Carbon Disbursed Over N23.1 Billion in Loans and Generated N6.3 Billion Revenue in 2019

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Nigeria’s leading digital financial services company, Carbon, has released it’s 2019 financial statements audited by KPMG, detailing its product growth and $17.5mm in revenue.

Carbon began operations in 2012 and within the space of six years, it grew revenue steadily, reaching an all-time high of $17.5mm in full-year 2019. In the same year, Carbon expanded its product offerings to the Kenyan market and it’s disbursement volumes have grown from N13bn (2018) to N23.1bn.

Carbon Disbursed Over N23.1 Billion in Loans and Generated N6.3 Billion Revenue in 2019 - Brand Spur

The increase in loans disbursed translated to over N6.3 billion generated in revenue. This is a 68.8% year-on-year (YOY) growth compared to the $3.73 billion made in 2018.

Formerly called Paylater, Carbon pioneered instant lending in Nigeria and was the first mobile app to provide access to credit digitally and without requesting individuals to present the documents and collateral traditionally associated with accessing loans.

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Carbon Disbursed Over N23.1 Billion in Loans and Generated N6.3 Billion Revenue in 2019 - Brand Spur

Expenses and Profits

The company’s expenses also grew exponentially. Its expenses rose from N3.457 billion in 2018 to over N5.56 billion in 2019. This is a 60.9% increase in cost.

Profit before tax stood at ₦223.2 million, representing a growth of 49.64% over N149.1 million achieved as of December 31, 2019. Carbon’s huge expenses resulted in just about N112.6 million in profit after tax. This was 23.47% lower than the 147.2 million generated in 2018.

Carbon Disbursed Over N23.1 Billion in Loans and Generated N6.3 Billion Revenue in 2019 - Brand Spur

Loans Top-ups

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In 2019, the company launched a loan top-up feature that allowed customers with active loans to access additional credit when needed. At the end of the full-year Carbon had recorded over 25 thousand loans top-up.

Earlier this year, Carbon introduced its iOS app and USSD (*1303#) service. It also announced its Disrupt Fund, a $100,000 Pan-African fund to address the lack of capital for African tech startups.

Read Also:  Paylater rebrands as “Carbon” to become a ‘digital financial services platform’

Savings on Carbon

To help their customer make money, Carbon introduced a one-time investment feature that allowed them to create an investment plan with as low as N100. At the end of 2019, Carbon users had invested a total of N2.8 billion.

Free Bill Payments

By giving customers free bill payments along with cheaper transfers and fast transaction, more customers used the Carbon app for their payment services. This resulted in the number of transaction on the app increasing 23 times more than that of 2018.

Cash Rewards

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Apart from its cheaper transfer rates, Carbon’s cash reward feature attracted more users to the platform. The feature rewards customers who repaid loans on time with cash.

The feature was so huge a success that more than N130 million was returned within the first 3 months of its launch.

“The company will continue to share it’s audited financials annually, thus upholding a culture of transparency and accountability,” says Ngozi Dozie, Founder of Carbon.

So far this year, Carbon has introduced multiple new features for its customer base including Carbon Express: a keyboard allowing users to make payments from any social app, periodic investments, free bank transfers, monthly wallet interest, and more.

Carbon also plans to introduce debit cards, a reward program for loyal customers and SME accounts for entrepreneurs, in the months to come.

You can find the full annual report here

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Carbon Disbursed Over N23.1 Billion in Loans and Generated N6.3 Billion Revenue in 2019 - Brand SpurCarbon Disbursed Over N23.1 Billion in Loans and Generated N6.3 Billion Revenue in 2019 - Brand Spur

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Carbon Disbursed Over N23.1 Billion in Loans and Generated N6.3 Billion Revenue in 2019 - Brand SpurCarbon Disbursed Over N23.1 Billion in Loans and Generated N6.3 Billion Revenue in 2019 - Brand Spur

Latest News

New entrant AECO Energy launches business innovation to deliver ‘last mile of value chain’ to Singapore’s maturing open electricity market

  • AECO Energy announces the launch of its operations in Singapore to provide innovation to the open electricity market for businesses with generation 2.0 of its technology and service offerings.
  • The company will introduce three solutions as part of its initial portfolio, customisable to specific business needs.


SINGAPORE - Media OutReach - 13 April 2021 - AECO Energy, a new entrant to Singapore's electricity sector, has today announced the launch of its operations. AECO Energy will be the first-of-its kind energy technology and services company aimed at innovating customer-centric offerings in electricity and renewable energy markets.

With over 12 years of experience in delivering open market electricity services and solutions to businesses in Australia under the Power Choice brand, AECO Energy is bringing its second generation of services and technology to Singapore for the first time. AECO's second generation delivers on two major offerings.

