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Pan-African microfinance bank expands partnership with Manbu We will continue to expand our financial services offerings and accelerate our expansion. The deal will allow Carbon to launch his new BNPL (buy now, pay later) product, Carbon Zero.
Carbon is a credit-driven digital bank. Based in Lagos, Nigeria, it also has operations in Ghana and Kenya. Founded in 2012 as One Credit, which provides loans to salaried workers in Lagos, Carbon’s first rebranding came in March 2016 when it became Pay Later. It introduced a number of alternative services such as paying bills, purchasing airtime, and began issuing free credit reports to its users.
We changed our brand identity from Paylater to Carbon to better reflect that aspiration. Carbon offers a commission-free checking account that generates interest and cash back on card purchases right out of the box. In 2020, Carbon obtained its banking license and began its rapid evolution into a full-service, customer-centric bank.
Carbon is a longtime customer of Mambu, a SaaS cloud banking platform. Launched in 2011, Mambu rapidly designs and builds almost any kind of financial services, including banks of all sizes, lenders, fintechs, retailers and telecoms companies. At Mambu, he has 900 employees and supports 230 customers in over 65 countries.
For future expansion from launch, Carbon chose Mambu’s cloud-native banking platform. The reason for this was the scalability and flexibility to make instant loans in minutes, which helps lenders build credibility in the market.
Mambu’s API-enabled composable technology has enabled Carbon to build everyday banking services and e-wallets through partner integrations. Today, this microfinance bank offers zero-fee accounts, instant loans, free money transfers, savings and investment options at market-leading rates, and simplifies payments such as airtime and bill payments.
With consumer demand for installment payment options growing, the bank launched a new BNPL product, Carbon Zero, to enable customers to access products and services in areas such as healthcare, finance, travel and wellness.
Chijioke Dojithe CEO of Carbon Finance, said it signed Mambu 10 years ago because it met all the criteria as a cloud banking platform.
We were looking for great customer service and a robust cloud-native platform, says Dozie. Combining Mambu with our architecture will allow us to continue to scale and make a real difference in the lives of our customers. We see a future where everyone has access to a modern banking experience. , our further collaboration with Manbu brings us one step closer to that vision.
in the meantime, peter richmondMambu’s Vice President of Customer Success said: Working with our platform solves a real pain point and enables Carbon to deliver a modern banking experience to its customers. We look forward to strengthening our partnership and helping Carbon expand its product offering.
finally, Ikenna Okuukaogu, Vice President of Engineering at Carbon Finance, commented: Since then, we have expanded our use of Mambu and deploying new products and services typically takes a few hours at most.
