Carbon Microfinance Bank has announced the introduction of its entirely digital banking service, which allows consumers to open a bank account, obtain Visa debit cards, earn 15.5 per cent on savings, and purchase now and pay later at 0% interest.
Ikenna Okwuagu, Carbon’s Head of Business Transformation, says: “For us, the physical debit cards represent a more robust channel to offer value-added services to anyone who operates a Carbon bank account. It is also furtherance of Carbon’s mission of being fully embedded in our customers’ financial lives”.
Carbon Zero is one such value-added service; Carbon said that this buy now, pay later solution will now be available to qualifying clients via its mobile application. Carbon 0% allows Carbon cardholders to divide purchases into four instalments that can be paid back over six weeks at a zero interest rate.
Customers could previously register a Carbon bank account using their cell phone, save money, make online payments and transfers, receive monies, obtain low-interest loans, and seek credit reports in minutes.
Carbon bank account customers will now be able to spend money in their accounts through online and offline channels such as ATMs, POS machines, e-commerce sites, and ride-hailing applications, to name a few. They will be able to manage their card activities directly from the app.
With Visa cards and Carbon Zero, Carbon intends to expand on its 3 million user base by providing a more comprehensive banking experience for people with varying needs, whether they are saving money at industry-high interest rates, sending money at no extra cost, making payments online and offline, or spreading payment for things they need the most but can’t afford at once.
Carbon Microfinance Bank (previously PayLater) is a pan-African digital bank that gives people access to a more rewarding banking experience. Carbon’s mission is to link all people with the financial resources they need to pursue a life of dignity and prosperity, whether it’s through high-yield investments, free bank transfers, flexible loans, interest savings accounts, or zero-interest payment plans on consumer items.