Lendtech

Carbon, AppZone partner Open Banking Nigeria, to extend the Frontiers of Innovation

Carbon
Lola Olusola, Product Manager at Carbon

To achieve improved customer-centric digital services increased consumer control of data and unprecedented levels of innovation, Carbon, Nigeria’s largest alternate digital lender and AppZone, foremost home-grown software solutions provider have collaborated with Open Banking Nigeria, towards the attainment of non-partisan and non-financial Application Programming Interface (API) standards for financial services in Nigeria.

This revelation was made recently as the two top financial technology (fintech) players respectively announced their collaboration with non-profit Open Banking Nigeria.

Carbon, formerly PayLater, and AppZone join other industry players like Paystack, Flutterwave, Interswitch, Ernest & Young, Fidelity Bank, Global Accelerex, TeamApt, PwC, and Sterling Bank who have partnered with Open Banking Nigeria.

The collaboration would, among others, further advance ongoing efforts by various notable financial industry stakeholders in Nigeria for the maximisation of the rapid increase in digital and mobile payments, with the ultimate objective of the meeting the ever-dynamic yearnings of consumers for flexibility and convenience.

Carbon and AppZone would actively participate in diverse phases of the development of common API standards for Nigeria, testing the APIs for certification, and stimulating the adoption of Open Banking standards across the country.

“At Carbon, we know that data is more important than oil. We also understand that open banking presents a tremendous opportunity to unlock financial access for millions of consumers and has the potential of transforming the financial services landscape, not only for banks and fintechs but for everyone across the ecosystem,” said Chijioke Dozie, the Co-founder and Chief Executive Officer of  OneFi, the parent company of Carbon.

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“It follows our innovative leanings as a brand committed to providing credit to the financially under-served and excluded individuals around Africa. We believe that, with Open Banking, we would be able to extend consumer credit to the 40 million unique bank customers across the nation.”

Speaking on the partnership with Open Banking Nigeria, Obi Emetarom, Chief Executive Officer, AppZone said: “We find open banking critical to the future, especially as we support over 300 financial institutions on BankOne, our banking-as-a-service platform.”

“Our partnership with Open Banking Nigeria also comes as a result of our understanding that in our fast-rising digital world, the use of standard APIs is crucial to empower verified third party players to securely leverage technology. Moreso, the adoption of standardised APIs is known to cut cost, reduce connectivity complications and improve turnaround time.”

This fintech-Open Banking Nigeria collaboration, according to Ope Adeoye of Open Banking Nigeria, would “enable further innovation in our financial services industry where the lack of common API standards currently constitutes a barrier to innovation, especially in the areas of digital payments expansion and financial inclusion.”

Appzone is a proudly Nigerian firm that provides software solutions for the financial services industry. Supporting and accelerating growth in the adoption of banking services across the continent, AppZone expands the scope and competitiveness of financial institutions by delivering disruptive innovation on agile technology using best practices.

Launched when lending with no collateral or documentation or to non-salary earners was inconceivable, Carbon raised the bar and pioneered a new phase of consumer lending in Nigeria, becoming the country’s first digital lender. The firm has continued to transform lending services in Nigeria and across Africa.

Open Banking Nigeria partners with stakeholders across Nigeria’s financial services industry to define an open and non-partisan set of APIs for financial services in Nigeria.