FairMoney Microfinance Bank has announced the launch of FlexiCredit, a premium credit line designed to give eligible Nigerians immediate access to up to ₦5,000,000. The product offers a seamless borrowing experience with transparent rates, no collateral, and full control through the FairMoney mobile app.
Approved customers receive a personalised credit limit that they can withdraw from at any time. Interest is charged at 0.25% per day, applied only to the portion of the credit that is actually used. For example, withdrawing ₦200,000 out of a ₦1 million limit for 10 days attracts ₦5,000 in interest, bringing total repayment to ₦205,000. No charges apply if the credit line remains unused.
FlexiCredit aims to provide rapid funding for emergencies, lifestyle upgrades, or business needs, removing the long wait times, documentation requirements, and strict repayment structures common with traditional loans.
According to Margaret Banasko, FairMoney’s Head of Marketing: FlexiCredit is built for today’s fast-paced Nigerian professional. You only pay interest on what you use, and once your minimum due is paid, your credit access is restored immediately. It’s fast, clear, and customer-first.”
Eligibility: Who Can Access FlexiCredit?
To qualify for FlexiCredit, users must:
- Be a salaried worker earning at least ₦250,000 monthly
- Maintain a strong credit score
- Complete Level 2 KYC on the app
- Link their salary account for instant verification
- Activate their credit line within 14 days
- Make their first withdrawal within 60 days to keep the line active
Flexible Repayment and Continuous Access
FlexiCredit gives users two repayment options:
- Repay the minimum due (a percentage of the borrowed amount plus interest), which restores access to the remaining credit limit
- Repay the full balance, which resets the entire credit limit for future withdrawals
This setup ensures that customers can borrow as needed without losing access to funds after each repayment cycle.
Empowering Nigerians With Faster, More Reliable Credit
As quick-access financing becomes increasingly vital for Nigeria’s working class, FlexiCredit offers a timely solution with instant verification, flexible repayments, and round-the-clock availability.
The feature is currently open to Android users, with iOS support coming soon.
