Update: Fee changes on Carbon

Carbon (Paylater)
Aug 2 · 2 min read

Hi there!

We have an important update to share about fees on Carbon.

Since we launched the Carbon mobile app just over 3 years ago, our mission has been to empower you with the financial access needed to pursue a life of dignity and prosperity. Today, that focus is sharper than ever.

In December 2018, we launched our best feature yet — the Wallet. This allowed Carbon users to store value in the app and take advantage of the cheapest financial transactions in Nigeria.

Funding the wallet was also made free. However, this particular service came at a significant cost to us as we pay fees to your debit card issuer and payment processors for every card top-up you do on Carbon. It’s fine when it’s just a few people transacting, but at several hundred thousand active customers using wallets, it can quickly become unsustainable.

So, reluctantly, we’re making a little change.

From Monday, August 5th 2019 all Wallet top-ups from debit cards will now incur a 1% transaction fee.

Why is this happening?

This change will allow us to redirect resources into faster innovation and make Carbon the perfect financial partner for you.

But don’t be mad at us, we have some good news too.

We are releasing a few features soon to make transactions cheaper and easier on Carbon, such as:

  • allowing you fund your wallet directly from your bank account via USSD or bank transfers, removing the need for card top-ups 🔀
  • providing you with a debit card 💳 for your wallet to perform transactions anywhere
  • launching QR payments to let you pay merchants across the country by scanning a simple code 📲

One last point though: Every single Naira that goes into your wallet will remain yours. We will still not charge account maintenance, SMS fees or any other charges traditional banks are well-known for.

Wallet funding from debit cards will remain free until 9am on Monday 5th August, so there’s some time left to get in those final free top-ups. 😉

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Serving the next billion, one click at a time. Download the Carbon app to get instant loans, invest money and make payments.

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