Money market

We gave 5m Nigerians loan in 10 years — Carbon Bank



Nigerian based digital bank, Carbon Bank, said five million Nigerians Accessed their loan between 2012 to 2022.

This was as the bank reiterated commitment to making innovative banking friction-free and accessible to everyone.

The digital bank was first operated as a lending company which has, however, metamorphosed into one of the continent’s leading and fastest-growing digital banks with over a million users throughout the federation and operating in two African nations

However, speaking to journalists, the co-founder, of Carbon bank, Chijioke Dozie, disclosed that the greatest achievement of the fintech company in the last 10 years was making finance accessible to the people.

He said, “Carbon has processed loans to about five million people from 2012 till date in the course of service and the fact that we are still in business, paying salaries for over 500 people shows that Nigerians are taking and paying back their loans.

“We started our journey because we felt that there was a significant gap in the market in Nigeria because the majority of customers are not getting access to credit, but that has changed now because if you ask 22-year-old on the street where she can get financing or a loan from she would give you a list of fintech companies, but 10 years ago, that was not the case, even people that are gainfully employed or had businesses could not get access to finance at the touch of a button.”

He, however, disclosed that more is still required in the area of stigmatisation against people that borrow money.

“I think there is also a stigma around borrowing that we need to address, people believe it is irresponsible people that need a loan, this is a stigma that we see a lot and I think it is as a result of lack of financial literacy even across the so-called educated ones.”

Also speaking, Carbon’s co-founder, Ngozi Dozie, said the newly launched buy now pay later product gives users the flexibility to shop what they want, when they want, without breaking the bank at a 0 per cent interest rate.

“This is not a new phenomenon even though we are bringing it to Nigeria but it’s the perfect product for a bad economy or a tight economy because the worse the economy gets, the more customers need an upper hand. This helps customers to sort payment now before it increases and this at 0 per cent interest rate.”

Speaking on loan Shark companies, Ngozi advised that the real solution to reduce is to do more marketing.

“In all honesty, we are not doing enough in that area because if somebody sees one of these loan sharks with their ridiculous interest rate and still takes their loan then that means we have not done a good job in reaching that Customer and showing them the alternative.”

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