Home Startups Nigeria’s Carbon opens its financial services API to businesses across Africa

Nigeria’s Carbon opens its financial services API to businesses across Africa

by Sam Wakoba
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Carbon, Nigeria’s digital financial services firm, has opened up its API, to provide technology and services to startups, SMEs and FinTechs to help them build and scale their businesses.

According to Chijioke Dozie, “As part of our goal of connecting businesses with the funds and services that will enable them to thrive and expand, we are aiming to provide robust infrastructure and a suite of services that will transform their processes.”

Dubbed Carbon for Business, the API will see customers access uncollateralized credit, secure online payments, reliable funds transfer and fast KYC (know your customer) compliance obligations on the go.

Other services include identity verification via CarbonIVS to enable businesses perform KYC and anti-money laundering services on prospective staff or other parties.

Carbon IVS is integrated with all major identity databases including passport, Bank Verification Number (BVN), driver’s license and voters registration.

The API will also give users access to fund transfers and overdraft -including Optimus, an affordable and reliable funds transfer platform that provides low cost transfers and overdraft facilities.

The API will also give startups and SME access to online payments from Visa, Verve and Mastercard in over 40 currencies. All transactions are PCI DSS compliant, 3D Secure enabled, and processed through an SSL encrypted channel.

Carbon is also promising SME business loans of up to ₦20 million uncollateralized flexible repayment loans.

Launched in 2016, Carbon has amassed more than 1 million users, initially providing consumers with access to credit, simple payments solutions, high-yield investment opportunities and easy-to-use tools for personal financial management.

The company has disbursed more than $35.6 million in loans and in 2018 alone achieved revenues of $10.4 million. This expansion into business-focussed users represents the next step on the journey of becoming the most versatile digital finance platform, anywhere. 

The Carbon for Business platform is also part of Carbon’s advocacy efforts in pushing the Nigerian banking and financial services industry towards adopting Open API standards, as signalled by their recent partnership with Open Banking Nigeria.

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