Taking Banking Services To New Heights
The first non-bank credit card issuer in Nigeria, O3 Capital is offering customers convenient and accessible payment cards and empowering a cashless Nigeria.
O3 Capital Nigeria is the first and fastest-growing non-bank credit card issuer in the Nigerian fintech space. Licensed by the Central Bank of Nigeria (CBN), O3 Capital provides innovative solutions for its customers and vast network of merchants. Abimbola Pinheiro, CEO of O3 Capital Nigeria Limited, states, "We are the preferred credit card issuer in Nigeria. While our core business is credit cards, we also offer prepaid gift cards and funds management. Our credit cards have a limit of up to 5 million naira (US$12,000) for personal cards and 10 million naira (US$24,000) for business cards." O3 Capital's products and services are strategically designed to aid businesses and individuals, and in conjunction with the recent launch of the
eNaira, are perfectly aligned with the vision of the CBN to create a cashless Nigeria.
O3 Capital has increased its stable of products to include virtual cards through the O3 Cards app, which has now made onboarding, card management, funds management and other business activities easier and more convenient. Pinheiro states, "With virtual credit cards, users
can transfer funds from their card to any bank, anywhere in Nigeria, as well as transfer funds from any account worldwide into their own O3 Cards." Pinheiro states, "The O3 Cards app is the corner piece of O3 Capital's digital financial services where users can transact. Everything that can be done with a card can be done via the app. This includes transferring money, withdrawing cash from the ATM, using a POS terminal, ooking at balances or changing a PIN."
In its eight years of financial service operations in Nigeria, O3 Capital has reached numerous milestones and successful growth. Recently, O3 Capital was awarded the 2022. Payment Card Industry Data Security Standard (PCI DSS) certification as a testament to its commitment to providing seamless end-to-end customer experiences. The PCI DSS is a set of global compliance requirements assembled to ensure that all companies that process, store or transmit cardholder data maintain a secure environment. The certification is an important assurance for any organisation whose business operations involve the storage, processing and transmission of customer card data.
By creating a credit card culture, O3 Capital offers financial freedom which enables more Nigerians to be financially included and to have the ability to live their best lives. Pinheiro states, "At O3 Capital, we are trying to put an enabling environment in place. At the beginning of the O3 journey, Nigeria did not have a credit option on the POS and ATM terminals. Now we are processing transactions of over US$2 million monthly. With these new innovations coming up in the ecosystem, things are getting much easier."
The development of O3 Capital's services and product offerings only serve to deepen the relationship between traditional banks and digital banks, thereby creating a more robust financial ecosystem that results in more innovation and opportunities. Pinheiro says, "Collaboration between banks and fintechs is an expected and natural progression. Fintechs have the capability to give the banks access to a more robust risk assessment to reduce their costs and take banking products and services to the nooks and crannies of the country where banks have no presence. However, fintechs do not have access to data and funding like the banks." As an intermediary between the bank and the customer, O3 Capital takes funds and channels them into a credit card that is accessible to everyone.
Indeed, all signs are demonstrating that Nigeria is moving towards a more digital future, and the development of a cashless society is sure to propel the nation forward and increase its investment potential. Pinheiro confirms, "The future is tech and data; the government is moving in that direction with the eNaira. The building blocks are there; it is just a matter of unleashing the potential we have."