Why am I required to set up my debit card for repayment?
By default, your Carbon account will be debited on your due date. However, in a situation where your account is not funded, an attempt to debit your bank account is made. That is why you are required to set up your debit card before the loan will be disbursed to you.
Here is how to setup your bank debit card on your Carbon account.
You can only set up Visa or MasterCard on the app at the moment. Verve cards are not accepted, hence you do not have to attempt to set up a verve card. If you do, you will get debited #50 but card set up will not be successful.
Please ensure the following;
- You must set up your personal debit/ATM card i.e the card being registered must match the account holder's information.
- Debit card/ATM must be enabled for online transactions before you can set up your card on the Carbon application.
- There must be at least N100 above the bank minimum balance in the account(SAVINGS and CURRENT) linked to that card.
If you don’t currently have access to the device where the OTP was sent, you may try using another card(master or visa card), if you have one.
Please note: While loan repayments from your Carbon account are free, you may be charged for card processing fees if your Carbon account is not funded by your repayment date.
Related Articles
How do I make a loan repayment?
We have made repaying your loan at Carbon as easy as possible. On your due date, your payment will conveniently be deducted from your Carbon Account or the account linked to the debit/ATM card provided during your loan application. To make a payment: ...
How do I apply for a loan?
After downloading the app, sign in to identify yourself by providing your personal and financial information on your profile to get your Carbon account upgraded to KYC level 2, which is the minimum level required to access a Carbon loan. Once done, ...
How can I add a new debit card?
With No Approved Loan Login to the Carbon application. Select "Account" on the home page Select Cards and banks Click on the plus sign(+) at the bottom right corner of the page or click “Add a new debit/ATM card OTP is generated by your bank, contact ...
Loan Top-up
A loan top-up is accessing additional funds on a multiple installment facility after paying a certain number of installments on time for an extended period at the same rate. How do I get a top-up ? You need to have a current loan within a 3- 9 months ...
Can I set-up more than 1 debit card on Carbon?
At the moment, you can only add a maximum of 5 debit cards within a 30 day period. PLEASE NOTE: Carbon will never ask you for your Carbon Pin, Carbon verification code, Debit card & PIN, via any social media channel.