By Adedapo Adesanya
Carbon Finance has declared about N3.9 billion in revenue and N1.4 billion in operating income in its half-year result and accounts for the period ended June 30, 2022.
On the heels of growing revenue steadily, it delivered a net income of N201 million for the period under consideration, while increasing interest income by N580 million and adopting sound risk management practices that saw impairment reduce by seven per cent amidst a challenging macro environment.
It is on course to match the N7.72 billion revenue it announced in its 2021 accounts, an increase of 4.5 per cent from N7.39 billion in 2020.
The company explained that the release was in line with the management’s promise to publish its accounts yearly.
The digital bank recently wrapped up its 10th anniversary, celebrating a decade of value and trust.
Having begun operations in 2012, the company pivoted in 2016 to become a digital lender, which developed into a fully-functioning digital financial service platform that offers cost-effective bill payments, free fund transfers, and high-yield savings and investment options in addition to loans.
Despite headwinds in the economy, the group was able to grow loan disbursements and introduction of a new product line; Carbon Zero, which has so far done gross merchandise value (GMV) of N1 billion since its introduction in December 2021.
Carbon Zero, its latest flagship product, gives users the flexibility to shop for what they love when they want without breaking the bank and paying back at a zero per cent interest rate. This flexibility has been extended offline and recently infused into the Carbon app
The company stated that it has also intensified its focus on driving its retail deposits for the past few years, which has supported a three per cent decrease in its cost of funds over the years and continues to grow remarkably in its retail business.
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.