Nigerian fintech startup Carbon has launched into Kenya, allowing Kenyans to access instant loans of between KES500 (US$50) and KES50,000 (US$500) via their mobile phone using their ID number and a selfie.
Consumer lending platform Carbon, which rebranded in April as parent company OneFi continues to transition into being a full digital banking platform after raising US$5 million in debt funding and acquiring Nigerian payments startup Amplify, has been busy expanding its offering, and is now moving into new markets with its Kenyan launch.
In addition to its lending service, the Carbon app also gives users access to payment services to pay utility bills and buy airtime. Other features include cashback and loan top-up, with Carbon planning to introduce more features over the coming year. Carbon is fully integrated with various Kenyan partners, including Transunion CRB and M-Pesa, and will also provide services for SMEs.
“This expansion presents an opportunity to bring some learnings from other African successful fintech markets to Kenya. It also enables us to explore what has made the Kenyan financial services industry so successful and how this success can be replicated in other markets,” said Chijioke Dozie, chief executive officer (CEO) and co-founder of Carbon.
“Our vision is to be a pan-African digital bank for Africans and Africans in the diaspora. Taking our services to Kenya represents the first step in realising that vision and truly delivering financial services that Africans at home and abroad need to thrive and excel.”