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Carbon entering Kenya with health insurance & a digital wallet


Carbon, a Nigerian instant loan, investment, and payment service, is seeking a Kenya Country Business Lead to launch its operations in Kenya.

Carbon, which started in 2012 as Paylater and relaunched as “Carbon” this year as part of its deliberate transition to a fully-fledged digital financial services platform.

Carbon offers bill payments, fund transfers and savings products, in addition to loans which were its first product. Carbon also offers free credit reports and digital wallets for its customers.

According to the company’s co-founder and CEO Chijioke Dozie in a tweet:

The firm is also looking to venture into mobile health insurance in Kenya and Nigeria and is set to launch a virtual Visa card for its customers. On mobile health insurance Carbon will take on M-TIBA, a CarePay service. CarePay recently raised $45m for expansion and Carbon needs more than money to take on its service, which unfortunately hasn’t seen huge uptake as expected. Another firm in the micro-insurance sector is MicroInsure which works with various partners to reach the uninsured in the markets its works in.


Before the rebranding, Carbon had acquired payments company Amplify to cement its move into multiple strands of financial services.

The Kenya launch comes after Carbon got a $5mn investment from Lendable for expansion.

“We are focused on providing access to financial services to the “Next Billion’ starting in Africa,” said the founder and CEO. “Currently, we are the largest fully automated smartphone lender in West Africa with over 1,000,000 apps downloaded and disbursing just under 3,000 loans per day in Nigeria and Ghana.  Our 2018 goal was to be a Digital Bank in 3 countries and have secured a Banking License in Nigeria already.”

The Country Business Lead for Kenya will establish and lead a successful digital bank business in Kenya. The individual will be in charge of developing and implementing the country product road map and building a local team for Carbon.

“In 2019, our focus is on expanding access to financial services and providing value to our customers is even sharper.  There will be added functionality to the new Carbon Wallet — a debit card for customers to perform transactions and/or withdraw money nationwide, rewards for transacting, and lots more,” concluded Dozie.



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