By Bolaji Peters (SIWES student, Polytechnic Iresi)
Carbon, a leading digital financial services company, has recently acquired Vella Finance, a Nigerian fintech firm specializing in SME services.
Although the financial specifics remain undisclosed, Carbon’s parent company, One Credit Limited, confirmed the acquisition, signaling Carbon’s strategic move to bolster its foothold in Nigeria’s dynamic financial landscape.
The acquisition facilitates the integration of Vella Finance’s AI-powered banking feature into Carbon’s suite of services, promising enhanced insights into financial transactions for Carbon’s clientele.
Moreover, Carbon Business will absorb Vella Finance’s 8,000 SME customers, amplifying the reach of Carbon’s offerings across the SME sector in Nigeria.
Chijioke Dozie, CEO of Carbon, expressed enthusiasm for the acquisition, citing Vella Finance’s innovative SME platform as complementary to Carbon’s objectives. Mark Afolabi, CEO of Vella Finance, echoed Dozie’s sentiments, highlighting the prospects of the merger to empower businesses amidst challenging economic climates.
By leveraging combined resources and expertise, Carbon aims to revolutionize consumer finance, aligning with its mission since pioneering mobile-based finance access in Nigeria in 2016.
The acquisition signals Carbon’s commitment to expanding customer reach, developing innovative financial products, and ensuring robust banking security standards.
Notably, Carbon’s co-founders, Chijioke and Ngozi Dozie, hail from esteemed backgrounds, with Paschal Dozie, the former chairman of Diamond Bank and MTN Nigeria, as their father.
Uzoma Dozie, their elder brother and former CEO of Diamond Bank, has ventured into the digital microfinance domain with Sparkle, further underscoring the family’s influence and commitment to financial innovation in Nigeria.
