Evaluating only OneFi (One Credit)’s profile at its peak — without knowing the outcome — the model ranked Competition as the #1 likely cause. Documented cause: Overexpansion.
Key Events Timeline
FOUNDING
OneFi founded in Lagos as Paylater, offering instant consumer loans via USSD and mobile app.
PRODUCT LAUNCH
Rebranded to Carbon and launched in Nairobi, targeting Kenyan salaried workers for digital loans.
REGULATORY ACTION
COVID-19 drove NPL ratios above 30%; Carbon paused all new lending in both Nigeria and Kenya.
SHUTDOWN
Kenya operations shut down entirely; CBK licensing hurdles and defaults made unit unviable.
Full Analysis
Free · no account needed
Documented cause
OneFi, a Lagos consumer lending fintech founded by Chijioke Dozie and Ngozi Dozie, raised approximately $10M and operated the Paylater (later Carbon) app. After rebranding to Carbon in 2019 and expanding to Kenya, the company faced mounting non-performing loan ratios above 30% during COVID-19 in 2020, forcing it to pause lending. The Kenya unit was shut down in 2021 after failing to achieve profitability in 18 months, with CBK licensing complications cited as a key barrier.
Lesson
“Cross-border lending requires local regulatory licenses before expansion, not concurrent with it.”