FairMoney Supports Financial Inclusion Goals With Products

A digital financial services provider in the Nigerian fintech space, FairMoney Microfinance Bank said it is spearheading a significant paradigm shift in the country’s digital finance sector, moving beyond its foundational digital lending services to champion comprehensive financial inclusion and complete financial identity for the masses.

While instant credit remains a vital service, the bank, which began as a digital lending platform in 2017, is now positioning itself as a full-service financial ecosystem.

This strategic evolution, the firm stated, directly addresses Nigeria’s critical challenge of financial exclusion, as described in the Enhancing Financial Innovation & Access (EFInA) Financial Services Access Survey 2023, which reports that nearly one in four Nigerian adults remains excluded from formal financial services.

Following the acquisition of a Microfinance Banking License in 2021, FairMoney rapidly expanded its offerings.

According to Henry Obiekea, the managing director, the bank was established with a singular mission: to help underbanked and unbanked users in Africa, including Nigeria, access financial services.

The company’s offerings, the bank’s boss noted, now span retail banking, business banking, merchant services, moving far beyond its initial Unsecured Personal Loans product. Central to FairMoney’s strategy, he said, is a robust savings proposition designed to help Nigerians protect and grow their money against inflationary pressures. This focus on deposit mobilisation has yielded significant trust and operational strength.

According to the Q4 2023 Industry Credit Bureau Performance Report published by CRC Credit Bureau, FairMoney Microfinance Bank was ranked 3rd among reporting Nigerian financial institutions based on total credit originations during the period, using the Bureau’s standard credit volume measurement methodology.

“FairMoney continues to innovate with tailored products such as FlexiCredit, designed for Nigerian professionals earning at least N250,000 per month. The product provides a flexible credit line of up to N5,000,000, subject to eligibility and credit assessment, through a single application. Interest is charged at 0.25% per day on amounts drawn, with no fees on unused portions. Terms and conditions apply.

“By providing a streamlined credit process, FlexiCredit helps customers access funds efficiently while maintaining full transparency,” says Obiekea,