Paylater, a Nigerian fintech company specialising in consumer lending, has confirmed its name change to Carbon in light of its growing banking services.
That is why Paylater is exciting. Owned by One Finance & Investments Ltd, Paylater is going after that market where the highest pain points are found in the Nigerian banking sector. We can surely live without shopping through the modern digital payments. But we know that it is challenging when there is an urgent need for funds and no friend or family can help. That is what happens across Nigerian families today. Challenges go beyond how to move money fast across digital channels. Simply, we want credits. Paylater focuses on short-term loans, mainly for emergencies.
The rebrand also sees the company’s mobile app being renamed to Carbon, which introduces new products such as free credit reports and a wallet for its customers to perform discounted transactions.
The transition is set to lay the foundations for Carbon’s focus on providing a wide portfolio of services for its customers, as it introduces in-app credit reports and provides credit via QR codes, in partnership with Visa.
Paylater’s co-founder and CEO, Chijioke Dozie, says, “[The rebrand] was very deliberate — most of our customers only know us as Paylater, which conjures up images of credit, but we have grown as a company to offer so much more.”
“Carbon is one of the most essential elements for human life; it is found in all life forms and is extremely versatile. So to us, Carbon represents our aspiration to go everywhere with our customers, become an essential part of their lives and be versatile enough to change or innovate to fulfill their needs. We know what our customers’ pain points and needs are when it comes to banking in Africa, and we are building financial products around them,” Dozie adds.
The company is also looking to move into providing health insurance for its customers as it aims to lessen the burdens Nigerians currently face in accessing and paying for it. In the near future, Carbon will also be launching its own virtual Visa card for customers to handle transactions.
Co-founder Ngozi Dozie adds, “We’re in a competitive space, but whoever serves the customer best will reap the rewards. That’s been the thinking behind our product evolution — whether it’s our Bloom account targeted at female entrepreneurs or the partnerships we’ve been working on in the healthcare sector. The focus is on being attentive to what our customers want and need.”