Since it transformed into a full-fledged digital bank, Carbon has been busy expanding its digital banking footprint and investing in new infrastructure. The latest release is a physical debit card that enables customers to withdraw their money from any ATM terminal across the country.
A debit card is a payment card that deducts directly from a consumer’s checking account when it is used. Also known as ‘check cards’ or ‘bank cards, they can be used to buy goods or services; or to get cash from an automated teller machine or a merchant who will let you add an extra amount onto a purchase.
The Carbon debt card is a result of a partnership with global payment company Visa. In June 2021, Carbon said it has signed a five-year partnership with Visa to offer both digital and physical issuance of Visa cards to its customers. The partnership comes a year after the digital lending company became a digital bank offering a range of financial services including savings and payments. Carbon has a microfinance bank licence from the Central Bank of Nigeria (CBN).
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For the debit card, Carbon says it has a waitlist of thousands of Nigerians excited to get a hold of the new payment card and access the many features the bank has to offer.
The company plans to deploy an instant issuance process first in three African countries including Nigeria, Ghana, and Kenya. Customers in Nigeria would have their cards delivered to them wherever they are in the country, removing the stress of having to queue and waste time commuting to access the card.
“From anywhere, users can request a debit card within minutes on the Carbon app and get them in record time in Lagos and other locations in the country,” the company said in a statement. “They will also be able to manage their card activities right from the app. At the tap of a button, customers can freeze and unfreeze their cards, giving them instant control over security.”
On Carbon’s platform, customers can open a bank account from their mobile phone in minutes, save money, make online payments and transfers, receive funds, access low-interest loans, and request credit reports.
The debit card enables holders to spend funds in their accounts via online and offline channels like ATMs and POS machines.
“For us, the physical debit cards represent a more robust channel to offer value-added services to anyone who operates a Carbon bank account,” Ikenna Okwuagu, Carbon’s Head of Business Transformation said. “One of such value-added services is Carbon Zero, a buy now pay later product that allows anyone with a verifiable source of income to buy items and pay over time, at zero interest. As part of future updates Carbon’s customers will be able to make installment purchases right from the Carbon app by virtue of owning a Carbon card.”
The digital bank is hoping that with the introduction of cards, it would build on its current customer base of 3 million users by offering a more complete banking experience for people with different needs, whether they are saving money at industry-high interest gains, sending money at no extra cost, making payments online and offline, or spreading payment for things they need the most but can’t afford at once.
