African Fintech platform Carbon today announced a five-year partnership with Visa which will see physical and digital credit cards offered to its customers. Visa will provide funding across the term for implementation and marketing support.
In 2020 Carbon pivoted from digital lending to digital banking through offering additional services including savings and payments. Visa’s technology allows Carbon to offer instant issuance in Nigeria, Ghana and Kenya along with quicker access to BNPL product Carbon Zero.
“Carbon is focused on delivering an unparalleled banking experience that is both safe and reliable across all touchpoints,” said Chijioke Dozie, cofounder and CEO of Carbon. “We want more customers to enjoy some of our popular products like Carbon Zero through their Carbon card, and key to achieving this is our partnership with a leading payments and fintech-friendly company like Visa.”
Carbon has more than 650,000 users. In 2020 it processed $241.4 million in payments and $63 million in loans.
“The rapid pace of technology innovation has driven a powerful shift in business and consumer expectations in finance,” said Visa’s vice president for West Africa Kemi Okusanya. “Whether it is changing the way people invest, manage money, receive loans, or send real-time payments to friends and family, Visa is a natural partner for fintechs including Carbon, providing them with new ways to reach their customers through Visa’s vast network and global scale.”