Digital bank Carbon, operating across Nigeria, Kenya, and Ghana, has unveiled its buy now, pay later (BNPL) product, Carbon Zero. This innovative service, accessible via the Carbon mobile app, allows eligible customers to make flexible and interest-free payments. It allows users to split payments into four instalments over six weeks, making purchases more manageable without incurring additional costs.
How Carbon Zero Works
With Carbon Zero, users can pay 25% upfront at the time of purchase and receive their items immediately. The remaining balance is spread across three instalments, allowing for financial flexibility. Unlike traditional credit cards or digital lenders, Carbon Zero eliminates interest fees, making it a transparent and cost-effective alternative for consumers.
“We are providing consumers with the ability to be more flexible with their funds,” said Ibrahim Ayenajeh, Product Manager for Carbon Zero. “Zero shortens the time it takes individuals to achieve a better quality of life, extending a helping hand during short-term financial gaps.”
Beyond Affiliate Stores: A Merchant-Agnostic Solution
Carbon Zero takes a unique approach by offering a merchant-agnostic payment experience, meaning users can shop at any store where Visa is accepted, both online and in person. This flexibility extends beyond traditional BNPL offerings that are often limited to partner merchants.
Customers can use Carbon Zero for a wide range of purchases, including:
- Fashion and beauty products
- Electronics and gadgets
- Furniture and home appliances
- Travel, education, and healthcare services
Eligibility and Accessibility
Carbon Zero is available to all Carbon account holders who meet specific eligibility requirements. Customers must have completed at least three transactions of ₦5,000 or more using their Carbon Visa Debit Card. Eligible users are granted a pre-approved spending limit of up to ₦100,000, with a minimum purchase value of ₦5,000.
The service leverages data and analytics to assess customers’ financial profiles and determine responsible spending limits, ensuring a seamless and efficient process.
To use Carbon Zero, account holders simply update their Carbon app, navigate to the “Carbon Zero” section, and follow prompts to fund purchases. Funds are instantly available on their Carbon Visa Debit Card for online or in-store transactions.
Redefining BNPL in Africa
The launch of Carbon Zero positions Carbon as a pioneer in Africa’s BNPL space by adopting a direct-to-customer (D2C) approach. This strategy eliminates the traditional dependency on affiliate merchants, giving users unparalleled freedom in their spending choices.
“We aim to provide a financially responsible way for customers to shop without the burden of exorbitant fees,” said Ayenajeh.
A Game-Changer for African Consumers
Carbon’s commitment to financial innovation is evident in its seamless integration of Carbon Zero into its ecosystem. As one of Africa’s leading digital banks, the introduction of this service addresses a growing demand for flexible payment options in an increasingly budget-conscious market.
For more details about Carbon Zero, customers can visit the Carbon Zero website or explore the features within the Carbon app.
