Carbon Bank, a credit-led Pan-African digital bank has launched a new buy now, pay later (BNPL) web app.
According to Carbon, Carbon Zero will help customers spread the cost of purchases into interest-free instalments in-store or online.
Carbon Zero has already generated N2.3 billion in requests from over 41,000 customers who have applied for a spending limit.
Carbon’s decision engines can automatically assess affordability and give accurate credit decisions in seconds. Through sharing their BVN and bank account numbers, millions of customers are able to make purchases with interest-free credit seamlessly.
Based on affordability, Carbon Zero allows customers to spend up to N2.5m through its platform. The company charges 0% interest on all purchases that are repaid on time and in full in 3 instalments.
Carbon CEO Chijioke Dozie said, “We believe that having access to credit and good financial services is a fundamental human right. The costs of basic goods and services are rising and increasingly out of reach for customers, so it’s natural that people need help with financing what we consider everyday modern necessities.”
German buy now, pay later platform Mondu recently scored $43m in its Series A funding round, which was led by seasoned FinTech investor Valar Ventures.
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