Nigeria’s foremost non-bank credit card issuer, O3 Capital Limited, has announced the successful approval of its
N5,000,000,000 Commercial Paper (CP) Programme Registration with the FMDQ Exchange on the 7th of February 2023.
While commenting on the successful registration, the company’s Founder and CEO, Mr Abimbola Pinheiro described the CP Programme as a strategic move for O3 Capital towards achieving the next phase of its growth plan. The objective is to expand the existing credit card portfolio and achieve international acceptance with a new Credit Card product in partnership with an international card scheme for the Nigerian market, while also introducing technology-based systems to broaden access to personal credit services for Nigerians.
Mr Egie Akpata, Director of UCML Capital Limited also expressed delight with the successful registration of the O3 Capital Limited ₦5,000,000,000 Commercial Paper Programme. In his words, “This reinforces our commitment to enable all our clients access the debt capital market and optimize their capital structure. We are glad that UCML Capital Limited was instrumental in the successful registration of the programme and thank the board and management of O3 Capital Limited for the opportunity to work with them”
The opportunity to access the CP market as an alternative source of funding will further enhance O3 Capital’s ability to unlock value for all stakeholders with a platform to raise short-term finance within the Nigerian debt markets. The approval of the CP Programme by FMDQ Securities Exchange represents a major milestone in the company’s growth aspirations.
UCML Capital Limited was Sole Arranger of the CP Programme.
About O3 Capital
O3 Capital Limited is a digital bank, licensed by Central Bank of Nigeria, that offers Credit and Prepaid Cards. O3 Capital is a pioneer non-bank Fintech in Nigeria which continues to innovate customer centric products by providing instant access to credit and prepaid cards. O3 Capital also offers other financial services like fixed income investments and funds management. The strategic thrust of the company is to issue Naira denominated cards; both credit and prepaid cards to the Nigerian market. This objective correlates with that of the Central Bank of Nigeria’s Financial System strategy to create a “cashless Nigeria”.