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American Express Co. has launched its inaugural business credit card in Nigeria amid the foreign exchange crisis.
The international firm is partnering with a Nigerian firm, neobank O3 Capital Nigeria Limited, potentially enhancing access to dollar transactions in the West African country.
The unveiling happened in Lagos on Thursday.
The business card comes with a spending limit of $10,000 and offers a repayment window of up to 45 days for international transactions.
The President of Global Network Services, Amex, Mohammed Badi, said, “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”.
Similarly, the Chief Executive Officer of O3 Capital, Abimbola Pinheiro, said the O3-Amex card “solves the problem of queuing at banks for business travel allowance and the personal travel allowance.
The development comes amid the continued foreign exchange crisis in Nigeria.
On Thursday, the Naira dipped to N1459.73 per dollar at the official exchange market.