o3cards.com
