There has been a great offering of real-time mobile payment system and the large players are finding opportunities between banks and fintechs. This evaluates the potential impact of mobile payments on consumer credit and card payments.

The leading mobile payments aspect is technology companies whose business interests consist of financial services, e-commerce, and online advertising. Payments carried out by platforms proposed by big payment platforms like Alibaba, Walmart, etc exceed $100 billion in aggregate annualized transaction value. The global tech giants are slowly gaining a foothold in mobile payments. 

The mobile payment sector is also featuring Amazon.com Inc. as it has invested more than $230 million into Amazon Pay in India alone. These large payment organizations have drawn millions of digital customers, giving feature-rich apps and digital transactions with cashback rewards and discounts. 

Payment apps promote activities such as travel booking, food delivery, bill payment, and loans at a tap. 

Another such app trending in the Nigerian market is Carbon Payments.

The company headquartered at Lagos in Nigeria. They are empowering individuals with a way to credit, simple payment solutions, high-yield investment openings and easy-to-use tools for individual financial management.  The global company has over 90 employees and operates in Nigeria, England, and the United States as well. The company aims to provide financial access to people that they need to pursue a life of dignity and prosperity.

The Nigerian Fintech firm is an early-stage financial services startup.  They are posting the financial on their website audited by KPMG. This has come just after the company obtained a credit rating as a pre-IPO venture.  Carbon has recently rebranded its OneFi holding company and PayLater product titles into one name. It is planning to continue releasing the financial results on an annual basis, co-founder and CEO Chijioke Dozie told while talking to TechCrunch.

This might have been a common thing in other global tech markets, however, for the startups in Africa’s big tech hubs like Nigeria it is very uncommon. The first sights of the startup financials in Nigeria were visible when the Jumia shareholder Rocket Internet went public in 2014. This required to include the limited Jumia data in its annual report. 

Most companies in the African continent’s early-stage startup hubs like Nigeria just provide little to no financial information. The local market has not seen a lot of voluntary transparency or the availability of data. The startups are worried that such a declaration could present losses, give market intel to competitors or draw unwanted attention from regulators. 

But Carbon did go through the trouble of putting its pre-public accounting out in the open for anyone to see. There were two reasons for doing it. If we look through a customer perspective, the company is trying to get people to trust them with their financial services. This disclosure will let the people see which institution they are dealing with and the financial position. 

The company has evolved from its original focus as an online lender to offer a broader array of mobile-based financial services. They have started dealing with payments, investment products, credit reports, and business banking services. The company has taken over a Nigerian payment solutions company Amplify for an undisclosed amount in the month of March. 

The statistics presented by Briter Bridges and a 2018 WeeTracker survey show that fintech is now receiving the majority of VC capital and deal-flow to African startups. Many of the companies are now attempting to reach the continent’s large unbanked and underbanked populations.

Features of Carbon app

Carbon is meant to make it easy to access wondrous financial services, at the click of a button. The app provides instant loans, make all your financial transactions, and invest money for huge-interest returns. The company is just like a  trusted digital friend.

The carbon app is currently available on Android devices via the Google Play Store. The company is working on getting the app on even more platforms in the months to come. 

The app allows users to update banking details and all the personal information. If people have opted for a loan and they need to update or change certain details they can do it via the ‘Your Profile’ app menu.

Taking loans through the app is easy. The app allows an individual to fill out the application. The system will then calculate a loan offer for the individuals to determines the amount and repayment duration that the company can offer. The amount can differ from every individual to individual. This can depend on the individual’s personal information.

The disbursement of the loan needs a debit card linked to an individual’s account. One can select Setup Debit/ATM Card in the app and add a card that can be used for repayment. The repayment amount will be automatically deducted on the due date as per the user’s convenience. 

Want to develop P2P lending app like Carbon? Know what do we offer in the P2P lending app development

The African continent has shown great potential in fintech sector. Many budding entrepreneurs are interested in new ventures to make a fortune via P2P lendings in this subcontinent.

We offer customizable P2P lending white label solutions to make your journey easy and comfortable. Our technology-powered platform can help you to conquer the African market in one go!

Our developers strive to provide you with expert help and end-to-end solutions to kickstart your business and then elevate your growth. We provide power-packed solutions to attract thousands of customers towards your project in a short span of time.

If you are interested to know more about the P2P lending solutions visit our FinTech app development page or connect with us to avail a free consultation session.

The post Carbon app: Another budding P2P lending app in Nigeria appeared first on Coruscate Solutions.

