By WALE ALABI and SEUN ADESIDA
Wednesday, November 15, 2006

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.