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Home Tech News Africa Tech News

Mambu Financial Services Group Helps Carbon Expand

Staff Writer by Staff Writer
September 8, 2022
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Carbon and Mambu
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Carbon Finance, a pan-African microfinance bank, has decided to keep working with Mambu to keep growing and offering more financial services. Because of the agreement, Carbon can now offer its customers the full range of banking products and services and launch Carbon Zero, a brand-new “Buy now, pay later” (BNPL) service.

How the partnership came about and what they do

Mambu Carbon, established in 2012, has been a Mambu customer for a long time. Mambu was initially a loan platform in Nigeria. Carbon chose Mambu’s cloud-native banking platform because it can scale and is flexible enough to make quick loans in minutes. This will help Carbon build trust in the industry as a whole. When the platform was first released, this choice was made so that it could be used to grow in the future.

Read Also: PalmPay raises awareness about payment safety

In the year 2020, Carbon got a license to be a bank. This was the start of the company’s quick change into a full-service, customer-focused bank. With the help of Mambu’s partner connectors, Carbon was able to build everyday banking services and e-wallets by integrating Mambu’s API-enabled composable technology. Today, the microfinance bank offers accounts with no monthly service fees, quick loans; free money transfers; ways to save and invest money with the best rates on the market; and easier ways to pay for things like buying airtime and paying bills.

IS Carbon better than other microfinance banks?

Carbon has a big advantage over its competitors because it can quickly come up with new ideas and products and bring them to market. The bank’s new BNPL product, Carbon Zero, responds that more and more customers want to split their payments. This product is meant to help people get goods and services in various areas, such as health care, finance, travel, and wellness.

The CEO of Carbon Finance, Chijioke Dozie, said that the company chose Mambu as their cloud banking platform ten years ago because it met all of its needs. We were looking for a platform built for the cloud that was powerful and had great customer service. By adding Mambu to our existing infrastructure, we can continue to grow and make a difference in our clients’ lives simultaneously. With this new partnership with Mambu, we’re one step closer to our dream of a future in which everyone has the same opportunities to use modern banking, and we couldn’t be happier about it.

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The Vice President of Customer Success at Mambu, Peter Richmond, had this to say about Carbon: “Carbon is a long-standing and valued customer.” By collaborating with our platform, actual problems can be resolved, making it possible for Carbon to provide its consumers with cutting-edge banking services. We’re happy to strengthen our relationship with Carbon and help the company as it continues to add new products.
“The initial implementation of Mambu was quick, and integration into our processes took only a month,” commented Ikenna Okwukaogu, Vice President of Engineering at Carbon Finance. Since then, we have increased our use of Mambu, and the process of rolling out new products and services usually takes no more than a few hours at the most.

About Carbon

Individuals are given more agency through access to credit, convenient payment options, high-yield investment opportunities, and user-friendly tools for managing their personal finances through Carbon. The headquarters of Carbon can be found in Lagos, Nigeria. Over 90 people are employed by our multinational business, which operates in the African countries of Nigeria, Ghana, and Kenya.

They believe it should be a human right to access credit and high-quality financial services. Their goal is to provide all individuals with access to financial resources that will enable them to live a life that is both dignified and prosperous.

Chijioke Dozie, who had previously worked as an investment analyst at the International Finance Corporation and as an investment associate at Zephyr Management LP in the United States and South Africa, was the one who established the company. He graduated with a Master of Business from Harvard Business School.

Tags: CarbonMambu
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