In Nigeria,  P2P lending is a way to borrow without using a traditional bank or credit union. If you are the one who has a loan requirement you can positively look at a few P2P lenders as you shop around. If you have got enough credit the P2P loan rates can be really low. Even if you don’t have enough credit, you still have got a shot at getting approved for an affordable loan with these online lenders.

Advantages of P2P:

P2P loans in Nigeria have some uncommon features that make them competitive.

• Low costs: you can often acquire loans at comparatively low rates using P2P loans. The only thing that the borrower needs to do is to pay the interest to compensate the lender. 
• The borrower can expect an up-front origination fee of 1% to 5% of the amount of the loan to get the loan financed with a P2P lender.
• The fees can be high compared to a personal loan at a bank. However, they can come in lower when compared to a second mortgage.

African economic development is a significant area of possibility for investors. Microloans have long been recognized as a device for institutions to fuel economic development. The difficulty, however, is that few entities have been thriving in bypassing the widespread fraud and corruption that is the norm across the continent’s banking system.

We are achieving a solution to this problem through a blockchain-based, P2P lending model.

The Global financial unwaveringly springing with the ownership of mobile phones and access to the internet aiding the process. The Global Findex record was organized by the World Bank with surveys of over 150,000 adults aged 15 and above from more than 144 economies. This article found that  69% of adults or 3.8 billion people all over the world have an account at a bank or with a mobile phone provider.

Coruscate has created a blockchain-based system for P2P loans that accommodates to banking activity on-the-ground. We will supervise initial smart contract development and maintain partnerships with on-the-ground service providers. Third-party service providers can control their own services while profiting from the liquidity of our broader system.

Peer to peer lending in Africa:

South Africa and Kenya are the most active and growing smartphone markets in the world. If we check out the data from 2015, the research statistics state that 88% of African did not have a bank account. However, what they did have was a smartphone. 

Later in the year 2015, more than 183 million people in Africa had a mobile wallet. This number was 3 times the number of digital wallet users in the U.S. The mobile wallet users in Africa kept expanding at 3 times the annual growth rate. And if the trend keeps continuing it is not an exaggeration to say that every African will have a mobile wallet by 2020. 

The numbers clearly state that fintech startups have a tremendous opportunity gawking at them.

Growth of P2P lending in Africa and develop P2P loan app in Nigeria, Africa:

The Alternative Finance Benchmarking Report for Africa and the Middle East states that Kenya and South Africa are leading the P2P business lending market in Africa. But it is remarkable that 

90% of online alternative lending started from platforms headquartered outside of Africa. The third-largest alternative lending was a P2P business lending which underwent enormous growth from a humble $2 million in 2014 to $14 million in 2015. Kenya and South Africa were the market leaders in the year 2018. They were amassing $86.7 million and 715 million, respectively.

The largest market share of the African alternative finance market is with the East African region. East Africa estimated 41% of the total African market share in the year 2015. Whereas the estimates of West Africa were 24% and Southern Africa was 19%.

As the market is still in its budding stage, there is no regulatory policy for the alternative finance industry. But in recent times positive efforts have been made to develop a  regulatory ecosystem that will help in improving this developing industry in the region.

Africa is not a uniform market. It is necessary for alternative lending startups to know the diverse cultural distinctions so they can develop products that have utility. As the country maintains its socioeconomic upliftment, more people are in need to reach financial services. All if this makes Africa an interesting market for alternative lending in years to come. Most of the African population is underserved and unserved when it comes to banking services. 

Hence, many new fintech startups are flourishing in Africa by generating innovative products to accommodate the needs of the community.

According to Similarweb, the top finance app in Nigeria is GETCASH. The Nigerians who are aged more than 25 years old are eligible to apply for a loan from Getcash. The borrowers can repay the amount within 91 to 180 days.

Vital advantages:

1. Instant Approval
2. Transparent Charges
3. Friendly Choices to Repay

RATES AND FEES

The company provides a quick loan from ₦5,000 to ₦100,000. The interest of Getcash is the least among all the loan app. It is from 5% to 27% and APR is from 26% to 334%.

Likewise, looking at all these scenarios in the African continent, the market might interest you for investment. We can help you jump and get started in the African market with our power-packed white label solutions.

To know more about the cost and features of the P2P lending white label solutions, connect with us and get a detailed market analysis before getting started. 

The post Lessons from Nigeria- Offer Secure Loans Through Fintech-enabled Platforms appeared first on Coruscate Solutions.