Carbon boosts financial inclusion with introduction of USSD

As part of efforts in reducing financial exclusion in the country, Carbon, a digital financial services company, has introduced a USSD service to its platform, making it easier for individuals to access financial services.

This new service will allow existing Carbon customers to access instant loans and other payment solutions via USSD without requiring internet data. Prior to the launch of the USSD channel, Carbon’s financial services were only available to smartphone users via its Android and iOS apps.

Carbon is also launching simplified transaction processes for the new USSD functionality, that is faster and easier to use. Using the USSD code *1303#, customers (on MTN and 9Mobile) will now be able to quickly transact, encouraging more financial inclusion and making access to financial services possible in the absence of internet connectivity.

Meanwhile, mobile phone penetration continues to rise on the continent, providing a platform for much-needed fintech innovation, but the high cost of internet data and the prevalence of feature phones means many are still excluded from the benefits of mainstream financial services.

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The new USSD channel will deepen the company’s market reach, allowing it to deliver innovative financial services to a wider range of consumers and giving them easier, quicker access to the funds and services they require to fulfil their needs.

 “One of the biggest selling points of USSD is that it works with or without the internet, which is reassuring in the African context where internet data is expensive and inconsistent.

“As fintech continues to develop across Africa, and ingrains itself into people’s everyday lives, it is important to invest and innovate across the ecosystem”, CEO and co-founder, Carbon, Chijioke Dozie said.