FairMoney Microfinance Bank, one of Nigeria’s most dynamic digital financial institutions, is redefining its role in the fintech sector. Originally known for instant digital loans, the bank is now evolving into a comprehensive digital banking ecosystem committed to expanding financial inclusion and strengthening digital financial identity for millions of underserved Nigerians.

This transformation highlights the bank’s broader ambition to provide accessible, transparent, and technology-driven financial services for individuals who have long been excluded from the traditional banking system.

Bridging Nigeria’s Persistent Financial Inclusion Gap

Despite progress, Nigeria continues to grapple with a major access challenge. The EFInA Financial Services Access Survey 2023 reports that nearly 25% of Nigerian adults remain outside the formal financial system. FairMoney’s rapid evolution aims to close this gap by offering digital-first products that are simple to use and widely accessible.

From Mobile Lender to Holistic Digital Finance Provider

FairMoney’s transition gained momentum after it secured a Microfinance Banking License from the CBN in 2021. Since then, the company has expanded well beyond its early focus on personal loans to introduce a full suite of retail, business, and merchant financial services.

Managing Director Henry Obiekea reiterated that the bank’s core mission is to provide inclusive financial access for underserved individuals across Africa, starting with Nigeria.

Key Milestones in FairMoney’s Rapid Growth

• 2021: Obtained the CBN Microfinance Banking License and launched FairMoney Microfinance Bank.
• 2022: Earned a BBB national long-term rating and A3 short-term rating with a Stable Outlook from Global Credit Rating Co. (GCR).
• 2023: Rolled out SME banking and merchant-focused lending to support businesses.

Comprehensive Banking: Retail, SME, and Merchant Solutions

Today, FairMoney functions as a full-service digital bank offering:

• Retail Banking: Digital savings, current accounts, transfers, bill payments, and high-interest savings products.
• SME and Business Banking: Working capital loans, business accounts, and merchant payment solutions.
• Merchant Services: Payment tools and credit offerings tailored for micro and small enterprises.

A central part of FairMoney’s strategy is its strong savings offering, designed to help Nigerians hedge against inflation and build financial resilience. This has strengthened customer trust and boosted deposits across its user base.

Strong Market Performance in Digital Credit

FairMoney remains a major player in Nigeria’s lending ecosystem. The Q4 2023 CRC Credit Bureau Performance Report ranked the bank 3rd among all reporting lenders based on total credit originations, a testament to its wide reach and operational scale.

FlexiCredit: Supporting Nigerian Professionals With Flexible Funding

One of FairMoney’s standout products is FlexiCredit, a digital credit line targeted at professionals who earn ₦250,000 or more monthly.

Key features include:

• Up to ₦5,000,000 in credit limits
• A flexible line accessible through a single application
• Daily interest of 0.25% on amounts actually used
• Zero fees on undrawn funds
• Full transparency on fees and terms

According to Obiekea, FlexiCredit offers a fast, convenient, and cost-efficient way for working professionals to access funds exactly when needed.

Advancing Financial Identity Through Technology

FairMoney uses advanced digital scoring and data analytics to help customers build digital credit footprints, improving long-term credit accessibility. This approach supports:

• The CBN’s financial inclusion targets
• Nigeria’s broader drive toward a $1 trillion GDP by 2030

By integrating savings, credit, business banking, and digital identity tools, FairMoney is helping Nigerians strengthen their financial stability and unlock new economic opportunities.

Conclusion

FairMoney’s expansion from a digital lender to a full digital banking ecosystem marks a pivotal moment in Nigeria’s financial services evolution. With its emphasis on innovation, financial inclusion, and customer empowerment, the bank is positioned to play a central role in shaping the future of digital finance in Nigeria.