…to also sign up merchants to accept AmEx card transactions
OLU OJO PHILLIPS
Access Bank has been licensed as the issuer of American Express-branded cards in Nigeria, Fintech Africa has learnt.
Access Bank, the leading regional lender was also empowered to sign up merchants to accept American Express card transactions.
Sources at Access Bank told our correspondent that the Central Bank of Nigeria (CBN) has issued Access Bank “no objection status” to issue Amex in Nigeria.
American Express is a global services company. It provides customers with access to products, insights and experiences that enrich lives and build business success.
Since 1997, American Express has partnered with a select group of leading banks and financial institutions around the world to issue American Express-branded products and acquire merchants on to the American Express merchant network.
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By leveraging its partnerships, global infrastructure and the powerful appeal of the brand, American Express has gained even broader reach for its network worldwide.
Previously, American Express cards are issued by American Express and processed on the American Express network.
American Express is one of a few financial service companies in the industry that has the capability to both issue and process electronic payment cards.
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American Express is a publicly-traded company in the financial services industry. It offers both credit lending and network processing services which gives it a broad range of competitors in the industry.
Like traditional lenders, it has the capability to issue credit products which it provides in the form of charge cards and credit cards.
American Express has its own processing network which competes with MasterCard and Visa. Its most comparable competitor is Discover Financial Services (DFS) which is also a publicly traded financial service company that offers both credit lending and a processing service network.
With multi-product capabilities, American Express generates revenue from both interest-earning products and network processing transaction services.