american express is rolling out business credit cards in Nigeria, and this is the country’s first product.
The card offers business owners a $10,000 credit limit and a repayment period of up to 45 days for international transactions, and is the result of a partnership with a local neobank. O3 Capitalaccording to Bloomberg on Thursday (May 9). reportnoted that the introduction of this card could improve access to working capital in the West African country.
“The first-ever American Express Business Card in Africa’s most populous country will provide a new way to support the growth ambitions of local businesses.” Mohamed Badisaid Amex’s president of global network services in a statement.
“American Express looks forward to continuing to strengthen our presence in Nigeria and expand our footprint across Africa,” Badi added.
Separately, Badi said American Express plans to expand its footprint in Africa from the current 30 countries to 42 countries, citing growing demand from consumers and small businesses. Bloomberg reported.
American Express and O3 also offer personal and household cards with spending limits of $10,000 to $20,000, the report added.
The O3 Amex card “solves the problem of lining up at the bank for business and personal travel benefits,” said O3’s chief executive officer. Abimbola Pinheiroaccording to Bloomberg.
Pinheiro said the neobank plans to issue 16,000 American Express cards by the end of the year and 1 million cards over the next five years. O3 plans to offer the service in other countries, including Rwanda, Congo and Ghana, and hopes to issue Amex cards by the end of next year.
More companies are looking for talent not only in Africa, but also in Central Europe and the Middle East. working capital solutionsaccording to PYMNTS Intelligence.
PYMNTS Intelligence’s “CEMEA version” was commissioned by the 2023-2024 Growth Business Working Capital Index series. visa Investigating the use of working capital in growing companies in CEMEA.
This percentage is expected to increase to 95% in the coming months.
The PYMNTS report found that 77% of companies in the region who accessed working capital solutions improved their business metrics and buyer-supplier relationships.
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