FairMoney Microfinance Bank is strengthening financial inclusion for Nigeria’s growing population of self-employed workers and small business owners, as rapid urbanisation drives millions of young people into cities in search of opportunity.
With more than half of Nigeria’s population of about 128 million people now living in urban areas, the demand for accessible, flexible financial services is rising sharply. Many of these urban dwellers operate informal or early-stage businesses and often struggle to meet the requirements of traditional banking.
Digital financial platforms are increasingly filling this gap. FairMoney, a neo bank and microfinance institution, says its services are designed to support Nigerians who rely on speed, simplicity, and accessibility to sustain their livelihoods.
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Margaret Banasko, Head of Marketing at FairMoney MFB, said the company’s focus is on meeting customers at their point of need.
“Urbanisation is creating a new class of Nigerian hustlers such as entrepreneurs, freelancers, and traders who are ambitious but often underserved by conventional finance. At FairMoney, we are committed to providing simple, digital tools that help them manage money, access credit, and grow sustainably,” she said.
One such beneficiary is Aigbe Osasere, who relocated from Benin City to Lagos to establish a small fish farming business in Ijegun, Alimosho. Like many small-scale producers, he required timely access to funds to manage recurring costs such as feed, fingerlings, and equipment maintenance.
Through the FairMoney app, Osasere was able to open a bank account after BVN verification and access instant digital loans, helping him maintain steady production cycles. He also received a debit card, enabling bulk buyers to pay him directly and improving his ability to track income and manage expenses.
In addition to credit and payments, Osasere uses FairMoney’s savings tools to set aside part of his daily earnings toward business expansion, while relying on the app for everyday transactions such as transfers, bill payments, and airtime purchases.
Industry observers note that stories like Osasere’s reflect a broader trend, as digital banking platforms increasingly enable informal entrepreneurs to participate more fully in the financial system.
Banasko said FairMoney’s role goes beyond lending. “Financial inclusion is not just about access to loans. It’s about helping people build structure, visibility, and confidence in their financial lives. When Nigerians can save, transact, and plan digitally, they are better positioned to grow their businesses and secure their futures,” she said.
As urban entrepreneurship continues to expand, platforms offering speed, flexibility, and low barriers to entry are expected to play an increasingly critical role in Nigeria’s economic landscape.
