Verve And 03 Capital Launch First Non-Bank Credit Card

A first of its kind credit card tailored to the Nigerian market designed to improve access to credit and advance the cashless policy of the Central Bank of Nigeria

Verve International, Africa’s leading payment card brand, and 03 Capital, a Nigerian financial services company, have launched ’03 Credit Cards’, a new range of credit cards designed to improve access to credit and electronic payment technologies.

The three credit cards on offer, ‘classic’, ‘platinum’, and ‘prestige’, will have credit limits between N500, 000 and N1, 500,000. They are designed to provide consumers greater access to credit and the opportunity to take advantage of electronic payment technologies in line with the Central Bank of Nigeria’s (CBN) cashless policy.

The cards offer easy qualification criteria, unique in Nigeria. The cards have a 24 month validity, no bank account restrictions (salary account can be with any bank), and flexible repayments.

The naira denominated cards are powered by Verve will operate on the Interswitch network. This means that they are accepted everywhere in Nigeria. Cardholders will be able to access cash instantly through ATMs across the country, the ability to pay for goods and services at point-of-sale (PoS) terminals and online, and access to a range of deals and promotions.

Mr Charles Ifedi, Chief Executive Officer, Verve International, said:

“It is a great pleasure to launch this new card into the Nigeria market. At Verve we are always striving to improve access to modern electronic payment technologies. These new cards will grant many a new line of credit and for some their first opportunity to make use of a credit card and all the benefits that they bring.

“We could not have asked for a better partner in 03 Capital. Together we continue to prove that African companies are well positioned to deliver electronic payment solutions that are highly tailored to the needs of African consumers.”