Carbon has opened up its financial service API to startups, SMEs and FinTechs across Africa. The Nigerian digital financial services firm wants to provide the technology and services needed to build and scale businesses.
Speaking on the decision, Chijioke Dozie, co-founder and CEO of Carbon said that the company’s goal is to connect businesses with the funds and services that will enable them to thrive and expand.
“As part of our goal of connecting businesses with the funds and services that will enable them to thrive and expand, we are aiming to provide robust infrastructure and a suite of services that will transform their processes.”
Chijioke Dozie, co-founder and CEO of Carbon
Carbon’s API provides access to uncollateralised credit, secure online payments, fast KYC (know your customer) compliance obligations and reliable fund transfers to startup and customers using it on the go.
It also gives startups and SMEs access to online payments from Visa, Verve and Mastercard in over 40 currencies and identity verification via CarbonIVS. This enables businesses perform KYC and anti-money laundering services on prospective staff or other parties.
CarbonIVS is Carbon’s major identity databases including passport, Bank Verification Number (BVN), driver’s license and voters registration.
Another benefit of the API is its strong protection. All transactions are PCI DSS compliant, 3D Secure enabled, and processed through an SSL encrypted channel. So, users can easily access fund transfers and Optimus, an affordable and reliable funds transfer platform that provides low-cost transfers and overdraft facilities.
Carbon is also promising ₦20 million in uncollateralised flexible repayment business loans for SMEs.
Founded in 2016 by Chijioke Dozie and Ngozi Dozie, Carbon formerly Paylater is a Nigeria-based financial service firm transforming the banking landscape by simplifying the user journey.
As a comprehensive digital financial platform, Carbon provides instant loans, credit record, investment, bills, payments and personal financial management tools. It started as a lender, then diversified with intentions to operate as a bank.
Carbon has amassed more than 1 million users and has disbursed more than $35.6 million in loans. In 2018, its registered revenue was about $10.4 million and recently won the awards for best ‘Digital Loan Provider of the Year’ and the ‘Best Loan App’ at the 5th Nigerian Finance Innovation Award 2019.
Apart from Nigeria, Carbon currently operates in South Africa, United Kingdom and Portugal and has disclosed plans to expand operations to Ghana and Kenya according to Emilio Vacca, the Chief Technology Officer (CTO) of Carbon.
Carbons recent partnership with Open Banking Nigeria and its decision to open its API is part of its effort towards pushing the Nigerian banking and financial services industry to adopt Open API standards.
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