On Friday Carbon, a credit-led Pan-African digital bank headquartered in Nigeria released Carbon Zero, a buy now, pay later web app which helps customers spread the cost of purchases into interest-free instalments, in-store or online. Since its inception in late 2021, Carbon Zero has generated ₦2.3 billion ($5.4-million) in requests from 41,000 customers who have applied for a spending limit. By sharing their BVN and bank account number, millions of people can make purchases with interest-free credit. Based on affordability, Carbon Zero allows customers to spend up to N2.5m ($5,919.17) with Carbon Zero. Carbon Zero charges zero percent interest on all purchases which are repaid on time and in full in 3 instalments giving Carbon Zero an edge over competing BNPL providers that charge interest for short tenors.

Source: The North Africa Journal June 10, 2022 10:43 UTC