Pan-African fintech Carbon, has signed a five-year strategic partnership with Visa, to bolster digital payments services in Africa.
According to a statement, Carbon will launch digital and physical Visa debit cards in Q3 of 2021, roughly a year after shifting from being a leading digital lending company to becoming a digital bank.
Through the long-term partnership, Carbon will leverage Visa’s payment functionalities which will enable the fintech to deploy an instant card issuance process in three key markets in Africa including Nigeria, Ghana, and Kenya.
The collaboration also sees Carbon getting financial support from Visa to provide implementation and marketing support to help drive further growth and adoption of Visa’s payment solutions across Carbon’s products.
Chijioke Dozie, CEO and Co-founder of Carbon said, “Carbon is focused on delivering an unparalleled banking experience that is both safe and reliable across all touchpoints. We want more customers to enjoy some of our popular products like Carbon Zero through their Carbon card, and key to achieving this is our partnership with a leading payments and fintech-friendly company like Visa.”
With the arrival of debit cards, Carbon is building on its fast-growing user base of over 650,000 customers and a strong 2020 fiscal year which saw the company process $241.35 million in payments and 63 million in loan disbursements, eclipsing the previous year’s numbers despite the pandemic, added the statement.
“The rapid pace of technology innovation has driven a powerful shift in business and consumer expectations in finance,” said Kemi Okusanya, Vice President, Visa West Africa. “Whether it is changing the way people invest, manage money, receive loans, or send real-time payments to friends and family, Visa is a natural partner for fintechs including Carbon, providing them with new ways to reach their customers through Visa’s vast network and global scale.”
Adding Visa cards to its payments stack will also enable easier access to Carbon Zero, the company’s Buy Now Pay Later product, which allows consumers zero percent financing on items they need the most but cannot afford immediately.
The partnership with Visa said to go a long way in consolidating Carbon’s first-rate digital bank status and facilitate a robust payment experience for consumers across different demographics with unique financial needs.