In response to the ongoing foreign exchange turmoil, American Express Co. has introduced its very first business credit card in Nigeria.
Teaming up with local neobank O3 Capital Nigeria Limited, the global company aims to facilitate dollar transactions within the West African nation.
The card was officially revealed in Lagos, marking a significant milestone.
With a spending cap of $10,000 and a repayment period of up to 45 days for international transactions, this business card offers essential financial flexibility.
Expressing his thoughts, Mohammed Badi, President of Global Network Services at Amex, mentioned, “Launching the inaugural American Express Business Card in Africa’s most populous nation provides yet another means for us to bolster local businesses in pursuing their expansion goals.”
Likewise, Abimbola Pinheiro, CEO of O3 Capital, highlighted the convenience of the O3-Amex card in streamlining processes related to business and personal travel allowances.
This introduction comes against the backdrop of the persisting foreign exchange challenges in Nigeria, with the Naira experiencing a decline to N1459.73 per dollar in the official exchange market.