Carbon Processed over $240M Worth of Transactions Last Year, 89% More than 2019

Nigerian fintech firm, Carbon, said it processed as much as N96.54 billion ($241.35 million) worth of transactions in 2020, marking an 89% increase when compared to how much transactions the company processed in 2019. This information is according to Carbon’s 2020 Year-in-Review report, which it recently released ahead of the planned disclosure of its audited financial statement.

More details from the Year-in-Review report further broke down the figures as follows:

• The sum of N25.21 billion (463 million) was disbursed by Carbon’s lending arm, marking 9.1% increase when compared to how much loan that was disbursed in FY 2019.
• Also, N13.02 billion ($32.55 million) worth of investments were made through the Carbon platform last year, indicating a very major increase of 365% when compared to what obtained in the preceding financial year.

The company said that some of the factors that influenced the recorded increase include the launch of its iOS app, the introduction of a USSD banking feature, and a social media chat bot that enables faster transactions.

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In the meantime, the fintech company is scheduled to release its full year 2020 financial statement in a few months. The report will show whether the reported increase in transaction volumes translated to actual cash-flow increase and profitability.

“Our annual report will be released in the second quarter after our financial audit has been concluded. If you recall, we released a year in review in January 2020 before we released the fiscal year of 2019 report,” the company’s Co-Founder and Chief Executive Officer, Mr Chijioke Dozie, told TechCrunch.

Although rare for startups in Africa, Carbon has been disclosing its audited annual financial statements since 2018. The company was established in 2012 by Dozie and his twin brother (Mr Ngozi Dozie) and has since expanded rapidly and diversified into different segments including payments, loans, investments, and savings. Last year, the company acquired a microfinance bank, with intent on solidifying its digital banking presence.