On becoming a digital bank for all lifestyles

Carbon’s story of change in a year that challenged the universe.

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First, we made plans

Like any forward-looking organization, we kickstarted the year with our goals imprinted on our hearts. We wrote them on whiteboards. On computer screens. On notepads. Anywhere that reminded us of our mission of deepening access to financial services for Africans.

Brought Carbon to iOS

In February of 2020, we finally went live on iOS for the first time, building on our strong base of Android users. It was also a timely response to the increasing requests from customers and prospects who form part of the growing presence of iPhone users in Nigeria and Africa at large.

Introduced a new way to save with Carbon

Although we launched our investment feature in 2018, we’re aware that people save money for different reasons. Enter periodic investments on the Carbon app.

Our customers can set their savings on autopilot, meaning they can save daily, weekly, or monthly while still enjoying one of the best interest rates in the market.

Cash Vault



Found our lucky number: 1303

During the year, we introduced USSD Banking. By just dialing *1303#, customers can:

Fund their Carbon account

Recharge airtime for themselves and third parties

Send money to other banks

Check account balance

Learn more

Went social with Carbon Express

As part of our efforts to be available to our customers everywhere, we launched Carbon Express, a service that allows users to complete banking transactions using their keyboards without launching the app or leaving their screen.

With Carbon Express, we are merging social conversations with financial services – meeting customers where they spend a lot of their time.

Then, came COVID-19

For some, it crept in. For others, it barged in. But for everyone, it introduced a new way of living. And for us at Carbon, like many companies around the world, the emergence of the coronavirus meant adopting a different approach to how we work.

While going remote wasn’t a new working lifestyle for most Carbon employees, it occurred under unique circumstances. Due to the restrictions, some of us worked out of unusual spaces, even farms. This is why we are grateful for our people who, regardless of where the situation found them, remained committed to helping our customers get the best out of their finances.

We softened the landing

As COVID-19 made its presence felt across the economy, people and businesses needed all the assistance they could get. So, we introduced the loan scheduling feature as a direct response to customers who struggled with repayments in the thick of the pandemic.

We also made funds transfers free for customers, while paying out interests on all deposits.

Gave small businesses a platform to grow

At Carbon, we understand that the challenges of running a business in Nigeria go beyond financing. So, together with providing easily accessible loans, we launched a free training platform for our SME customers, to skill up on various business areas, including sales, design thinking, customer service, financial management, and so much more.

Get help for your SME

Launched our cards

By introducing virtual cards, we are helping to consolidate the complete banking experience within the App. The cards enable customers to pay in dollars on online platforms and offer an even safer shopping experience.

In 2021, we will launch physical cards for a more rounded banking experience and giving our customers more options for withdrawals and payments.

Create a virtual card

We got the license to impact even more

The icing on the cake for 2020 was getting a microfinance bank (MFB) license. As a result, we now have an MFB entity that operates as part of the Group. It also means that we are now able to offer full banking services to millions of people who make up our customer base.

Some of the possibilities that have been unlocked by this license include the fact that deposits are now insured by NDIC (Nigeria Deposit Insurance Corporation) as well as the ability for customers to transfer funds from their Carbon accounts to other banks.

Carbon’s 2020
in numbers



Payments Processed


↑ ₦45.54bn

more than 2019

Loans Disbursed


↑ ₦2bn

more than 2019



↑ ₦10.22bn

more than 2019

…to a future filled with bigger wins

At Carbon, we are optimistic people and, we believe that 2021 holds a lot of promise for all of us. Despite the challenges faced in 2020, especially with COVID-19, we are confident of more impact in the next twelve months.

We will continue to play a fundamental role in the lives of our customers, meeting them at every point of their need. And as an emerging digital bank, we will leave a more visible footprint across Nigeria and Africa by delivering the most valuable financial products and services.

On this note, we would like to thank you for your support so far and we hope that we can continue to count on you.

Cheers to a 2021 filled with more success stories.