Nigeria-based instant loan, investment, and fintech platform- ‘Carbon’ is set to expand its services to Kenya. It plans to deepen its offerings with micro health insurance services.
Founded in 2012, as Paylater, Carbon is an instant loan platform which later rebranded to a digital financial services platform. It currently offers instant loans, bill payments, fund transfers, and savings services. Carbon leverages a digital wallet technique to offer these services to its users.
Now expanding to Kenya, Carbon intends to offer a mobile health insurance service. The platform also plans to launch a virtual Visa card for its users. It will partner with M-TIBA—a CarePay Service, to achieve the mobile health insurance service.
See also: London-based Luminate to Fund Journalism in Kenya via $1 Million Media Lab
Before Carbons rebranded earlier in the year, the platform acquired Amplify—Nigeria’s payment solutions company. This acquisition was in a bid to further cement its move and pave the way for a smooth transition into becoming a digital financial services provider. Carbon later secured a $5 million investment from Lendable to facilitate expansion.
According to the company’s co-founder and CEO Chijioke Dozie, Carbon aims to provide access to financial services in Africa. He stated that they are the largest smartphone lender in West Africa, with records of over 1,000,000 apps downloaded. The company disburses about 3,000 loans per day, across Ghana and Nigeria.
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