First consumer credit card launched in Nigeria

creditcard-pixabayThe Central Bank of Nigeria, O3 Capital Nigeria Limited and Game Stores have collaborated to introduce the first consumer credit card in the West African nation

The card is the first white label credit card in Nigeria that can be used in all Game Stores across the country.

O3 Capital Nigeria Limited CEO Abimbola Pinheiro said, “The card will give customers the freedom to buy now and pay later for any items purchased in Game Stores, located in Lagos, Enugu, and Kano. This credit facility works on revolving credit bases with a 15-day interest free period and low minimum monthly repayments of 10 per cent in a month.”

The Game card will offer customers a revolving credit limit of up to US$7,535 based on the qualification criteria of the individual applicants, such as possession of a valid ID, age proof, proof of employment, bank account and a good financial track record.

The objective of the O3 Game card is in sync with that of CBN’s Financial System Strategy 2020, which includes a cashless policy. “By utilising innovative payment systems with ease of accessibility to the general populace, one can promote economic activity,” added Pinheiro.

The card can be used without an issuance fee. Additionally, applicants do not need to pay advisory fees either.

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