Ecobank launches Naira-denominated credit card

Ecobank Nigeria Limited has launched a Mastercard-backed credit card. The 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.
Daily Sun quotes Ecobank’s Executive Director of Retail Banking, Henry Nelson, as saying:

“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.”

Unlike previous “credit cards” offered in Nigeria, it has no collateral, no guarantor, no security just come and fulfil the necessary requirements and you get a credit card. Users can get up to 20% of their annual income.

The card is useable on all Interswicth ATMs located around Nigeria, about 1000 ATMs all around the country that accepts the credit cards.

According to Olumide Bajomo, Head card business of Ecobank Nigeria:

“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.