Carbon, formerly known as Paylater, is a digital financial platform that offers loans, bill payments, and investment opportunities to individuals and businesses in Nigeria.
The company has gained popularity among Nigerians due to its quick loan disbursement and easy-to-use interface. However, as with any emerging financial platform, concerns regarding its legitimacy have arisen. In this article, we will explore whether Carbon is legit or a scam and whether it is safe to use.
Origin and Growth of Carbon
Carbon was founded in 2016 by Chijioke and Ngozi Dozie under the name Paylater. The company started as a mobile app that offered quick loan disbursement to individuals without the need for collateral.
The app became popular in Nigeria due to its quick turnaround time and loan eligibility criteria that did not require a credit history. In 2019, Pay later rebranded to Carbon and expanded its service offerings to include bill payments and investment opportunities. The company claims to have disbursed over $100 million in loans to date.
Carbon is a registered financial institution in Nigeria and is regulated by the Central Bank of Nigeria (CBN). Being regulated by the CBN means that the company has met the requirements to operate as a financial institution in Nigeria. The company’s operations are also audited by PriceWaterhouseCoopers (PwC), a reputable auditing firm. These factors add to Carbon’s legitimacy as a financial platform in Nigeria.
Carbon claims to use state-of-the-art technology to protect its users’ data and prevent fraud. The company uses data encryption to secure users’ transactions and personal information. Carbon also claims to have a team of security experts that monitor its platform for any suspicious activities.
In terms of loan disbursement, Carbon requires users to provide personal information and bank account details to access its loan services. While the company claims to keep users’ information secure, there is always a risk of data breaches and identity theft on any digital financial platform.
Carbon’s customer service
Carbon’s customer service has received mixed reviews from users. Some users have praised the company’s responsiveness and helpfulness when dealing with loan disbursement and repayment issues. However, other users have reported long wait times and unresponsive customer service representatives. Carbon has acknowledged these issues and has stated that it is working to improve its customer service experience.
In conclusion, Carbon loan app is a legitimate financial platform that offers loans, bill payments, and investment opportunities to individuals and businesses in Nigeria. The company is regulated by the CBN and its operations are audited by PwC, which adds to its legitimacy. Carbon claims to use advanced technology to secure its users’ data and prevent fraud, but there is always a risk of data breaches and identity theft on any digital financial platform.
While Carbon’s customer service has received mixed reviews, the company has stated that it is working to improve its customer service experience. Overall, Carbon is a safe and legitimate financial platform that is worth considering for individuals and businesses in Nigeria.