Read Also:  OneFi secures $5m debt facility for its Paylater mobile platform to transit into a digital bank

Firstly, AECO delivers the 'last mile' of value in Singapore Open Electricity Market (OEM) value chain by providing innovative services to assist businesses to manage, plan and make better buying decisions.

AECO is all about enabling increased profits for businesses. AECO has a customer-centric mission to use its low-cost proven technology and expert-led services to enable better business decisions within a complex electricity market with multiple providers and opaque medium- to long-term pricing information. This comes against the backdrop of Singapore's maturing OEM, which gives businesses and consumers the autonomy to buy and choose their electricity providers - the freedom to choose.

AECO Energy's technology platform, MarketPro™ with its unique, electricity futures market simulator Rate Watch™, delivers business and electricity efficiency and empowers businesses through relevant and timely pricing information, while also helping Singapore businesses make better buying decisions via automated tenders and reverse auctions. Moreover, for businesses who do not have the capability and capacity to manage and purchase its own electricity, AECO Energy Portfolio™ delivers scalable buying power with a fully-managed contract management and purchasing aggregation service for small, medium and large businesses.

Alan Jones, CEO, Chairman & Founder, AECO Energy, said: "We are incredibly excited and humbled to be joining Singapore's dynamic energy scene with our low-cost, high-value products and services. Our mission is clear: just like Amazon is revolutionising the 'last mile' of product supply chains with its same day delivery, we are also delivering the 'last mile' of the value chain in Singapore's OEM that enables more businesses better purchasing decisions, more business profitability and growing all of Singapore's economy."

Secondly, with SGX-listed entities, enterprises and multinational corporations (MNCs)' increasing emphasis on sustainability, AECO (through its SustainPro™ offering) will bring for the first-time in Singapore the benefit of AECO's direct relationship with generators of International Renewable Certificates (I-REC). This enables Southeast Asian markets the benefit of medium- to long-term low-cost and structured REC solutions to meet renewable energy targets and sustainability goals. This translates to more profits by providing more predictable costs for businesses in meeting their sustainability and renewable energy goals.

"As a specialised company, unburdened with corporate overheads and distractions from Singapore's local market participants, we can offer companies who are based anywhere in Southeast Asia, sustainability and renewable energy solutions that span markets and countries at a lower and more predictable price. We are honoured to play our part to bring sustainability and increased renewable energy throughout the world and to do so while benefiting our customers' cost structures," continued Mr. Jones.

AECO Energy is introducing three offerings as part of its electricity management solutions:

  • MarketPro™: Businesses can optimise costs and seize market opportunities with exclusive access to customised market price information through AECO Energy's integrated online procurement and management platform equipped with Rate Watch™, a market simulation and automated procurement technology from as low as SGD $149 per month.
  • Portfolio™: Businesses get exclusive access to economies of scale with better buying power through professional and expert-managed energy procurement portfolios overseen by AECO Energy experts. This allows enterprises to focus on their core business while AECO Energy experts will fully-manage their electricity contracts and make better buying decisions on their behalf from as low as an additional SGD $74 per month.
  • SustainPro™: SustainPro focuses on helping businesses meet their sustainability goals at the lowest cost. AECO Energy offers lower costs on the procurement of Renewable Energy Certificates (RECs) and tailored REC supply solutions designed to meet transition needs towards a more sustainable business.

"With the understanding that business needs are unique for every organisation, our energy experts will work closely with customers here in Singapore to help them reduce costs, drive efficiency and make better buying decisions. By providing technology-enabled, insights-driven energy technology solutions, we want to create a profound impact on our customers' businesses to better position them for sustainable growth in the long-term," concluded Alan.


About AECO Energy:

Based in Singapore, the AECO Pacific Group owns and operates the Power Choice and AECO Energy brands. A leading pioneer for more than 12 years in electricity brokerage and consulting services in Asia Pacific focusing on deregulated electricity markets, AECO Pacific helps businesses with electricity procurement and management backed by market intelligence. Transforming and saving businesses more, AECO's combined experience in energy leadership and innovative technology solutions remain unmatched in dynamic and changing energy markets. For more information, visit https://powerchoice.com.au/ and https://aecoenergy.sg/.

Carbon Disbursed Over N23.1 Billion in Loans and Generated N6.3 Billion Revenue in 2019 - Brand Spur
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- Advertisement -Carbon Disbursed Over N23.1 Billion in Loans and Generated N6.3 Billion Revenue in 2019 - Brand SpurCarbon Disbursed Over N23.1 Billion in Loans and Generated N6.3 Billion Revenue in 2019 - Brand Spur