Carbon Business Banking

Carbon Business Banking


Unlock A World Of Financial Possibilities. Enjoy seamless banking, powerful tools, and personalized services.



Banking Functionalities

Deposits:

1. How do I make a deposit on the Business Banking Portal?
  • To make a deposit, go to the "Dashboard/Account" section, you will see your accounts listed and it can be shared easily.
   
                     
                                                                                              














2. Are there any limits on the amount I can deposit?
  • There are no deposit limits.

3. How soon will a deposit reflect in my account?
  • Deposits will reflect immediately once resolved by the sending bank.

4. Are there any limits on the amount I can payout?
  • Yes. Payout limit for our business account is NGN 5million daily, however, you can increase your limit by completing your compliance process.

5. How do I complete the compliance process? 
  1. Login to your Carbon business account. The first page on your screen is compliance, follow these instructions
  1. Board resolution - Click to approve
  2. Reference - Invite two references
  3. Business legal search (NGN5,200) - Pay fee now  


By completing your compliance, your payout limit will increase to NGN 10,000,000 and you can make further requests to increase even higher.

6. How much can I send out at a time? 
  • once you have completed your compliance process, you will be able to pay out NGN 7.5 million per transaction.

Send Money:

1. How can I send money from my Business Account?

  • Navigate to the "Send Money" section, select a transfer type (Single, Bulk, Sub Account ), and follow the steps to initiate a transfer and confirm the transaction.














2. Are there any fees?

  • A NGN 50.00 fee applies on every payout/outgoing transaction.

  • And a stamp duty of NGN 50.00 applies on every incoming transaction above NGN 10,000.

3. What is the transfer processing time?

  • The processing time takes about 1-3 minutes depending on the beneficiary bank network. Also, check the transaction history for transaction status update.


Cashflow Manager:

1. How can I use the Cashflow Manager on the portal?
  • The Cashflow Manager is accessible in the portal's main menu. Use it to categorize expenses, track income, and gain insights into your business's financial health. Set expense categories and manage your cashflow effectively.













2. Can I export Cashflow Manager data for analysis?
  • Yes, the portal allows you to export Cashflow Manager data in various formats (CSV, PDF). Export your financial data to perform in-depth analysis and reporting.

Bulk Transfers:

1. How can I initiate bulk transfers on the portal?
  • Navigate to the "Bulk Transfers" section, follow the prompts to upload a bulk transfer file, and confirm the transactions. Ensure the file format complies with the platform's specifications.
















2. What information is required for bulk transfers?
  • The bulk transfer file should include necessary details such as recipient accounts, amounts, and transaction references. Refer to the platform's guidelines for the required file format.

Scheduled Payments:

1. How can I set up scheduled payments on the portal?
  • In the "Scheduled Payments" section, select the account, specify the payment details, and set the schedule for recurring payments. Confirm the scheduled payments to activate them.













2. Can I edit or cancel a scheduled payment?
  • Yes, you can edit or cancel a scheduled payment before the scheduled date. Navigate to the "Scheduled Payments" section, locate the payment, and choose the desired action.

Statement of Accounts:

1. How can I access my statement of accounts on the portal?
  • Go to the "Statements" section, select the account, and choose the desired statement period. You can download statements in CSV or PDF formats for your records.













2. How frequently are statements generated?
  • Statements are typically generated monthly. You can select the statement period based on your preferences and download statements for a specific timeframe.

Compliance: 

1. What are the eligibility requirements to open a business account?

  • Business information (Certificate of registration, proof of address, etc)
  • Directors information 
  • Government issued IDs (NIN, BVN, etc)













2. Will Carbon ask for my BVN?

Yes, we need it to confirm who you say you are.

3. How long does it take for my account to be verified?

It may take up to 24 hours.

Security:

1. How do I change my carbon business password?

  • Click Profile
  • Tap on account settings
  • Change Password













2. Can I sign into Carbon business with my carbon login details?

  • Yes, if you are a current Carbon customer - either as a Carbon SME or using the Carbon App. You will be able to login with your login details.

What is the minimum account balance?

  • There is no minimum balance requirement

Team Banking:

  1. What is Team Banking on Carbon Business Bank?

  • Team Banking on Carbon Business Bank is a feature designed to simplify and secure business finance management. It achieves this by granting varying levels of access to different individuals within the business



  1. What user roles are available in Team Banking?

  • The available roles include: 

               -INITIATOR AND APPROVER,

               -APPROVER ONLY

               -INITIATOR ONLY, 

               -VIEW ONLY


  1. Who can add team members to a business and assign these roles?

  • Only the account OWNER has the privilege to add members to the business, assign roles, and specify the accounts to which they will have access.


  1. What actions can an INITIATOR ONLY role perform in Team Banking?

  • An INITIATOR can view and initiate transactions on the accounts they have access to. However, transactions will not be processed until approved by a team member with APPROVER access to the respective account. 


  1. What actions can an APPROVER ONLY role perform in Team Banking?

  • A team member with Approver-only access can view assigned accounts and approve transactions awaiting approval. However, they cannot initiate transactions. Approval processes are carried out in the "Send Money" tab within the payment section of the sidebar.


  1. What actions can an INITIATOR AND APPROVER role perform in Team Banking?


  • A team member with this role can both approve transactions requiring approval and initiate transactions without needing approval.

  • The owner of the account has an INITIATOR AND APPROVER role and has access to all the sections of the application


  1. Do all team members have access to every section of the application?

  • No, team members do not have access to all sections of the application. Only the owner has access to all sections. Access to specific tabs, including Compliance, Loan, Team, Referral and the Account settings section under the Account tab, is restricted to the owner and unavailable to team members regardless of their individual role.


  1. Can I delete a Team member?

  • Yes, a team member can be deleted by clicking on the "View" button next to their name. This opens a sidebar on the right section of your device, where the delete button is located.



SME Loans


  1. What types of businesses qualify for SME loans from Carbon Business Banking?
  • Sole proprietors, Limited liability companies (LLC)

  1. What is the maximum loan amount I can apply for?
  • NGN 9.5 Million

  1. What are the interest rates and repayment terms for SME loans?
  • For new customers, the interest rate for SME loans is 5.5%, with a repayment term of 3 months.

  1. Do I need collateral to secure an SME loan?
  • NO

  1. What documents do I need to submit for a loan application?
  • To complete your loan application, you will need to submit a bank statement after successful onboarding.

  1. How long does it take to get approved for an SME loan?
  • Approval times for SME loans can vary. However, if all necessary documentation is in order, the process can be completed within 30 minutes.

  1. Can I use the loan for any business purpose?
  • YES

  1. Do I need a business plan to apply for a loan?
  • NO

  1. Can I apply for a loan online?
  • Yes, you apply for the loan via our web or mobile app

  1. What happens after I submit my loan application?
  • After submitting your loan application, the decision-making process will commence. You will be notified once a decision is made.
  • If approved, you will receive an offer notification. In the event of a decline, you will be informed of the decision as well.

  1. How do I make loan repayments?
  • Repayments can be made by funding your Carbon SME account on or before the due date. We also facilitate direct deductions through Remita.

  1. Are there any prepayment penalties?
  • If there is a default, a penalty fee will be charged daily on the principal amount due.

  1. What happens if I miss a loan payment?
  • Answer: Missing a loan payment will be reported to the credit bureau, and legal action may be taken.

14. Can I extend the loan repayment term?
        Currently, we do not offer extensions on SME loan repayment terms.

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