Carbon, the Fintech Zero-interest Loan App Expands to Kenya Following the Acquisition of Amplifypay.
Carbon, the Fintech instant loan app expands to Kenya following acquisition of Amplifypay.
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Carbon is an instant loan app, utility payments and an interest on investment app. The fintech company is a subsidiary if OneFi a quick loan company using data and technology to democratise access to finance in Nigeria.
Carbon announced the new development on it’s twitter handle on December 2019. This marks a new development in digital-only banking in East Africa.
“Got friends in Kenya? Spread the Carbon cheer to them! 🥳
“Carbon has arrived in Kenya to provide access to zero interest loans, bill payments, and funds transfers all in one place. Share this post with all your friends in Kenya.
#CarbonInKenya 🇰🇪 https://t.co/tkvQoFiBqP”
Carbon allows users to pay for utilities and bills using its mobile app. Moreso, users can request zero interest loan using the app. It also encourages investment, offering some percentage increase when users leave their money in the app.
Moreso, users can make money transfers for as low as N10 naira to other banks using the mobile app. The Kenyan launch will help bring zero-interest instant loan request to Kenyans.
The mobile lending app is fully integrated with mobile money platforms in Kenya including TransUnion CRB, and M-PESA. It’s allegedly the first digital-only banking platform in Kenya.
When speaking on the new expansion into Kenya, the CEO of Carbon, Chigozie Dozie says;
“This expansion presents an opportunity to bring some learnings from other African successful fintech markets to Kenya. 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 realizing that vision and truly delivering financial services that Africans at home and abroad need to thrive and excel.”
Moreover, Carbon has over 1million users on its platform with a total revenue of about $35.6 million on lending. It recently acquired Amplifypay a utility and bills payment service provider in Nigeria.
“We’re not a bank but we’re offering more banking services…Customers are now coming to us not just for loans but for cheaper funds transfer, more convenient bill payment, and to know their credit scores,”Chigozie Dozie on acquisition of Aplifypay.
The growth of Fintech Companies in Africa is a new welcome development which will help in achieving financial inclusion and digital economy growth.