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Why Paylater Rebrands to Carbon

The news that Paylater rebrands to Carbon, has been a surprised to many. But there is so much truth in the statement that “change is the constant”. In this case the change is necessitated by growth. Paylater App is popular for offering low interest loans without collateral, but it services is growing beyond just that. In this article we answer why Paylater rebrands to Carbon.

The truth is rebranding isn’t simply a shiny new logo. It involves a strategic overhaul that can completely transform public perception and Paylater or should I say Carbon have taken that risk.

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Paylater Then, Carbon Now

Paylater, the Nigerian fintech company specializing in consumer lending, has confirmed its name change in light of its growing banking services.

The company is re-launching as “Carbon“, the rebrand reflects the company’s deliberate transition to a fully-fledged digital financial services platform that now offers bill payments, fund transfers and savings products, in addition to loans.

As Carbon positions itself as a financial partner for its customers and goes beyond banking, the rebrand also sees the company’s mobile app being renamed to Carbon, which introduces brand new products such as free credit reports and a wallet for its customers to perform discounted transactions. The transition is set to lay the foundations for Carbon’s focus on providing a wide portfolio of services for its customers, as it introduces in-app credit reports and provides credit via QR codes, in partnership with Visa.

Mr. Chijioke Dozie , CEO of Carbon

Speaking on Paylater’s new name, the company’s co-founder and CEO Chijioke Dozie said: “It was very deliberate – most of our customers only know us as Paylater which conjures up images of credit, but we have grown as a company to offer so much more. Carbon is one of the most essential elements for human life, it is found in all life forms and is extremely versatile. So to us, Carbon represents our aspiration to go everywhere with our customers, become an essential part of their lives and be versatile enough to change or innovate to fulfill their needs. We know what our customers’ pain points and needs are when it comes to banking in Africa and we are building financial products around them.

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Carbon is a Reaction to Competition

The new Carbon(Paylater) LOGO

The company is also looking to move into providing health insurance for its customers as it looks to lessen the burdens Nigerians currently face in accessing and paying for it. In the near future, Carbon will also be launching their very own virtual Visa card for customers to handle transactions.

Co-Founder Ngozi Dozie added: “We’re in a competitive space but whoever serves the customer best will reap the rewards. That’s been the thinking behind our product evolution, whether it’s our Bloom account targeted at female entrepreneurs or the partnerships we’ve been working on in the healthcare sector. The focus is on being attentive to what our customers want and need”.

The rebrand brings to a close a busy few months for Carbon, after they acquired payments company Amplify, cementing their move into multiple strands of financial services. Carbon also secured a $5mn investment from fintech platform Lendablehighlighting a bubble of activity for the company and in 2018, became the first African fintech platform to secure a Credit Rating.

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New Features as Paylater rebrands to Carbon

Paylater rebrands to Carbon

With the updated app, you can perform even more financial transactions!

– Use your Wallet to make transactions and earn rewards across Carbon

– Get instant loans of up to ₦1million within minutes. No documents or collateral required

– Grow your wealth. Earn interest of up to 15.5% annually by investing in PayVest, Carbon’s high-interest investment plan

– Recharge airtime on any mobile network

– Pay bills for all your favourite services, such as GoTV, DSTV, LCC, or Bet9ja

– Transfer money to friends and family

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