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Home Business News

Carbon goes to Kenya, promises to provide purposeful lending 

Titobioluwa Okunade by Titobioluwa Okunade
December 19, 2019
in Business News, Company News
Carbon Kenyan Launch
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Carbon, a Nigerian digital financial services company, has expanded its operation to Kenya, to drive purposeful and responsible lending.

The company boasted that Kenyans would now access instant loans, using their National ID number and a selfie, as well as the phone number associated to their mobile wallet. It added that its users would also have access to pay utility bills and buy airtime.

“This expansion presents an opportunity to bring some learnings from other African successful fintech markets to Kenya. It also enables us to explore what has made the Kenyan financial services industry so successful and how this success can be replicated in other markets.

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“Our vision is to be a Pan-African digital bank for Africans and Africans in the diaspora. Taking our services to Kenya represents the first step in realising that vision and truly delivering financial services that Africans at home and abroad need to thrive and excel,” said Chijioke Dozie, CEO and co-founder of Carbon.

Carbon launches in Kenya, promises to provide purposeful lending 

Meanwhile, according to the Kenyan Central Bank, the country’s mobile payment sector is currently valued at $36 billion with the sector expected to reach a $125 billion valuation by 2025.

More than 60% of Kenyans are estimated to own a smartphone with more than one in four (27%) having taken a digital loan, making the country a top destination for fintech companies.

[READ MORE: Carbon to empower more start-ups with new platform]

Carbon said it has 1.8 million users and has been providing economic units with access to credit, simple payments solutions, high-yield investment opportunities and easy-to-use tools for personal financial management since 2016. The company has reportedly disbursed more than $35.6 million in loans.

Carbon secured a $5 million debt facility from Lendable, a New York and Nairobi-based technology-enabled funding provider, in March 2019. The company, which was formerly known as PayLater before rebranding to Carbon, recently launched a new platform in a bid to empower start-ups.


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Tags: CarbonChijioke DozieKenyan Central Bank
Titobioluwa Okunade

Titobioluwa Okunade

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Comments 2

  1. Marto says:
    December 21, 2019 at 12:31 am

    Ok just a thought…how secure is this Nigerian thing?with all the scams wako nazo i would be very apprehensive of using it…sitakuwa surprised if whatever funds watu wata omba will find it’s way to Nigeria and then the company folds up and people having lost their hard earned money…but then again i could be wrong…but just saying

    Reply
  2. PAUL CHINEMEREM GRANT says:
    December 21, 2019 at 1:14 am

    I AM PAUL CHINEMEREM GRANT FROM ABIA STATE BUT RESIDES IN PORTHARCOURT RIVERS STATE. I AM VERY INTERESTED IN GETTING LOAN FOR AGRO AND FARMING BUSINESS AND EQUALLY FOR DREDGING OR MINING OF RURE NATURAL BUILDING MATERIALS SUCH AS SHARP SAND AND GRAVEL,IN MY HOME TOWN IKWUANO LGA ABIA STATE.

    Reply

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