Carbon: An Innovation Of Two Nigerian Brothers

Nigerians sure have a way of making waves in all areas and once again they have gained prominence in the finance area. 

Introducing the Dozie brothers, Chijioke and Ngozie Dozie, the founders and CEOS of Carbon which was formerly known as Paylater. 

Both brothers were trained abroad for their higher educations with Chijioke studying Economics at the University of Reading in the UK and also had an MBA at Harvard while Ngozie studied Physics at the Imperial College London, and proceeded to get a Masters in Computation at the Oxford University. 

Despite their diverging areas of specialisation based on their areas of study, they both seemed to have focused on finance as Ngozie worked in the Risk Department for Arthur Anderson and his brother Chijioke worked in Zephyr Management and International Finance Corporation (IFC), a private sector arm of the World Bank that focuses on Emerging Markets Investments. 

Their backgrounds in the finance sector although at varying levels with diverging focuses gave them the heads up to begin their own business with relations to finance in their home country Nigeria. 

With a deep background study of the situation, condition and growth standard of the financial sector in Nigeria, the Dozie brothers were able to focus on a specific target which was to help fund distressed companies and businesses that were in dire need. And this led to the beginning of the fund named Kaizen Venture Partners. 

Despite the stringent conditions of obtaining and raising funds, the brothers were able to use their built connections from their former employees and began executing their projects though at small scale levels but well executed projects amongst which was the coffee business they found in Rwanda. 

The birth of Carbon, then Paylater was as a result of experience gathered from their former business where they were both the operators and the investors. As the operators they got their hands deep into noticing the major things missing in terms of financial growth with respect to consumer loans and other related financial necessities and with a good technological and technical background Paylater had a new purpose and a market target. 

With Chijioke at the business lead and Ngozie as the technical head, they set about the collection of the financial data of their prospective customers and those found eligible for the loan based on the data collected were provided such loans. With their targets being consumers and SMEs, the business has grown considerably with as many as thousands of their customers benefiting greatly. 

Having recorded huge success in Nigeria since the inception of Carbon, the Dozie brothers have hopes of expanding their business to the entirety of Africa. Taking into consideration the peculiarities of the financial situation of each unique country, the brothers see a great task ahead but are ready to get their hands dirty and get the job done.