Intelligent CXO Issue 19 - Page 55

REGIONAL ROUND-UP

AFRICA APAC EUROPE MIDDLE EAST NORTH AMERICA

CARBON TRANSFORMS INTO A FULL-SERVICE BANK ON MAMBU

Carbon Finance , a Pan-African microfinance bank , has announced it has extended its partnership with Mambu to continue growing its financial services offering and accelerate expansion . The agreement enables Carbon to offer the full-spectrum of banking products and services and launch Carbon Zero , its new Buy Now , Pay Later ( BNPL ) product .

Founded in 2012 , Carbon is a long-standing customer of Mambu that began as a lending platform in Nigeria . 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 .
“ We engaged Mambu a decade ago because it ticked all the boxes as a cloud banking platform ,” said Chijioke Dozie , CEO of Carbon Finance . “ We were looking for great customer service and a robust cloud-native platform . 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 .”
In 2020 , Carbon received a banking licence and kicked off rapid evolution into a fullservice , customer-centric bank . Mambu ' s API-enabled composable technology allowed Carbon to build daily banking services and e-wallets through partner integrations . Now , the microfinance bank offers a zero-fee account , instant loans , free money transfers , savings and investments options at marketleading rates and simplifies payments like airtime and bill payments .
The capability to innovate at speed and introduce new products and features quickly is a competitive advantage for Carbon . 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 .
Peter Richmond , VP of Customer Success at Mambu , commented : “ Carbon is a longstanding 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 .”
“ Our initial implementation of Mambu was quick and took only a month to fully integrate the cloud platform into our processes ,” added Ikenna Okwukaogu , VP Engineering of Carbon Finance .
“ 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 .” x
MAMBU ' S API-ENABLED COMPOSABLE TECHNOLOGY ALLOWED CARBON TO BUILD DAILY BANKING SERVICES AND E-WALLETS THROUGH PARTNER INTEGRATIONS .
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