Carbon Bank Launches Buy Now Pay Later (BNPL) App


On Friday Carbon, a credit-led Pan-African digital bank headquartered in Nigeria released Carbon Zero, a buy now, pay later web app which helps customers spread the cost of purchases into interest-free instalments, in-store or online.

Since its inception in late 2021, Carbon Zero has generated ₦2.3 billion ($5.4-million) in requests from 41,000 customers who have applied for a spending limit.

Using proprietary technology Carbon has been developing and improving throughout its 10 years as a credit provider, Carbon’s decision engines can automatically assess affordability and give accurate credit decisions. By sharing their BVN and bank account number, millions of people can make purchases with interest-free credit.

Based on affordability, Carbon Zero allows customers to spend up to N2.5m ($5,919.17)  with Carbon Zero. This is far higher than the spend limits offered by competitors, with most being somewhere between ₦150,000 ($355.15) and ₦500,000 ($1,183.83).

Carbon Zero charges zero percent interest on all purchases which are repaid on time and in full in 3 instalments giving Carbon Zero an edge over competing BNPL providers that charge interest for short tenors.

“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,” said Chijioke Dozie CEO of Carbon.

Edited by Zintle Nkohla 

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