Carbon
“Can a credit-led African microfinance bank become the embedded banking and lending infrastructure for Nigerian platforms?”
Founded2012
HQLagos, Nigeria
FoundersChijioke Dozie, Ngozi Dozie
IndustryFintech / Neobank
The story
Founded as Paylater, a pure digital lending app, Carbon pivoted in 2019 into a full credit-led digital bank for Nigerian and Ghanaian consumers, adding payments, savings, cards and BNPL ('Carbon Zero'). It then acquired a Nigerian microfinance banking license (Carbon Microfinance Bank Limited) and began moving downstream into infrastructure — launching the Carbon Partner API for embedded merchant financing and a Carbon Business BaaS API exposing virtual accounts and payouts to other Nigerian platforms. The strategic shift is from B2C neobank to B2B2C embedded finance provider in West Africa.
Last 12 months
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Product timeline
2012
Founded as Paylater, a digital lending app in Nigeria· lending
2019
Rebranded to Carbon, expanded into payments, savings and full digital banking· pivot
2020
Expanded into Ghana via Carbon Micro Credit Company Limited· banking
2022
Operating as Carbon Microfinance Bank Limited, CBN-licensed with NDIC-insured deposits· banking
2024
Launched Carbon Partner API for embedded merchant financing· lending
2025
Launched Carbon Business BaaS API (virtual accounts, payouts, sub-accounts)· banking
Regulated entities
Microfinance Bank License
Nigeria (CBN)
Carbon Microfinance Bank Limited
Micro Credit Company License
Ghana (Bank of Ghana)
Carbon Micro Credit Company Limited
The stack
Payments / PSP
Banking / BaaS
Lending
Carbon Microfinance Bank Limited (in-house)Carbon personal loans (instant)Carbon Business loans (₦100k–₦9.5M, 1–6 month tenor)Carbon Zero (Buy Now Pay Later, 'Pay in four')Carbon Partner API (embedded merchant financing up to ₦9.5M)
Sponsor bank
Accounting gap: significant