The cards will work on the Interswitch network and can be used on all Automated Teller Machines (ATMs), Point of Sale (POS) and internet payment websites in the country. It took some years for the project to become a reality because of the concerns raised about the viability of such a project in Nigeria.
“It has been about three years and we just lunched our card. It’s been difficult getting everybody round it, raising funds; it’s been a long journey. Everybody was worried about the risk associated with issuing cards, some didn’t believe the idea was viable, some people laughed. They will now understand the process a bit more, they will be more confident with regulators, operators and general public has a whole,” Abimbola Pinheiro, CEO of o3 Capital Nigeria Limited told CNBC Africa.
Nigerians are warming up to the idea of using cards for purchase purposes, which makes this type of card useful and beneficiary for the people.
“Now Nigerians are a bit more comfortable with using cards, we have about 40 million debit cards in the country, they know how cards work. There is a bit more push to the retail consumer lending, so apparently just a marriage of both,” he said.
Also the card can be used for all the normal day to day transactions. The introduction of the card is also making the efforts of the Central Bank of Nigeria for a cashless economy possible.
“If you have the card you could shop anywhere, pay for school fees, hospital bills, buy petrol, Dstv, and recharge cards. What we are trying to portray is that a credit card is not a formal spending tool; it’s a tool for your day to day life. So anything you want to do in your day to day life you can use your o3 card.”