Carbon is a leading African microfinance bank that provides financial services in Nigeria, Kenya, and Ghana. Carbon, formerly known as Paylater, is an innovative and comprehensive financial app that enables individuals and businesses to manage their finances with ease.
This app provides users with access to credit, secure payment solutions, high-yield investments, and user-friendly tools for personal financial management.
Our team of experts reviewed the Carbon app, and we will be providing a detailed review, including the various features, services, and benefits of Carbon.
Features of Carbon App
The Carbon app has an amazing set of features for individuals and businesses. Carbon provides users with user-friendly budgeting tools, secure payment solutions, and access to high-yield investments and credit.
The app also helps you gain a better understanding of your finances and take control of your money, to achieve financial freedom and peace of mind. We have listed below the financial services the Carbon app provides to users.
Carbon app offers you a bank account that allows you to enjoy the benefits you will enjoy from a savings account in any commercial bank. After registration on the Carbon app, you are issued an account number which you can use to receive money from anyone.
You also enjoy 2% yearly interest rate on your account, which is spread over 12 months. The profits are disbursed into your account at the end of each month.
Additionally, you are free to send money 30 times per month at no extra charge. That is, the first 30 times you transfer money using the Carbon online banking app are free.
Carbon also sends you an instant alert notification when a transaction is performed on your bank account.
On your Carbon banking app, you can send money and buy airtime, data, cable subscriptions, and utilities all in one place without paying additional fees.
There are thousands of billers available on the Carbon app which makes it easier to pay bills. You can also save and schedule recurring payments.
Just like other banks, the Carbon app has a valid debit card that can be used to make payments and receive money across different automated teller machines or POS.
To get a Carbon debit card, you must first apply for the card, then Carbon will send your debit card directly to you, no matter where you are in the country. The app allows you to set spending limits and also freeze the card using the app.
You can easily make payments anywhere in Nigeria using your Carbon Visa card via both physical and online channels. Additionally, you can use your card to pay for items at your preferred retailers in equal instalments at no extra costs. Due to their partnership with Visa, they can give you access to discounts of up to 10% for specific merchants.
The Carbon app allows you to save your money digitally and have access to it anytime you want. You can receive payment into your account and gain interest on your money. Funding your Carbon account is quick and easy with the Carbon app. Simply follow these steps:
- Open the app and select ‘Add money’.
- Enter the amount you would like to transfer.
- Choose USSD or add money with a DEBIT CARD for the top-up.
Once the top-up is completed, the funds will appear in your Carbon account.
Alternatively, you can also fund your Carbon account directly via bank transfer using your bank’s mobile app or USSD. Remember to use Carbon or One Finance as the Bank Name and your Carbon account number as the Account Number.
The returns on your investments with Carbon can reach 15.5%. They have three distinct savings plans, which are as follows:
From as little as N50,000, the cash safe allows users to lock away large sums for capital projects and earn 15.5% when they mature.
This is a long-term, or short-term investment that can yield up to 9.5% interest when they mature.
The flexsave allows you to invest your money and watch it grow. You can automate your investments, choose an investment strategy, and even specify the day of the month you want them to occur without setting the alarm.
Every customer receives a credit report, so they know their situation when applying for loans with Carbon or elsewhere.
With the credit reports, Carbon app users can understand their credit history across all financial institutions and be alerted to any problems they might be experiencing.
With Carbon, expanding your small business or taking care of personal emergencies is simple and affordable.
Their loaning procedure is made to meet your needs and promote your development. When you pay back promptly, you can gain access to larger loan amounts and lower interest rates.
You can borrow from NGN10,000 to NGN1,000,000 with the Carbon Loan app. There are loans available for up to a million.
It is typically low on your first attempt, though. You have access to higher amounts as you repay. You may borrow up to NGN200,000 on your initial attempt. There are no processing fees, late fees, or rollover fees.
Depending on the amount loaned and the length of the repayment period, the interest rate varies between 5% and 15%.
Carbon may make better offers to receive a loan with lower interest rates than when you maintain a quick repayment rate and good credit score.
How to Apply For Carbon Loans
To apply for a loan on Carbon, you will first have to register on the Carbon App.
To register on the Carbon app, follow the steps below:
- Download the Carbon app from Playstore or Appstore
- Register and provide details such as your name, phone number, and email.
- You also need to take a picture in real-time using the Carbon app.
- After registering on the Carbon app, you get a personal account number.
- On your dashboard, tap request for a loan and fill in the necessary details
- Carbon will approve your loan within an hour and disburse it into your account number.
You can also use this USSD code, *1303#, to access Carbon services like a regular bank USSD. However, you need to use it with your registered number on the Carbon app.
Carbon For Businesses
Carbon has an interface that provides financial services like uncollateralized credit, online payments, and funds transfer to Small and medium-sized enterprises (SMEs).
Top businesses like CARS45, Wallet.ng, Kudi, thrive Agric amongst others are using the platform to manage their financial services.
Features of Carbon for SMEs
Carbon app offers the following features for small and medium-sized enterprises:
Carbon has an identity verification system called CarbonIVS. CarbonIVS is a comprehensive Identity Verification System in Nigeria that assists companies to abide by KYC regulations, combat fraud, and speed up the customer onboarding process.
CarbonIVS allows you to verify documents and information like Bank verification number, Passport, Drivers License, Voters ID, National ID (NIN) and NIMC Slip.
