Pan-African credit-led digital bank, Carbon, today launched Carbon Zero, a buy-it-now, pay-later web-based application that helps customers spread the cost of purchases in interest-free installments, in-store or online .
Based in Lagos, Nigeria, Carbon also operates in Ghana and Kenya. Since its inception in late 2021, Carbon Zero has generated $2.3 billion in requests from 41,000 customers who requested a spending limit.
Using proprietary technology that Carbon has developed and improved over its 10 years as a credit provider, Carbon’s decision engines can automatically assess affordability and give accurate credit decisions in seconds. By simply sharing their BVN and bank account number, millions of people can shop with interest-free credit seamlessly.
Largest spend amounts in the market
Based on affordability, Carbon Zero allows customers to spend up to 2.5 million naira. This is far more than the spending limits offered by competitors, with most being between ₦150,000 and ₦500,000. This of course makes the web application the de facto choice for customers with higher purchasing power.
The best interest rate: 0%
This one is easy to explain. The web app literally charges ZERO percent interest on all purchases which are repaid on time and in full in 3 installments giving the web app an edge over competing BNPL providers who charge interest for short terms .
“We believe that access to credit and good financial services is a fundamental human right. The costs of basic goods and services are rising and increasingly beyond the reach of customers, so it’s only natural that people need help financing what we consider daily modern necessities. Chijioke Dozie. CEO, Carbon.