Loan & USSD Code

Carbon’s New USSD Loan Code: CBN Approval Status and Requirements

As a potential borrower, you may have heard about Carbon’s new USSD loan code and are wondering about its approval status with the Central Bank of Nigeria (CBN) as well as the requirements and interest rates. This article provides insight into Carbon’s loan service, including background on the company, an explanation of USSD codes, the latest updates on CBN approval, eligibility criteria to apply for a loan, and a comparison of interest rates to help you determine if this new offering is suitable for your borrowing needs.

The goal is to equip you with the key details to make an informed decision when evaluating new digital loan options in Nigeria’s evolving financial landscape.

Carbon's New USSD Loan Code: CBN Approval Status and Requirements

Carbon’s New USSD Loan Code: What Is It?

Carbon, a leading digital lending company, recently launched a new USSD code for accessing instant loans through mobile phones. The USSD code 54411# allows customers to apply for loans, check application status and loan statements without internet access.

To access Carbon’s loans through the USSD code, you must first register as a Carbon customer. Registration is free and requires providing personal information like BVN, government ID, phone number, and bank account details. Once registered, you can access loans by dialing 54411# on your phone’s keypad.

Loans offered through the USSD channel range from ₦5,000 to ₦500,000 with 3 to 12 month repayment periods. Interest rates vary depending on the loan amount and your credit profile but are typically lower than other short-term lenders. Repayments are automatically deducted from your bank account on the scheduled due dates.

To apply for a loan, select ‘Request Loan’ from the USSD menu and enter the amount you need along with the repayment period. Your application will be reviewed and if approved, the loan amount will be disbursed to your account instantly. You can also check your current account balance, next due date, and statement by selecting the appropriate options from the menu.

The new USSD code provides customers with a fast, convenient way to access funds and manage their Carbon loans without data or airtime on their mobile phones. However, it is important to consider your repayment ability before taking out any loan to avoid defaulting or damaging your credit profile. If facing financial difficulties, contact Carbon’s customer service to discuss repayment options.

Carbon’s USSD loan service aims to promote financial inclusion by providing underserved customers with access to short-term loans. The Central Bank of Nigeria (CBN) approves and regulates all digital lending activities to protect consumers. Customers should verify the legitimacy of any lending service before providing personal information or accepting loans.

Has the CBN Approved Carbon’s USSD Loan Service?

Carbon Finance, a leading fintech company, recently launched a USSD code for instant loans in Nigeria. This allows customers to access loans through their mobile phones without internet access. However, there have been questions about whether the Central Bank of Nigeria (CBN) has officially approved Carbon’s USSD loan service.

According to the CBN’s licensing and regulatory framework, non-bank companies that provide financial services like loans, payments, and investments must obtain proper licensing and approval. As of early 2021, Carbon holds a microfinance banking license from the CBN which permits it to offer loans and other financial services. However, Carbon’s new USSD loan product may still require additional approval from the CBN before it can be offered to customers.

The CBN aims to promote innovation in financial services while also ensuring adequate consumer protection. New digital loan products and channels like USSD codes undergo review to guarantee transparency, data privacy, and responsible lending practices. If Carbon can demonstrate its USSD loan service meets these standards, the CBN will likely approve it to operate. But until the CBN issues an official statement, Carbon’s USSD loan product remains pending approval.

Customers interested in Carbon’s instant loans should continue to apply through its official website and mobile app. The requirements to qualify for a Carbon loan, such as being a Nigerian resident, minimum income, and credit score, remain the same regardless of the channel. Interest rates may vary slightly depending on the loan product and channel. As with any loan, customers should understand the terms and repayment obligations before borrowing from Carbon or any other lender.

While fintech innovation aims to increase access to financial services, proper regulation and consumer protection must come first. The CBN approval process for new digital financial products helps achieve the right balance of enabling innovation and safeguarding customers. Once approved, Carbon’s USSD loan service will provide more Nigerians with quick and easy access to loans through their mobile phones.

How to Apply for a Loan via Carbon’s USSD Code

To apply for a loan through Carbon’s USSD code, follow these steps:

Check Your Eligibility

To qualify for a Carbon loan, you must:

  • Be between 21 to 65 years of age
  • Have a consistent source of income for at least 3 months
  • Have a functional bank account
  • Have no history of defaulting on loans
  • Have a good credit score (minimum of 300)
  • Reside in one of the cities where Carbon operates

Dial *561#

Dial the USSD code *561# on your phone and select the “Apply for a loan” option. You will be prompted to enter personal information like your name, date of birth, income details, employer information, and bank statements for the last 3 months. The bank statements are required to verify your income and eligibility.

Receive a Loan Offer

If your application is approved, you will receive a loan offer detailing the amount, tenure, interest rate, and other terms. The loan amount offered depends on your income and repayment ability. You can choose between loan tenures of 3 to 12 months. Interest rates range from 3% to 9% per month, depending on the loan tenure.

Accept the Offer and Receive Funds

To accept the loan offer, reply “1” to the message. The approved loan amount will be disbursed to your bank account within 24 hours. You will receive an SMS and email with details of the repayment schedule.


Repayments are made through automatic deductions from your bank account on the repayment dates in the schedule. Late repayments attract a penalty of 5% per month on the overdue amount. Early repayments are allowed without any prepayment charges.

By following these steps, you can easily apply for and obtain a loan from Carbon through their USSD code service. Be sure to provide accurate information in your application and carefully review the loan terms before accepting the offer. Repay the loan on time to maintain a good credit standing and to qualify for higher loan amounts and better rates in the future.

READ ALSO: Understanding Unifi Loans Application Processing Times and Approval Tips


As we have explored, Carbon’s new USSD loan code offers users access to quick, short-term loans via mobile devices. While convenient, be sure to carefully review all loan terms and conditions before borrowing. Consider your financial situation and whether you can realistically repay any borrowed money on time and in full.

The CBN approval process aims to protect consumers, but you must still educate yourself on any lending product’s pros, cons and obligations. Moving forward, stay updated on the official approval status of fintech products like Carbon’s and use them wisely as part of a responsible financial plan.

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