The CarbonIVS data analysis engine can generate an estimated Personality Profile report for an individual and also verify send it to for verification.
To get started on the CarbonIVS, follow the steps below:
- Visit the CarbonIVS website
- Click on Perform quick check
- Create an enterprise account
Carbon will ask you to upload some documents for verification, once you are verified, you can start using CarbonIVS.
On the Carbon for SMEs platform, you can apply for a loan to sort your business needs. The loan offers you up to 20 million naira without any collateral needed and in less than 2 days.
The loan application is quite easy and has low charges. Carbon receives 4% of the amount disbursed for returning customers and 5% from new customers.
You can also pay for the loans before the term at no penalty. Carbon requires the following from business owners:
- You should have a record of monthly sales from the business
- Your business should have an active bank account that should have been existing for 1 year and fully active for 6 months
- Businesses should operate in trade, services or production.
- The business must operate in Nigeria.
To apply for a Carbon business loan, follow the steps below:
- Visit the Carbon SME finance website
- Tap apply for a business loan
- Fill in the required information (name, email, phone number, and so on)
- Click next to continue your application
- Fill in the required information about your business (Business name, business registration number, date started, etc.)
- Click on submit
Carbon will get back to you on your eligibility via the email provided.
Funds Transfers and Overdrafts
Optimus Overdrafts from Carbon offers businesses solutions to lack or inadequate funds by providing businesses with the funds they need whenever they need it.
With this service, companies can maintain seamless transfers even when their account balance is low or at zero level. Optimus offers low-interest rate at 0.3% daily interest rate for overdrafts of up to 10 Million naira.
How to Use Optimus Overdrafts
- Create a Carbon Business account
- Transfer funds from your personal account to your business account
- Use your dashboard to transfer money to your vendors or staff members
- Get access to Optimus overdraft by applying for one on your dashboard.
Carbon enables companies to process payments via diverse globally recognized methods including Visa, Mastercard, American Express, and Verve.
As a business owner, this helps you to grow your business through seamless transactions on any device.
While this service is not available yet, Carbon promises to notify everyone on their waitlist when they start offering the online payment service.
Carbon USSD Code
Carbon provides a USSD code that allows customers to access their accounts and make transactions even without internet access. The USSD code is *1303# and can be used on both MTN and 9Mobile networks.
|*1303*Amount#||Buy airtime for self|
|*1303*Amount*Phone No#||Buy airtime for others|
|*1303*3*AmountPhone No#||Transfer to Carbon Wallet|
|*1303*4*AmountAcct No#||Transfer to bank account|
By dialing *1303# and following the prompts, Carbon customers can fund their account, purchase airtime for themselves or others, and transfer money both within the Carbon wallet or to an external bank account. This USSD functionality increases financial inclusion by enabling basic transactions even in areas without reliable internet access. It allows Carbon users continued control and use of their digital financial services anywhere, anytime.
Carbon Zero is a financial service from Carbon that allows customers to spread purchase payments over 4 interest-free instalments. This provides flexibility for shoppers who may not have the full cash amount upfront. With Carbon Zero, customers can pay 25% of the purchase price initially and then pay the remaining balance over the next 6 weeks. This allows people to bring their wish lists to life without having to wait or pay interest.
The service can be used both online and in-store. For online purchases, customers log into the Carbon app, select Carbon Zero, and enter the purchase details. They make the initial down payment and then enter their card normally; Carbon handles paying the remaining installments. For in-store purchases, the process is similar, but customers choose “current” as the account type so the merchant is paid right away.
Carbon Zero allows customers to pay for various items like clothing, electronics, or vacations in installments with no extra fees. It provides a convenient alternative to credit cards that have interest charges. Customers are pre-approved for a limit, so they know how much they can spend before checkout. Carbon aims to make shopping and banking more flexible and affordable through services like Carbon Zero.
Is Carbon a Good App?
As one of Nigeria’s early adopters of digital banking, Carbon has a solid track record of providing seamless financial services to business owners and individuals. I tried out the Carbon app, and I can say that it is a good app.
The app has a 4.5 rating on the app store from about ten thousand users and a 4.4 rating on the Google Play Store from about 146,000 users.
Carbon is one of many businesses in Nigeria providing reliable digital financial solutions to Africans in Nigeria, Ghana, and Kenya.
Is Carbon App a Scam?
No, the Carbon app is legit. The company has been operating since 2012 and has now transitioned into a full-suite digital bank licensed and regulated by the Central Bank of Nigeria (CBN).
- It offers various options and services for budgeting, paying bills, borrowing money, and making long-term investments.
- Simple registration (signup) process
- The smartphone app offers a simple user interface.
- It offers a wide range of features for business owners.
- Promotes local currency transfers
Carbon customer care is a bit slow
Carbon Customer Care Number
Carbon provides various customer care channels to help users with any queries or issues regarding their services. One of the primary contact methods is the Carbon customer care number. The main customer care phone numbers for Carbon are
- +234 813 888 1111
- +234 701 000 0000.
These numbers are available from 8:00 AM to 8:00 PM on all days except public holidays.
In conclusion, the Carbon app is a great choice for those looking for a convenient, secure, and reliable way to manage and fund their account.
With a user-friendly interface and a range of top-up options, the app provides a secure and global payment network that makes it easy to manage your finances. Whether you’re looking to fund your account or send money to friends and family, the Carbon app is a great choice.