FairMoney Microfinance Bank, one of Nigeria’s fastest-growing digital financial service providers, is redefining its role in the fintech landscape as it transitions from a digital lending startup into a full-fledged financial ecosystem supporting nationwide financial inclusion.
The bank which was launched in 2017 as a digital lending platform has broadened its offerings to address the deep financial exclusion gap highlighted in the EFInA 2023 Financial Services Access Survey, which shows that nearly 25% of Nigerian adults remain outside the formal financial system.
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Since obtaining its Microfinance Banking License in 2021, FairMoney has aggressively expanded its services. Managing Director Henry Obiekea said the bank’s core mission is to provide underbanked and unbanked Africans, especially Nigerians, with seamless access to financial services.
FairMoney’s expansion milestones include:
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2021: Received a Microfinance Banking License from the Central Bank of Nigeria (CBN) and officially launched operations as FairMoney Microfinance Bank.
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2022: Received a national scale rating of BBB (long-term) and A3 (short-term) with a Stable Outlook from Global Credit Rating Co. (GCR).
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2023: Expanded into SME and merchant banking with tailored lending products.
Today, FairMoney’s offerings cover retail banking, business banking, and merchant services—far beyond its early unsecured personal loan products. A key pillar of its strategy is a strong savings proposition aimed at protecting Nigerians’ wealth amid persistent inflation.
This approach has strengthened customer trust and market positioning. The CRC Credit Bureau’s Q4 2023 Industry Performance Report ranked FairMoney Microfinance Bank 3rd among Nigerian financial institutions in total credit originations during the period, based on standard credit volume metrics.
FairMoney is also driving product innovation. One of its newest offerings, FlexiCredit targets salaried professionals earning a minimum of ₦250,000 monthly. The product provides a flexible credit line of up to ₦5 million, accessed through a single application. Interest is charged at 0.25% per day only on amounts utilized, with no fees on unused balances. (Terms and conditions apply.)
“FlexiCredit ensures customers access high-limit credit quickly, transparently and efficiently,” Obiekea said, noting that the bank’s digital scoring system also helps users build credit history over time.
By combining digital lending, savings, and ecosystem-wide financial services, FairMoney is contributing to the Central Bank of Nigeria’s financial inclusion objectives and supporting Nigeria’s ambition of attaining a $1 trillion GDP by 2030.
