American Express Co. has announced its entry into the Nigerian market with the launch of its inaugural business credit card, in collaboration with local neobank O3 Capital, aiming to enhance access to dollars within the country.
The partnership between O3 Capital and Amex was unveiled in Lagos, the commercial hub of Nigeria, where the business card will be introduced. The card offers a generous spending limit of $10,000 and provides a repayment window of up to 45 days for international transactions.
Mohammed Badi, President of Global Network Services at Amex, expressed enthusiasm about the launch, stating, “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.”
Badi further added, “American Express is excited to continue to strengthen its presence in Nigeria and expand its reach across Africa.”
The introduction of American Express credit cards in Nigeria could represent a significant step towards empowering local businesses and fostering economic growth within the region.