Carbon reduces fraudulent activities and onboards faster with Identitypass.

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Only a few fintech firms in Nigeria can confidently claim to be fully digital banks. On the other hand, Carbon has overcome numerous obstacles and invested significant resources, including acquiring a microfinance bank license, among other major transactions, to become a well-known digital bank in Africa today.

Carbon began as a niche digital lending market in 2012 and has provided various automated financial services. Now known as a $15.8 million venture-backed company founded by two Nigerian siblings, Chijioke Dozie and Ngozi Dozie, it offers a wide range of services ranging from savings to payments, investments, BNPL, and consumer credit.

Their cutting-edge technology employs simple but effective models to provide the best financial services to customers throughout Africa. As one of the most fully grown digital banking platforms, the company recorded 13.02 billion ($32.55 million) in investments in 2020, a 365% increase over the previous year. The growth has been steady since then.

Identitypass’s Smooth Integration, Provides Valuable ROI, and Brand Reputation

Carbon has been praised for its transparency and openness in the years since its launch, and it’s safe to say that the company has set a precedent for other African startups willing to follow. The company’s annual reports include gross earnings, profit/loss before and after taxes, net impairment loss, total assets, liabilities, and equity, among other things.

As a company pursuing healthy growth and expansion, the carbon team has seen a significant increase in customers signing up daily via their app. Carbon, like any other fintech platform, was prone to identity theft incidents owing to the launch of an iOS app and the introduction of its USSD banking feature for lower-income customers. The team needed a solution to automate manual reviews and onboarding while only welcoming real customers. Aside from an automated onboarding process, the solution they sought had to be cost-effective, easy to integrate, and ensure online safety. Hence, they chose Identitypass’ lightweight data verification options.

Speaking with Punch on its 10th anniversary, Dozie says, “we want to focus more on our customer’s needs and ensure we are adapting to the market demands and changing the way Nigerians make payments.”

One of these numerous demands is the difficulty in onboarding and the prevalence of fraudulent online activities on many fintech platforms today. On the other hand, Carbon has used two significant data points to determine the true identities of individuals signing up for any of its services, effectively reducing fraudulent activities to the bare minimum.

The company can improve its risk management processes because more data means better insights. Carbon is now accepting more customers, confident that Identitypass’ AI-powered verification technology will:

  • Reduce the number of manual checks.
  • Identify impersonators in minutes.
  • Provide valuable customer data while minimizing customer friction.

Most importantly, Dozie and his team are confident that the company can rely on Identitypass for fraud-related assistance. To see how Identitypass can help your organization reduce fraud and improve your brand reputation check out our products and sign up here.

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