Carbon app: Another budding P2P lending app in Nigeria

Mobile payment services are frequently at the center of customers’ daily communications, collecting digital data and embracing opportunities to provide loans, insurance, and other financial services. The transactions conducted through mobile wallets and a fast-growing,  payments network surpassed $100 billion in 2018 and in January 2019 were on the path for more than $200 billion in annualized payment value. 

There has been a great offering of real-time mobile payment system and the large players are finding opportunities between banks and fintechs. This evaluates the potential impact of mobile payments on consumer credit and card payments.

The leading mobile payments aspect is technology companies whose business interests consist of financial services, e-commerce, and online advertising. Payments carried out by platforms proposed by big payment platforms like Alibaba, Walmart, etc exceed $100 billion in aggregate annualized transaction value. The global tech giants are slowly gaining a foothold in mobile payments. 

The mobile payment sector is also featuring Amazon.com Inc. as it has invested more than $230 million into Amazon Pay in India alone. These large payment organizations have drawn millions of digital customers, giving feature-rich apps and digital transactions with cashback rewards and discounts. 

Payment apps promote activities such as travel booking, food delivery, bill payment, and loans at a tap. 

Another such app trending in the Nigerian market is Carbon Payments.


The company headquartered at Lagos in Nigeria. They are empowering individuals with a way to credit, simple payment solutions, high-yield investment openings and easy-to-use tools for individual financial management.  The global company has over 90 employees and operates in Nigeria, England, and the United States as well. The company aims to provide financial access to people that they need to pursue a life of dignity and prosperity.

The Nigerian Fintech firm is an early-stage financial services startup.  They are posting the financial on their website audited by KPMG. This has come just after the company obtained a credit rating as a pre-IPO venture.  Carbon has recently rebranded its OneFi holding company and PayLater product titles into one name. It is planning to continue releasing the financial results on an annual basis, co-founder and CEO Chijioke Dozie told while talking to TechCrunch.

This might have been a common thing in other global tech markets, however, for the startups in Africa’s big tech hubs like Nigeria it is very uncommon. The first sights of the startup financials in Nigeria were visible when the Jumia shareholder Rocket Internet went public in 2014. This required to include the limited Jumia data in its annual report. 

Most companies in the African continent’s early-stage startup hubs like Nigeria just provide little to no financial information. The local market has not seen a lot of voluntary transparency or the availability of data. The startups are worried that such a declaration could present losses, give market intel to competitors or draw unwanted attention from regulators. 

But Carbon did go through the trouble of putting its pre-public accounting out in the open for anyone to see. There were two reasons for doing it. If we look through a customer perspective, the company is trying to get people to trust them with their financial services. This disclosure will let the people see which institution they are dealing with and the financial position. 

The company has evolved from its original focus as an online lender to offer a broader array of mobile-based financial services. They have started dealing with payments, investment products, credit reports, and business banking services. The company has taken over a Nigerian payment solutions company Amplify for an undisclosed amount in the month of March. 

The statistics presented by Briter Bridges and a 2018 WeeTracker survey show that fintech is now receiving the majority of VC capital and deal-flow to African startups. Many of the companies are now attempting to reach the continent’s large unbanked and underbanked populations.

Features of Carbon app


Carbon is meant to make it easy to access wondrous financial services, at the click of a button. The app provides instant loans, make all your financial transactions, and invest money for huge-interest returns. The company is just like a  trusted digital friend.

The carbon app is currently available on Android devices via the Google Play Store. The company is working on getting the app on even more platforms in the months to come. 

The app allows users to update banking details and all the personal information. If people have opted for a loan and they need to update or change certain details they can do it via the ‘Your Profile’ app menu.

Taking loans through the app is easy. The app allows an individual to fill out the application. The system will then calculate a loan offer for the individuals to determines the amount and repayment duration that the company can offer. The amount can differ from every individual to individual. This can depend on the individual’s personal information.

The disbursement of the loan needs a debit card linked to an individual’s account. One can select Setup Debit/ATM Card in the app and add a card that can be used for repayment. The repayment amount will be automatically deducted on the due date as per the user’s convenience. 

Want to develop P2P lending app like Carbon? Know what do we offer in the P2P lending app development


The African continent has shown great potential in fintech sector. Many budding entrepreneurs are interested in new ventures to make a fortune via P2P lendings in this subcontinent.

We offer customizable P2P lending white label solutions to make your journey easy and comfortable. Our technology-powered platform can help you to conquer the African market in one go!

Our developers strive to provide you with expert help and end-to-end solutions to kickstart your business and then elevate your growth. We provide power-packed solutions to attract thousands of customers towards your project in a short span of time.

If you are interested to know more about the P2P lending solutions visit our FinTech app development page or connect with us to avail a free consultation session.


A basic chart for P2P payments app development cost is as follows:

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