Carbon introduces a new online service in the banking app
Carbon, a digital bank active in Nigeria, Kenya and Ghana, has announced the deployment of its âbuy now, pay laterâ product dubbed âCarbon Zeroâ to eligible customers on its mobile app.
Carbon Zero, he said in a statement, gives Carbon cardholders the ability to split purchases into four installments, to be paid off gradually at zero interest.
âWith spending decisions increasingly difficult to make and with the rise of budgeting applications, which can take days, weeks, or even months to purchase desired items, Carbon says it has been more easy for people to get items exactly when they need them. Customers can easily split payments into four interest-free installments over six weeks, all at a fair and transparent cost. They also receive the value of the items upon payment of the first installment of 25 percent of the total cost, at the time of purchase.
âBuy now, later payment services aren’t new – but what sets Carbon Zero apart from credit card companies and digital lenders in the space is that Carbon Zero, as the name suggests, does not charge customers any interest. With Carbon Zero, the Bank is eliminating exorbitant fees and creating a more financially responsible means of payment, âhe said.
âAnother key differentiator for Carbon Zero is its availability in various stores and not just its affiliate store partners. Customers have access to an unlimited range of products and brands in fashion and beauty, gadgets, furniture, electronics and other service-based experiences like travel, education and healthcare . By taking a Direct to Customer (D2C) approach, Carbon has become the first BNPL provider in Africa to offer a merchant independent payment experience, as customers can shop anywhere Visa cards are accepted, âhe said. he adds.
Carbon Zero Product Manager Ibrahim Ayenajeh said: âAs humans, our most important and costly asset is time. Zero is a payment option that dramatically shortens the time it takes to achieve a better quality of life for individuals. We offer consumers the ability to be more flexible with their funds and to give them a hand for those short periods of time, funds may not necessarily be available. “
âCarbon Zero is accessible to all Carbon account holders who have made a minimum of three transactions worth 5,000 N each with their Visa Carbon debit card. Eligible customers receive a pre-approved limit – up to a maximum of N 100,000 – which they can use to make a zero payment. It has a minimum purchase value of N 5,000 and can be used for both online and in-person (POS) purchases.
âCarbon has also invested in making this process as transparent and efficient as possible; using data and analytics to assess clients and provide them with pre-approval limits that match their financial profiles, ensuring responsible spending, âsaid Ayenajeh.