Lagos, Nigeria - Carbon, a leading player in Nigeria's financial sector is excited to
announce the completion of the acquisition of fintech startup, Vella Finance
through its parent company One Credit Limited, alongside the simultaneous
launch of a groundbreaking AI-powered business banking platform.

This dual announcement marks a significant leap forward in Carbon's mission to
empower small and medium-sized enterprises (SMEs) with advanced, accessible
financial services that leverage the latest in artificial intelligence.

“Carbon spearheaded the consumer finance revolution in Nigeria in 2016. Our
goal was to give consumers unprecedented access to finance from their mobile
devices,” said Chijioke Dozie, co-founder of Carbon. “Since then we have
provided some loans to SMEs but not in a manner that meets our standards or
the customers' expectations. We have known the Vella Finance team for some
time and admired their innovation and understanding of the market needs. We
saw in them the same innovative and pioneering spirit that ignited Carbon. They
had built an SME platform that we believe is unrivaled in the market and given
our aspirations, the deal was a no-brainer”

"This is exciting news for businesses and we are thrilled to join forces with
Carbon,” said Mark Afolabi, co-founder and CEO of Vella Finance. “These are
trying times for businesses in Nigeria and by joining forces, we can provide
businesses a platform that provides AI driven insights into their transactions,
low-cost accessible loans and the power of A.I models built into the platform to
help with any business challenge.

In the coming days, Vella Finance will transition business customers to Carbon
Business and offer individual customers the option to upgrade to business
accounts. This move aligns with our commitment to providing optimal user
experiences during this period, states Gabriel Ajenifuja, co-founder and CTO of
Vella Finance.

For the Business owners, Carbon Business will provide:

  • AI-Powered Transaction Analysis: Utilize advanced AI to gain deep insights
    into your financial transactions, enabling smarter decision-making and
    growth strategies.
  • Competitive Low-Interest Loans: Access loans with interest rates that
    challenge industry standards, offering financial relief and support for your
    business aspirations.
  • Sub-Accounts for Financial Organization: Easily manage your finances with
    sub-accounts that simplify reconciliation and accounting processes. You
    can create accounts for salaries, savings, working capital and many more.
  • Automated Income Splitting for Financial Planning: Set rules to allocate a
    % of funds to go into separate sub-accounts in an automated manner. You
    can rest easy knowing that your VAT, WHT or savings for a new purchase is
    taking place every second of the day.
  • Team-Based Account Management (in development): Invite team
    members to collaborate on account management, fostering teamwork
    and efficiency in financial operations.
  • Ease of Integration and User-Friendly Interface: Seamlessly integrate the
    account into your existing business systems, ensuring a smooth transition
    and adoption.

Ngozi Dozie, emphasizes the company's commitment to not just leveraging AI
internally but also sharing these insights broadly: "At Carbon, we're pioneering
the use of AI across all departments, from accounting and finance to human
resources, operations, and engineering,” said Ngozi Dozie, a co-founder of
Carbon. “All Carbon Business customers will get access to our AI experience
through webinars, newsletters and How-To-Guides. In a time of limited talent,
and resources, AI is a superpower and we are going to share everything we

How to Get Started

To experience the future of SME banking and start leveraging these powerful
tools for your business, visit and sign up today.
Join the growing community of businesses transforming their financial
operations with Carbon's innovative solutions.

About Carbon Microfinance Bank

Carbon Microfinance Bank is a leading digital bank in Nigeria, specializing in
consumer credit and banking services for consumers and SMEs. Founded on the
principles of innovation and customer-centricity, Carbon is committed to
providing seamless financial services through advanced technology platforms,
driving financial inclusion and empowering businesses across Africa.

For more information about Carbon Microfinance Bank and our services, please

About Vella Finance

Vella Finance is a fintech company founded by Mark Afolabi, Segun Fagbami, Tolu
Adedayo and Gabriel Ajenifuja that offers comprehensive banking and financial
infrastructure for local and cross-border payments, targeting SMEs in Africa.

We achieve this by building connected products required to simplify digital
finance, accelerate growth and boost earnings.for every enterprise in Africa.

For more information about Vella Finance and our services, please visit