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Microfinance Bank Carbon Finance Extends Partnership With Mambu

Mambu is the SaaS cloud banking platform of choice once again for Carbon Finance as the pair extend their partnership to launch a full spectrum of banking products and services.

The pan-African microfinance bank has extended its partnership with Mambu to continue growing its financial services offering and to accelerate expansion. The agreement also enables Carbon to launch Carbon Zero, its new buy now, pay later (BNPL) product.

Carbon is a credit-led digital bank based in Lagos, Nigeria, with operations also in Ghana and Kenya. Founded in 2012 as One Credit to give loans to salary earners in Lagos, Carbon’s first rebrand came in March 2016 when it became Pay Later. It introduced a raft of alternative services like bill payments, airtime purchases, and started issuing free credit reports to users.

It changed its brand identity from Paylater to Carbon to better reflect its aspirations; Carbon offers a zero-fee current account that yields interest and cashback on card purchases right out of the box. In 2020, Carbon received a banking licence and kicked off rapid evolution into a full-service, customer-centric bank.

The partnership

Carbon is a long-standing customer of Mambu, a SaaS cloud banking platform. Launched in 2011, Mambu fast-tracks the design and build of nearly any type of financial offering for banks of all sizes, lenders, fintechs, retailers, telcos and more. Mambu has 900 employees that support 230 customers in more than 65 countries.

Geared for future expansion from launch, Carbon selected Mambu’s cloud-native banking platform for the ability to scale and flexibility to disburse instant loans in minutes, helping the lender build credibility in the market.

Mambu’s API-enabled composable technology allowed Carbon to build daily banking services and e-wallets through partner integrations. Today, the microfinance bank offers a zero-fee account, instant loans, free money transfers, savings and investments options at market-leading rates, and simplifies payments like airtime and bill payments.

With growing demand for split payment options among consumers, the bank launched its new BNPL product Carbon Zero to help customers get products and services in areas such as healthcare, finance, travel and wellness.

Chijioke Dozie, CEO of Carbon Finance, says it engaged Mambu a decade ago because it ticked all the boxes as a cloud banking platform.

“We were looking for great customer service and a robust cloud-native platform,” says Dozie. “Combining Mambu with our architecture allows us to continue scaling and make a real difference to the lives of our customers. We see a future where modern banking experiences are accessible to all, and this further collaboration with Mambu takes us one step closer to that vision.”

While, Peter Richmond, vice-president of customer success at Mambu, said: “Carbon is a long-standing and valued customer. Teaming up with our platform solves real pain points and empowers Carbon to offer modern banking experiences to its customers. We look forward to strengthening our partnership and helping Carbon as it expands its product offering.”

Finally, Ikenna Okwukaogu, vice-president of engineering at Carbon Finance, commented: “Our initial implementation of Mambu was quick and took only a month to fully integrate the cloud platform into our processes. Since then, we have extended our use of Mambu, and rolling out new products and services typically is just a matter of a few hours at most.“


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