Ecobank introduces Nigeria’s
first credit card
By WALE ALABI and SEUN ADESIDA
Wednesday,
November 15, 2006
Ecobank Nigeria Plc has introduced the first credit card
in Nigeria. Called Ecobank Naira Credit Card (ENCC), the card
is expected to significantly alter the electronic payment
system in the country and improve the lifestyle of the average
Nigerian.
According to Henry Nelson, Executive Director. Retail Banking,
Ecobank, “we are beginning a revolution in card business
in Nigeria in collaboration with other members of the Ecobank
Translational Incorporated. It is a way to reward credit worthy
and honest Nigerians to achieve their personal and professional
aspirations whilst responding to the call by many Nigerian’s
for a secure credit card capable of enabling business transaction
in Naira.”
“We are transferring success recorded in similar venture
into the Nigerian financial system to help move drastically
the Nigerian economy which is predominantly cash base into
a cashless society through the use of the credit card.”
“Two years ago, precisely October 15, 2004, Ecobank
Nigeria launched the first international credit card, the
Master card, which is dollar denominated, thereby becoming
the first bank to introduce the facility into the Nigerian
financial market. Now it has become the first Nigerian bank
to introduce the first Naira denominated credit card,”
Nelson said, adding, “we are leveraging on our net work
of over 1000 ATMs and POS and we are going to add more terminals,
we launched it because it is long over due creating real financial
freedom, this is expected to drive the Nigerian economy, and
the Ecobank Naira credit card was developed to address the
need to meet emergency financial needs.
According to Olumide Bajomo, Head card business, “a
lot of Nigerians are credit worthy, and that is why we’ve
taken the bull by the horn to introduce the first ever credit
card in Nigeria. It will help to stimulate economic activity,
dominating the consumer market; it is targeted at all Nigerians
who are 18 years and above.
“Employees and employers, professionals, sole proprietors,
entrepreneurs are qualified to enjoy Ecobank credit card.
We are offering the Nigerian market a clean credit card.”
Speaking further, he said, “this is the first clean
credit facility in Nigeria, because it has no collateral,
no guarantor, no security just come and fulfil the necessary
requirements and you get a credit card. You will be able to
get up to 20 per cent of your annual income. All you are free
to use it for whatever you want.”
On its security features, he said the card comes with a 4
digit Personal Identification Number (PIN).
“The card is useable on all Interswicth ATM located
around the country, effectively we have about 1000 ATMs all
around the country that accepts the credit cards. Efforts
are under way to ensure that other ATMs in the country become
Ecobank credit card complaint,” he stated.
“On repayment, we have worked out a flexible repayment,
which involves 40 day interest free period, within which a
customer repays the credits no interest will be charged on
the facility. A minimum of 5 per cent per months has been
worked out; we have anti-default mechanism built into the
facility, to ensure that we get our money back.
“It is virtually difficult for anybody to swindle the
bank or misuse the facility. The fact that a legible number
of Nigerians are fraudulent will not disallow us from introducing
an innovative product like this credit card. The cards come
in variants of Classic N250, 000, Premium N1million, Gold
N2.5million and Platinum N5million,” he added.
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