O3 Capital Introduces First Non-Bank Credit Card | Welcome to Linda Ikeji's Blog

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Monday 1 September 2014

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. Continue...



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.


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

42 comments:

9jahub Blog said...

nice anyway

Unknown said...

Ok couldn't read the whole buh m sure it's nice. Kudos

Jesus Reigns said...

Bele Bele rukwa enyasu.

Unknown said...

A good development.

I'm out. ***CATCH ME IF U CAN***

Anonymous said...

I ll like to work with them, how can i send my cv to them

Unknown said...

Nice one here...will definitely get an 03 card #cashlessgeneration

Unknown said...

Nice one here....will definitely get an 03 card #cashlessgeneration

Unknown said...
This comment has been removed by the author.
Unknown said...

I even went for the interview. No luck:( Basically every company wants sm1 that has a working experience. What of fresh graduate? I mean what happen to training fresh grad?? 03capital I'm pained.

Anne said...

Credit card abi prepaid debit card, could be used as credit too. But it's prepaid cos it not bank issued. You just buy and load in money.

Unknown said...

good
wonderful...




BORN TO SHINE!!!!

Anonymous said...

Nice concept. Sounds like spending your money before you earn it. will research for their charges (COT) and interest rate cos this is just like a lone loaded in a card.Do I really need a loan for my day to day shopping? I think what I need is a loan for Capital Project. #TO BE OR NOT TO BE#

Unknown said...

@maryam olaide:thats the way they are they ask for unreasonable experience from graduate what is the essence of graduate trainee.is either you ave experience or you the top officials then employment is certain

Unknown said...

Nice one.....How can i get the 03card?

Unknown said...

Nice one....

ms bee said...

o3 credit cards, I've heard about them... they are not prepaid cards, they actually give out loans but in a card.u know d way its done abroad. will be nice if its done right

teeboy said...

This is cool. I just visited their site and I am impressed. Never knew a non-bank can issue Credit card. What a nice concept! Good idea.

Remosity said...

This is a gr8 development with huge enormous economic benefits viz; It will enhance consumer spending by bridging financial gaps, stimulates the country's production base by increasing effective demand, create/boost employment through o3's SME credit card variant plus it syncs perfectly with the Fed Govts cashless policy Initiative. I have to get my o3 capital credit card immediately!

Oladokun said...

This is a silver lining across the cloud. Finally someone cares about us.

babe said...

this is great news. i have to go apply for mine.thumbs up o3 capital. i hope its within the reach of us 'mekunu'

Anonymous said...

Wow. This is new.

Adetunji said...

This can be a life saver. its good to know CBN is thinking.

Bayo d banker said...

To think that former CBN Governor was not around to see his dream get so big. real shame.

Oluwakemi said...

their limit of 100k is too high. what about us smaller people.

Alex said...

Please can any shop become a partner?

Susan J said...

I do not work in Lagos, can still apply for a card?

Mr Adepoju said...

Its good to know Nigerians are thinking. we cant all wait for government to do everything.

Abdul said...

Sanusi was a visionary man!

Clement said...

I heard Okonjo Iweala is on their board. No wonder they came out with this kind of product.

Seun Akande said...

I was at the event at Southern Sun, I don't think they are truly a Nigerian company.

Stella said...

I like the fact that you can apply online. really cool.

Stella said...

I like the fact that you can apply online. really cool.

Chuks said...

Doro CARD

Christopher said...

I like the way our CBN has evolved. a real game changer.

Segun said...

Trust Linda to bring us oyinbo gist in naija! Credit card in Nigeria?

Toyosi said...

@ Susan I also don't live in Lagos, I've checked their website and there's no state restriction. I believe it's nationwide.

Anonymous said...

Just located their site www.o3cards.com, is this real? make I apply before people over crowd them abeg.

saka said...

Just got their website. Tnx a lot. I will check the coy out on www.o3cards.com

Shola said...

O3 Capital! I work in Abuja. Can I also apply pls?

Anonymous said...

Credit Card Company in Nigeria! And they are not a bank? Still wondering how feasible this is.

Seyi said...

O3 Capital Credit Card! Whao! Hope the interest rates are bearable? This is a good development.

Infomaster said...

@ Anonymous. Apparently you don't have to be a bank to issue a credit card. The company is connected to Interswitch and all the atms and pos terminals in Nigeria. As long as the cards work, me I am ok!

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