By Adedapo Adesanya
Carbon, a credit-led pan-African digital bank, has released Carbon Zero, a buy now, pay later (BNPL) web app which helps customers spread the cost of purchases into interest-free instalments, in-store or online.
Since its inception in late 2021, Carbon Zero has generated N2.3 billion in requests from 41,000 customers who have applied for a spending limit.
Using proprietary technology, Carbon has been developing and improving throughout its 10 years as a credit provider. Carbon’s decision engines can automatically assess affordability and give accurate credit decisions in seconds.
By simply sharing their BVN and bank account number, millions of people can make purchases with interest-free credit seamlessly.
Based on affordability, Carbon Zero allows customers to spend up to N2.5 million with Carbon Zero, far higher than the spend limits offered by competitors, with most being somewhere between N150,000 and N500,000.
This of course makes Carbon Zero the de-facto choice for customers with higher purchasing power.
In addition, Carbon Zero charges zero per cent interest on all purchases which are repaid on time and in full in three instalments giving Carbon Zero an edge over competing BNPL providers that charge interest for short tenors.
Speaking on this, Mr Chijioke Dozie, CEO of Carbon said, “We believe that having access to credit and good financial services is a fundamental human right.
“The costs of basic goods and services are rising and increasingly out of reach for customers, so it’s natural that people need help with financing what we consider everyday modern necessities.”
Carbon is a credit-led, Pan-African digital bank. The company’s headquarters are in Lagos, Nigeria, with operations in Nigeria, Ghana, and Kenya, Carbon is a worldwide corporation with over 150 employees.
Founded in 2012 as One Credit to give loans to salary earners in Lagos, then introduced a raft of alternative services like bill payments, airtime purchases, and issuing free credit reports to users.
