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Carbon review

Updated September 28, 2026 · SumCue Editorial Team · Facts checked September 26, 2026

We earn a commission when you sign up through links on this site. Partner status can affect where a brand appears in our rankings. Partners with a live offer in your country come first, then every other brand by score.

Our verdict

Carbon is a Nigerian microfinance bank that suits anyone who needs a small personal loan or a credit line today, since funding runs Instant, in minutes and rates stay fixed. The cost is the trade-off: this is expensive credit, and a Non-refundable processing fee charged on loan application sits on top.

Key facts

Best for
Quick fixed-rate personal loans and credit lines for people who can clear a hard credit check.
APR
195%↗
Loan amount
NGN 10,000 to NGN 1,000,000↗
Term
2 to 12 months↗
Arrangement fee
Non-refundable processing fee charged on loan application↗
Credit check
Hard↗
Funding time
Instant, in minutes↗
Representative example
Loan amount of ₦1,000,000 borrowed for 12 months. Monthly Interest Rate: 4.5%. Total amount payable: ₦1,540,000. APR: 54%.↗
Rate type
Fixed↗
Lender type
Direct lender↗
Free early repayment
Yes↗
Eligibility
Nigerian citizen or legal Nigerian resident, at least 18 years old, with a Nigerian bank account, BVN and valid ID↗
Loan types
Personal, Credit-line, BNPL↗
Use cases
Home-improvement↗
Legal entity
Carbon Microfinance Bank Limited (RC 1642222)↗
Headquarters
Nigeria↗
Founded
2012↗
Support channels
Email, Phone, Help-centre, Community↗
Pricing model
Fixed rate
Features
Same-day funding, Credit line
Official website
getcarbon.co

Savings

Headline rate
20%↗
Minimum deposit
NGN 50,000↗
Access terms
Money locked for 12 months; Cash Vault cannot be redeemed or liquidated before the maturity date↗
Monthly fee
NGN 0↗
Account kind
Fixed↗

Debit cards

Card type
Debit↗
Card network
Local↗

Facts checked September 26, 2026, 10 sources

Apps and profiles

Get the app
App Store
Elsewhere
WikidataLinkedInXmedium.com

Pros and cons

Pros

  • Funding is Instant, in minutes, so an approved loan can reach your account the same day.
  • The rate is fixed for the whole 2 to 12 term, so monthly repayments stay predictable.
  • Early repayment is free, so clearing a balance before the term ends costs nothing.
  • It is Carbon Microfinance Bank Limited (RC 1642222) and holds a Central Bank of Nigeria licence, so the money sits with a bank rather than an intermediary.

Cons

  • This is expensive money: an APR of 195% places the brand at 323 of 338 on the rate ranking.
  • Every application carries Non-refundable processing fee charged on loan application, which adds to an already heavy rate.
  • Savings access is tight, because money in the fixed account cannot be redeemed or liquidated before maturity.
Carbon

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Scored 8.9 / 10 by SumCue.

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Who it suits

  • Adult Nigerian citizens and legal residents with a Nigerian bank account, a BVN and valid ID, who need cash the same day.
  • Borrowers who can clear a hard credit check and want fixed pricing on a loan of NGN 10,000 to NGN 1,000,000.
  • Savers who can leave money untouched for the full term, paid 20% on a minimum deposit of NGN 50,000.

Who should look elsewhere

  • Anyone shopping on rate alone, since Sofkredit lists 10.74% to 18.06% and Cashspace lists PHP 12 to PHP 36 against 195% here.
  • Readers who want a European market rather than a Nigerian one, since Creduma ES lends from from €12,000 in euro.

How Carbon compares

Where Carbon is available

Available
Nigeria
Licence in Nigeria
Central Bank of Nigeria (CBN) (RC 1642222), checked September 26, 2026
Licence in Nigeria
Nigerian Deposit Insurance Corporation (NDIC), checked September 26, 2026

Countries from the brand (Source, checked September 26, 2026)

Frequently asked questions

What is the APR on a Carbon loan?+

Carbon lists an APR of 195% on its personal loans, well above the 15.5% median across the site. The published representative example shows the total repayable on a large loan far exceeding the amount borrowed, so read the headline rate as a warning rather than a bargain.

