Nigeria’s consumer lending firm, Paylater has revealed why it rebranded its name to Carbon. According to the fintech firm, the rebrand aims to reflect the company’s transition to a fully-fledged digital financial services platform that now offers bill payments, fund transfers and savings products, in addition to loans.
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.”
The updated Carbon mobile app is now available to download on the Google Play Store.