American Express launches first business credit card in Nigeria

American Express Co. is launching its first business credit card in Nigeria in partnership with local neobank O3 Capital, according to a report by Bloomberg Africa.

O3 Capital and Amex unveiled the product on Thursday in Lagos, the commercial capital, offering the business card with a spending limit of $10,000 and a repayment period of up to 45 days for international transactions.

“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,” Mohammed Badi, Amex’s President of Global Network Services, said in a statement. “American Express is excited to continue to strengthen its presence in Nigeria and expand its reach across Africa.”

Other O3 Capital-Amex cards for personal and household use will carry spending limits of between $10,000 and $20,000.

Badi separately said that Amex plans to expand its presence in Africa to 42 countries from 30 at the moment, citing greater demand from consumers and small businesses for the company’s cards.