Here’s another name for Carbon Bank
Carbon Bank is a Microfinance (MFB) in Nigeria that’s well-known for its loan offering. The financial company is licensed by the Central Bank of Nigeria (CBN) as a digital bank. The bank can also be classified as neobank in Nigeria, rivaling with banks like Kuda Bank and ALAT by Wema.
When Carbon Bank was incepted, it was known as PayLater. Then, the company was focusing mainly on loan services. However, as time goes on, the company worked toward expansion and secured a MFB license to operate as a digital bank in Nigeria.
Hence, PayLater rebranded and changed it name to Carbon—your number one digital bank—in 2019. Now, Carbon Bank offers loans, savings, investments, savings accounts, buy now pay later and many more financial services to Nigerians.
Chijioke Dozie is the current Co-founder and CEO of Carbon MFB. Through its mobile app that’s available on both Google Play Store and Apple App Store, users can download the Carbon Bank App and manage their daily finances through the app.
As of 2024, Carbon has a workforce of over 90 employees and maintains operations in Nigeria and Ghana.
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Another name for Carbon Bank in Nigeria
Official name for Carbon Bank in Nigeria is Carbon Microfinance Bank (MFB). It was previously known as PayLater, now Carbon but currently operating under the official name Carbon Microfinance Bank, the institution is licensed and regulated by the Central Bank of Nigeria (CBN).
About Carbon Bank
Carbon is a digital bank in Nigeria. It was established in 2012 by Chijioke and Ngozi Dozie in Lagos Nigeria. The company was rebranded to Carbon Digital Bank in 2019 to reflect its expansion beyond just giving loans to Nigerians.
In 2024, Carbon acquired Vella Finance to enhance its services, particularly in the aspect of artificial intelligence. Vella Finance was acquired to launch an AI-powered banking platform aimed at small and medium-sized enterprises (SMEs).
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Conclusion
As of 2025, Carbon Bank can also be called Carbon Microfinance Bank, Carbon MFB, Carbon Digital Bank and PayLater. All these names are another names people call Carbon Bank in Nigeria.
According the statement released by the bank PayLater only focus on lending services but Carbon reflects diverse range of financial services offerings. “Paylater' became a little limiting. Carbon represents our intent to offer the most diverse digital finance platform, anywhere,” the company emphasized.