Are there extra fees on a Carbon loan?+

Yes. Every application carries Non-refundable processing fee charged on loan application. The debit card is the exception: its monthly fee is NGN 0, so nothing is charged to hold it, and the card runs on the local network.

Who can apply for a Carbon loan?+

You need to be an adult Nigerian citizen or legal resident with a Nigerian bank account, a BVN and valid ID. Applications also run a hard credit search, so your file needs to be in reasonable shape before you apply. A Nigerian bank account is essential.

How fast does Carbon send money?+

Funding is Instant, in minutes, which sits at the quick end of the market. Loan sizes run NGN 10,000 to NGN 1,000,000 and terms run 2 to 12, so a bigger balance is spread across a longer stretch. Same day funding is the main draw for anyone who needs cash today.

Is my money safe with Carbon?+

Carbon is Carbon Microfinance Bank Limited (RC 1642222), a direct lender in Nigeria holding a Central Bank of Nigeria licence numbered RC 1642222. The same bank backs the savings side, so the borrowing and saving relationships run through one institution rather than two.

What does the Carbon savings account pay?+

The headline rate is 20% and the account is fixed, with a minimum deposit of NGN 50,000. The catch is access: money in the Cash Vault is tied up for the full term and cannot be redeemed or liquidated before maturity, so treat it as a term deposit.

Can I repay a Carbon loan early?+

Free early repayment is a clear point in this lender's favour, with no charge for settling a loan before its term ends. Keep in mind that fixed pricing and a 2 to 12 term are both set when the loan is taken and stay there for the life of the loan.

How does Carbon compare on cost with cheaper lenders?+

Carbon is expensive against cheaper lenders. On the rate ranking it sits at 323 of 338, so Sofkredit at 10.74% to 18.06% and Cashspace at PHP 12 to PHP 36 sit well below 195% on the same measure. Anyone buying on price alone should look there first.

Sources

  • customersuccess.getcarbon.co/portal/en/kb/articles/are-ca... checked September 26, 2026

    Backs: Card type

    “The Carbon Physical cards are debit cards”

  • customersuccess.getcarbon.co/portal/en/kb/articles/import... checked September 26, 2026

    Backs: Card network

    “The new Pink Passport is now powered by Verve, not Visa”

  • customersuccess.getcarbon.co/portal/en/kb/articles/is-a-m... checked September 26, 2026

    Backs: Monthly fee

    “No, there is no card maintenance fee”

  • getcarbon.co/about checked September 26, 2026

    Backs: Founded, Headquarters

    “2012 - The journey to democratize credit in Nigeria began. One Credit was founded in Lagos, Nigeria.”

  • getcarbon.co/faqs checked September 26, 2026

    Backs: Lender type, Support channels, Licences

    “Carbon is a Microfinance Bank licensed by the Central Bank of Nigeria (CBN) with deposits insured by the Nigerian Deposit Insurance Corporation (NDIC).”

  • getcarbon.co/loan-calculator checked September 26, 2026

    Backs: Use cases

    “Whether you're planning to purchase a new car, renovate your home, or invest in your dreams, our Loan Calculator is here to guide you.”

  • getcarbon.co/loans checked September 26, 2026

    Backs: Loan amount, APR, Features, Funding time, Representative example, Term

    “Loan amounts range between ₦10,000 to ₦1,000,000”

  • getcarbon.co/personal checked September 26, 2026

    Backs: Account kind, Loan types

    “Earn up to 20% interest on your savings. That's on a 12-month fixed Cash vault savings plan”

  • getcarbon.co/savings checked September 26, 2026

    Backs: Headline rate, Minimum deposit

    “Cash Vault: Lock away bulk sums for capital projects from as low as N50,000 and earn 20% interest at maturity.”

  • getcarbon.co/terms-and-conditions checked September 26, 2026

    Backs: Access terms, Credit check, Eligibility, Free early repayment, Legal entity, Pricing model, Arrangement fee, Rate type

    “You agree that with respect to any investment made by You on Cash Vault, such investment cannot be redeemed or liquidated prior to the maturity date.”

Compiled from 10 source pages, checked September 26, 2026. We did not open an account.

Carbon

Carbon

Quick fixed-rate personal loans and credit lines for people who can clear a hard credit check.

8.9/10See alternatives