O3 Capital Nigeria Limited (“O3 Capital”), a leading Nigerian Fintech and the country’s first non-bank credit card issuer announces a milestone maturity and successful redemption of its Series 1 Commercial Paper (CP) under its NGN5bn Commercial Paper Programme.
O3 Capital Nigeria Limited’s core business is the issuance of Credit and Prepaid Cards to individuals, SMEs, and corporate customers.
The NGN100m 91-days Series 1 Commercial Paper, initially issued and listed on the FMDQ Securities Exchange on March 27, 2023, has successfully matured on June 26, 2023. We have diligently adhered to the relevant regulations and duly informed the FMDQ Securities Exchange about the completion of the repayment.
Regarding the successful redemption of the NGN100m 91-days Series 1 Commercial Paper, Mr Abimbola Pinheiro, Chief Executive Officer, of O3 Capital Nigeria Limited, said,
“We take great pride in successfully fulfilling our commitment to fully repay all the investors in the Series 1 issuance, especially considering that this marks our initial involvement in the Nigerian debt capital market. We extend our sincere appreciation to all the qualified institutional investors who participated in the CP round and assure them of our continued reliability as a counterparty in the long run.”
Additionally, he expressed, “The CP redemption exemplifies O3 Capital’s capacity to fulfil its financial responsibilities promptly. We have strategic plans to actively engage in the commercial paper market in the future.”
O3 Capital Nigeria Limited N5bn Commercial Paper Programme was admitted onto the FMDQ Securities Exchange platform in February 2023. DataPro has reaffirmed O3 Capital’s long-term rating of A- and short-term rating of A2, supported by the consistent growth trajectory of revenue and profits throughout FY 2022. These ratings will remain in effect until May 2024, reflecting O3 Capital’s strong position in the market.
What you should know
O3 Capital is a non-bank financial institution that provides Credit and Prepaid Cards on Verve and other card schemes, as well as a range of other financial services. As a trailblazing non-bank Fintech in Nigeria, O3 Capital remains committed to creating customer-centric products and driving innovation.
Established in 2014, O3 Capital is currently the 2nd largest credit card issuer in Nigeria with over 20,000 cards. It is licenced in Nigeria as a finance house by the Central Bank of Nigeria.
It has strategically focused on issuing Naira-denominated credit and prepaid cards to the Nigerian market. The company’s objectives have always aligned with the Financial System Strategy 2020 of the Central Bank of Nigeria (CBN), with the main thrust of a ‘cashless Nigeria’.
Capitalizing on the CBN initiative and the increasing demand for micro-credit facilities among the growing middle-income segment of the Nigerian workforce, O3 Capital has developed its product to cater to the rapidly expanding credit card market. Our aim is to foster a culture of credit card usage in Nigeria and leverage the opportunities presented by the changing financial landscape.
