Carbon, a fintech company in Nigeria has opened up its API to SMEs across Africa. The API, dubbed ‘Carbon for Business’ will provide customers with access to up to N20 million loan without collateral, secure online payments, reliable funds transfer and other value-added services in real-time. The launch of Carbon for Business follows its partnership with Open Banking Nigeria.
Launched in 2016, Carbon provides access to credit, payment solutions, high-yield investment opportunities and tools for personal financial management to over 1 million customers. It is a widely used digital finance platform by Nigerians. In 2018 alone, it generated a revenue of $10.4 million and disbursed more than $35.6 million loans.
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The infrastructure will offer startups and SMEs technological services that will transform their business processes. These businesses will be granted access to Carbon IVS for identity verification to perform KYC (Know Your Customer) and anti-money laundering services. Carbon IVS is integrated with the identity database of customers, including passport, BVN, driver’s license and voters registration.
The API platform will provide access to funding transfers and overdraft facilities. SMEs will be able to perform online payments using Visa, Verve and Mastercard in over 40 currencies.
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