Carbon, Page, Okash, other fintech start-ups fight against banks – Nairametrics


When Partech Africa revealed in its March 2019 report that at least 33% of the total funding raised by African tech start-ups in 2018 was in the FinTech sector, many critics wondered what the funds were for.

Without a doubt, part of the fund must have been invested in their operations, including infrastructure development. But some of the financial technology (fintech) startups have used their funds to disrupt the lending industry as they are determined to ease the burden of lack of access to funds faced by millions of Nigerians.

The good news is that many of them offer cheap and affordable loans, which come quite quickly as they are disbursed within minutes of application without collateral.

Some of them are carbon (former Paylater), Paystack, Okash, Kudi, TeamApt, OneFi, Lidya, Kwikmoney, Page and Renmoney, among others.

These companies broke the norm, putting commercial banks on their guard as they offer loans at interest rates as low as 5 to 12% per month, depending on the risk involved. Some of them offer loans on USSD platforms.

[READ MORE: Access Bank, UBA, GTB, 7 others increase loans by N1.84 trillion in 9-month]

Nairametrics takes a look at the lending products of these fintechsand their interest rates, to help depositors make informed decisions while taking out facilities across the country, at rates cheaper than most banks.


Carbon , one of Nigeria’s leading digital financial services companies, last month launched a digital platform, Carbon for Business, to provide startups, small and medium-sized enterprises (SMEs) with the credit and technology to create and develop their businesses.

What this means:The company’s customers can now access unsecured credit, secure online payments, reliable money transfer, and quickly learn about your customer’s compliance obligations (KYC). Companies can leverage Carbon’s infrastructure to meet their business and strategic goals, increase their value offerings, and get to market faster.


  • Offers adequate security to its users.
  • It features Carbon IV, which is an identity verification system that enables companies to provide KYC and anti-money laundering services to potential staff or other parties.
  • It is integrated with all major identity databases including passport, Bank Verification Number (BVN), driver’s license and voter card.
  • it offersOptimus , an affordable and reliable money transfer platform that provides low cost transfers.
  • For qualified businesses, it offers an overdraft facility that allows clients to have the short-term financing needed to make critical payments in the event of short-term cash flow shortages.
  • Businesses will be able to accept online payments from Visa, Verve and MasterCard in over 40 currencies.
  • All transactions are PCI DSS compliant, 3D Secure enabled and processed through an SSL encrypted channel.
  • Users can access up to 20 million yen in unsecured flexible repayment loans.


Kwikmoney is a product offered by Mines, a global technology company that has developed a digital platform that enables institutions in emerging markets to offer credit products to their clients with ease and with minimal risk.

It offers loans on the USSD platform in partnership with banks like GTBank, Fidelity Bank and technology companies. Kwikmoney is one of the most efficient and convenient ways to get quick and instant loans in Nigeria.


  • Documentation – None
  • Interest – From 5%
  • Duration – 14 – 30 days
  • Borrow, repay before the end of the loan term, get more loan offers, lower interest rates.

[READ ALSO: Banks’ loan to private sector, govt hit N36.48 trillion in September]


Renmoney existsand potential clients can obtain loans of up to N4 million that can be repaid within nine months without giving any collateral, guarantor, or post-dated check slips.


To access Renmoney loans, there are certain conditions to be fulfilled. They are:

  • Applicants must be between 22 and 59 years old.
  • Have a stable source of income with a working current or savings account and valid means of identification.
  • Provide a monthly income check and a report of past loans from a credit bureau.
  • Interest rate between 4% and 4.5% per month. For example, a loan of N 70,000 would be worth N 83,690 in a 4 month repayment plan.
  • BVN, Bank statement, Valid identity card, Letter of employment.
  • Loan term: 3 to 12 months.
  • Refund channels: Quickteller, check, POS, cash and online transfers.

Page Finances

Page Finances is an innovative retail financial institution offering various personal loans and quick payday advances to meet the financial demands of clients.

Here it takes six steps to apply for a loan and the first is to enter your BVN details. For its loan, Page Financials at a competitive interest rate. that’s not all. Page Financials also has a sister company, Pledge Salary Advance Virtual Wallet, which also offers loans.

The initiative is a financial product that fills unforeseen expenses and short-term financial needs. It is acceptable at all outlets and ATMs in Nigeria. Interested clients can access funds through our mobile app as the virtual wallet is convenient and solves all financial needs fast.

  • Interest is charged daily based on what you use – you won’t be charged if you don’t use the wallet
  • We do not require a utility bill, just ID, government issued ID and passport photo
  • The refund channel is Remita and the direct debit
  • There is no loan term (you pay monthly when you use the wallet and get credited again – Pay As You Use)


A subsidiary of OPay, Okash also offers loans to Nigerians who agree to the terms and conditions and privacy policy of Blue Ridge Microfinance Bank Ltd, its provider.

In her case, Opera acquired the OPay service in December 2018 for $ 9.5 million, but the service is still being promoted in Nigeria on the OPay app.

“OKash’s business (in Kenya, Nigeria and everywhere else) which relies heavily on mobile processors, as Opay also helps OKash to disburse and collect loans at cheap interest rates.

[READ FURTHER: GTBank, Access, Zenith, UBA, FBN loans rise to N9.28 trillion in six months]


Credit Aellais a fast and simple app-only loan platform. It is designed to help employees access funds between 1,500 and 700,000 N at interest rates between 4% and 29% per month.

Aella credit is available in Ghana, Nigeria and the Philippines.

  • Requirements: BVN
  • Platform: mobile application
  • Interest rate: 4 – 29%
  • Loan term: 1 to 2 months
  • Refund channels: Direct debit


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