Oct 21, 2021

Mawazo Writing Africa

Writing about the main

Carbon Introduces Carbon Zero, a Buy Now Pay Later service, Into Its Banking App

Carbon, a digital bank operating in Nigeria, Kenya and Ghana, today launched its “Buy Now, Pay Later” product called “Carbon Zero” for eligible customers on their Mobile phone announced application. Carbon Zero offers Carbon cardholders the ability to split purchases into four installments that are paid back over time at zero interest.

As spending decisions become increasingly difficult to make – an indication of the rise in budgeting apps – it can take days, weeks, or even months to get the items you want to buy. Carbon made it easier for people to get items exactly when they need them. Customers can conveniently split payments into four interest-free installments within six weeks at fair and transparent costs. You will also receive the value of the item when you pay the first installment (25% of the total cost) at the time of purchase.

Buy now, pay later is not new – but what Carbon Zero Different from credit card companies and digital lenders in this area, Carbon Zero, as the name suggests, does not charge customers any interest. With Carbon Zero, the bank eliminates exorbitant fees and creates a more financially responsible payment method.

Another important differentiator of Carbon Zero is availability in different stores and not just with its partner business partners. Customers have access to an unlimited selection of products and brands in the categories of fashion and beauty, gadgets, furniture, electronics and other service-based experiences such as travel, education and healthcare.

Through the Direct-to-Customer (D2C) approach, Carbon is the first BNPL provider in Africa to offer a retailer-independent payment experience, as customers can shop anywhere Visa cards are accepted.

Ibrahim Ayenajeh, Product Manager at Carbon Zero, mentions:” As people, time is our most important and most expensive asset. Zero is a payment option that dramatically cuts the time it takes for individuals to achieve a better quality of life. We offer consumers the opportunity to be more flexible with their funds and to help them for short periods of time when funds are not necessarily available.

Carbon Zero Accessible to all Carbon account holders who have made at least 3 transactions with a value of ₦ 5,000 each with their Carbon Visa debit card. Eligible customers receive a pre-approved limit – up to a maximum of 100,000 yen – that they can use to make a zero payment. It has a minimum purchase value of 5,000 and can be used for both online and in-person (POS) purchases.

Carbon has also invested to make this process so to run smoothly and efficiently as possible; Use data and analytics to rate clients and provide them with pre-approval limits that fit their financial profile to ensure responsible spending, “said Ibrahim.

Carbon- Account holders wanting to pay with Zero must ensure they are using the latest version of the Carbon app, then go to Carbon Zero on the Home tab and select the prompts to fund a purchase (which is where they are 25 % Deposit). The money is then made available to the customer via his carbon debit card in order to make online or in-store purchases.

To find out more about Carbon buy it now, pay for products later, customers and interested buyers can visit the Carbon Zero website.