Carbon, Nigerian digital financial services company, has unveiled an iOS app, making it the first digital lender in Africa to be able to initiate and complete an entire loan cycle via an iOS app.
Carbon (formerly Paylater) pioneered instant lending in Nigeria and was the first mobile app that provided access to credit digitally and without requesting individuals to present the documents and collateral traditionally associated with accessing loans. With the new iOS app, as with the existing Android app, individuals can access instant loans in minutes. All you need is a mobile phone, data connection and a means of identification.
A recent Enhancing Financial Innovation and Access (EFInA) report1 suggests that more than one in three Nigerian adults (37 percent/36.6 million) are financially excluded, with 40 percent (14.9 million) of the excluded having no access to financial institution at all. With smartphone adoption predicted to quadruple (from 36 million to 144 million) by 20252, the addition of an iOS app represents an excellent opportunity to provide financial services to individuals that would otherwise be unbanked or underbanked.
Carbon has built the new iOS app with flexibility in mind, making it easier for customers in different markets to access the financial services they require. In Nigeria, for example, users can perform transactions or get loans at all 3 KYC tiers (low, medium and high value) provided by the Central Bank of Nigeria. This means more people (both banked and unbanked) at every level of the market can access Carbon’s market leading services. Carbon will also be adding a USSD channel in the coming months.
According to Chijioke Dozie, CEO and co-founder of Carbon, “We are really excited to add consumers on the Apple ecosystem to our network and we have channeled a lot of the learnings and user insights from the last four years on Android into this app. As we establish ourselves as a Pan-African digital bank, we want to go everywhere with our customers and be innovative and versatile enough to fulfil their needs.”
Carbon empowers individuals and businesses across Africa with access to credit, simple payment solutions, high-yield investment opportunities and easy-to-use tools for personal finance management. Since launching in 2016, Carbon has amassed 2.1 million users and disbursed more than $120 million in instant loans.
The new iOS app can be downloaded via Apple’s App Store and will initially be available in Nigeria before it is rolled out in Kenya and other markets as Carbon expands.