American Express Co. has achieved a significant milestone in Nigeria’s financial sector with the introduction of the nation’s inaugural business credit card, a result of a partnership between American Express and local neobank, O3 Capital Nigeria Limited.
Unveiled in Lagos on Thursday, the business card offers a spending limit of $10,000, coupled with a repayment window of up to 45 days for international transactions. Mohammed Badi, President of Global Network Services at Amex, expressed enthusiasm for the launch, highlighting its potential to bolster local businesses’ growth aspirations.
“The first-ever American Express Business Card in the most populous African country will give us another way to support local businesses with their growth aspirations,” stated Badi, affirming American Express’s commitment to expanding its presence across Africa.
In addition to the business card, O3 Capital and Amex have introduced cards tailored for personal and household use, featuring spending limits ranging between $10,000 and $20,000. Badi outlined ambitious plans for American Express’s expansion in Africa, aiming to extend its reach to 42 countries from the current 30, driven by increasing consumer and small business demand for their cards.
