Nigerian Fintech Startup, Carbon, Processed ₦96.54 billion Payments in 2020

Carbon, a Nigerian leading digital bank, has said it processed ₦96.54 billion or $240 million payments in the 2020 fiscal year.

This represents an increase of 89 percent when compared to the same period of 2019.

In the startup’s ‘a year in review’ released in January 2021, it said disbursement for its lending arm was ₦25.21 billion or $63 million, an increase of 9.1 percent from FY2019.

Also, investments estimated at ₦13.02 billion or $32.55 million was made during the period under review, representing a whopping 365 percent increase from FY2019.

The ‘a year in review’ is usually before the annual report.

“Our annual report will be released in the second quarter after our financial audit has been concluded. If you recall, we released a year in review in January 2020 before we released the fiscal year of 2019 report,” he told media.

Carbon attributed the strong performance to the iOS app launched last year helped drove customer acquisition and also the launching of USSD banking for lower-income customers. It added that a social chat feature that enables faster transactions as well contributed to growth in the 2020 fiscal year.

Founded by Chijioke Dozie and Ngozi Dozie in 2012, Carbon is backed by a $15.8 million VC company and the only unlisted company or fintech company transparent enough to reveal its financial statements.