Nigeria’s foremost digital financial service company, Carbon, has launched its operations in East African country, Kenya. This new development will allow Kenyans access instant loans, from Ksh 500 to 50,000, using their National ID number and a selfie, as well as the phone number associated to their mobile wallet. They will also have access to payment services to pay utility bills and buy airtime directly from the Carbon app.
According to Chijioke Dozie, CEO and co-founder of Carbon, he stated that the expansion will enable the company to explore the secrets behind the success of the Kenyan financial industry and how it can be replicated in other markets.
In his words;
“This expansion presents an opportunity to bring some learnings from other African successful fintech markets to Kenya. It also enables us to explore what has made the Kenyan financial services industry so successful and how this success can be replicated in other markets.”
With the expansion, Carbon has also partnered with Kenyan payment platforms such as MPesa in order to drive more purposeful and responsible lending in the Kenyan market.
Since launching in 2016, Carbon has garnered 1.8 million users, providing consumers with access to loans, simple payments solutions, high-yield investment opportunities and easy-to-use tools for personal financial management.
Last year, the company disbursed more than $35.6 million in loans and achieved revenues of $10.4 million. Carbon also secured a $5 million debt facility from Lendable, a New York and Nairobi-based technology-enabled funding provider, in March 2019.