Skye Bank Plc has introduced a new credit card denominated in naira,
into the banking industry for customers. The primary objective is to
offer a differentiated card payment value propositions to the discerning
target market that would address the specific needs of each market
taking into cognizance its peculiarities. The scheme developed by
e-Channels Group of the bank is targeted at customers and non-customers
of the bank who have verifiable and regular sources of income.
The new product has two variants of Classic and Premium. The Skyecard
credit Classic is targeted at the low income earners who form a sizable
number of the bank’s current customer base, it renders benefits
derivable from carrying a debit card while Premium is targeted at a wide
market, differentiated by income bracket and credit profile such as
income, employment structure, credit history and so on. It provides both
secured and unsecured finance for customers and non-customers of the
bank. Mr. Adesola Akinfemiwa, Managing Director, Skye Bank who expressed
delight at the acceptance rate and transaction volume of debit cards,
which the bank has been a leading promoter in the banking industry, said
the new credit card would be very useful to customers as it would save
them stress of carrying cash around at the risk of armed robbery attack.
He said the intention of the bank is to put the cards in the hands of
people who want cash before their next pay day.
General Manager, Retail Banking, Skye Bank, Mr. Dotun Adeniyi, explained
that the new credit card introduction is in furtherance of the bank’s
marke leadership in card business. “As we launch these two credit cards,
those who buy into it will enjoy the good things that are happening here
and we will continue to maintain market leadership,” he said.
Mr. Chuma Ezirim, Assistant General Manager, e-Channels Group, Skye Bank
said the card process comprising issuance, operations and management is
fully automated and runs on a robust credit card management system and
that credit scoring and assessment module makes it possible for
applications to be processed on-the-spot while there are no restrictions
He said the size of the market is very large but very challenging and
this i formed the bank’s reason taking its time to offer to the market a
credit card scheme that runs on a well tested, best in class and robust
credit card management system. He said the scheme is expected to receive
the required support from the government and Central Bank as it will
complement various federal government initiatives towards the promotion
of customer credit policy as incorporated in the National Economic
Empowerment Development Strategy (NEEDS).
Ezirim who explained the features of the credit card said it is an
electronic local card payment scheme which will be used to avail credit
lines to individuals that has interest fee period of up to 30 days,
interest rate of 18 per cent per annum on utilized credit only, flexible
limit-based on income of cardholder; free internet and mobile banking
services; SMS alerts on all transactions and two years validity period
for the card, among others.
“A large proportion of Nigerians need extra cash outside monthly income
to meet personal financial commitments, which they cannot easily obtain
from friends and family members, and would like to pay back inn a
convenient manner. “Skyecard credit avails the average Nigerian this
opportunity,” he added.