Credit card by Nigerian banks
NaijaRock
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Posted by Felix Okoli on November 27, 2010 at 05:57:49:
What is it about Credit cards that make it appealing to users worldwide? It's probably the ease of carrying and spending cash without carrying physical cash. For some, it may equally be because of the access that it offers to credit even when you don't actually have funds in your account. When a couple of Nigerian banks started offering credit cards, it was mostly denominated in US Dollars and was cash backed or prepaid but now it comes in various brands and can as well be post paid offering access to financial credit to end users as well as being denominated in the Naira. I guess that's what the Nigerian factor is doing to global brands like Mastercard and Visa. They no longer only comes as USD cash backed cards, but they also come as NGN cash backed or credit based cards.
There are a whole lot of credit cards readily available in Nigeria and practically all the 25 or so banks offer them but the major brands are Visa and Mastercard. ATM Cards and Credit cards
ATM cards are mostly cash backed cards that allows you to connect to your bank account. They are electronic physical cards that allows you to access funds by means of an ATM machine all though nowadays Nigerians mostly refer to ATMs as Automatic Thieving Machines because of the way the machine shortchanges users in Nigeria.
Well ATM cards are not exactly credit cards but more like debit cards while some credit cards issued by Nigerian banks can be used on ATMs and especially if they are denominated in naira. Credit cards can equally be used on other platforms like the POS at shopping outlets and the internet. ATM cards used to be mostly dominated by Interswitch Nigeria and Etranzact but lately a lot of Nigerian banks are shifting to Visa and Mastercard branded ATM Cards. I know that Bank PHB used Verve which is powered by Interswitch, then UBA.
- Intercontinental bank currently uses Verve ATM cards
- Union bank currently issues Visa branded ATM cards
- UBA also issues Visa ATM cards although it was once using Interswitch
- GTBank uses Mastercard based ATM cardsCredit cards issued by Nigerian banks
Although it was the Pan-African bank - Ecobank that first launched Credit cards in Nigeria, now all the banks have started offering them too in multiple currencies such as the naira, Euro, British Pounds and the US dollars. What it takes to get one of such cards are just prove of your identity, utility bill, application and then your funds which can be as low as $150.
In the past I was used to using credit cards with a US address to make online payments and this was the so-called virtual cards but now I mostly used cards by Nigerian banks to make payment and they work too. All you need to make an online payment with a Nigeria bank issued credit card is the credit card number, the 3 digit CVV code at the back and then your registered billing address which should be Nigeria.- Intercontinental bank currently issues Visa credit cards although it used to be Mastercard
- GTBank offers Mastercard which can be in naira or dollars and can both be used for online payments
Comments:
What is it about Credit cards that make it appealing to users worldwide? It's probably the ease of carrying and spending cash without carrying physical cash. For some, it may equally be because of the access that it offers to credit even when you don't actually have funds in your account. When a couple of Nigerian banks started offering credit cards, it was mostly denominated in US Dollars and was cash backed or prepaid but now it comes in various brands and can as well be post paid offering access to financial credit to end users as well as being denominated in the Naira. I guess that's what the Nigerian factor is doing to global brands like Mastercard and Visa. They no longer only comes as USD cash backed cards, but they also come as NGN cash backed or credit based cards.
There are a whole lot of credit cards readily available in Nigeria and practically all the 25 or so banks offer them but the major brands are Visa and Mastercard. ATM Cards and Credit cards
ATM cards are mostly cash backed cards that allows you to connect to your bank account. They are electronic physical cards that allows you to access funds by means of an ATM machine all though nowadays Nigerians mostly refer to ATMs as Automatic Thieving Machines because of the way the machine shortchanges users in Nigeria.
Well ATM cards are not exactly credit cards but more like debit cards while some credit cards issued by Nigerian banks can be used on ATMs and especially if they are denominated in naira. Credit cards can equally be used on other platforms like the POS at shopping outlets and the internet. ATM cards used to be mostly dominated by Interswitch Nigeria and Etranzact but lately a lot of Nigerian banks are shifting to Visa and Mastercard branded ATM Cards. I know that Bank PHB used Verve which is powered by Interswitch, then UBA.
- Intercontinental bank currently uses Verve ATM cards
- Union bank currently issues Visa branded ATM cards
- UBA also issues Visa ATM cards although it was once using Interswitch
- GTBank uses Mastercard based ATM cardsCredit cards issued by Nigerian banks
Although it was the Pan-African bank - Ecobank that first launched Credit cards in Nigeria, now all the banks have started offering them too in multiple currencies such as the naira, Euro, British Pounds and the US dollars. What it takes to get one of such cards are just prove of your identity, utility bill, application and then your funds which can be as low as $150.
In the past I was used to using credit cards with a US address to make online payments and this was the so-called virtual cards but now I mostly used cards by Nigerian banks to make payment and they work too. All you need to make an online payment with a Nigeria bank issued credit card is the credit card number, the 3 digit CVV code at the back and then your registered billing address which should be Nigeria.- Intercontinental bank currently issues Visa credit cards although it used to be Mastercard
- GTBank offers Mastercard which can be in naira or dollars and can both be used for online payments
Comments:
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Re: Credit card by Nigerian banks
Posted by Dupe
on January 03, 2011 at 02:27:41:
How much does it cost in total to get one at Intercontinental and are there any other periodic charges?
Re: Credit card by Nigerian banks Posted by Felix on January 03, 2011 at 02:27:41: It costs around $125, $25 for card set up and $100 to be credited to your card. I'm talking about the prepaid non personalized cards which you can just pick up. You don't even need a bank account or need to be a customer to get one. As for any other monthly or periodic charges, I don't know of any but you can call their customer care