Carbon Completes Acquisition of Vella Finance and Launch of a Revolutionary AI-Powered SME Banking Platform

Vella Finance
4 min readFeb 14, 2024


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 know.”

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 visit

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



Vella Finance

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