FairMoney Microfinance Bank has surpassed 30 million registered users in Nigeria, marking a major milestone in its efforts to expand access to digital financial services for individuals and businesses.
The Central Bank of Nigeria-licensed microfinance bank announced the achievement in Lagos, saying the milestone reflected the growing number of Nigerians using technology-enabled platforms to manage their everyday financial needs.
FairMoney provides digital banking services covering savings, money transfers, bill payments, cards, credit and asset financing through its mobile platform.
The bank said its expanding user base demonstrated how technology could help extend formal financial services to Nigerians who may face barriers associated with conventional banking, including extensive paperwork, limited access to physical branches and insufficient formal credit histories.
Through the FairMoney app, customers can open and manage accounts, save money, pay bills, transfer funds and use cards. Eligible customers can also access credit and finance assets directly from their mobile devices.
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FairMoney said bringing these services together on one platform was helping more people participate in the formal financial system and manage their finances conveniently.
The institution also serves merchants and micro, small and medium-sized enterprises through FairMoney Business.
Business customers can access accounts, payments and other financial solutions developed to support their daily operations and growth.
According to the bank, its automated digital platform processes tens of thousands of loan applications daily, enabling eligible customers to seek formal credit without extensive documentation or visits to physical branches.
FairMoney said its combination of accessible digital banking and technology-enabled credit assessment was helping customers save, make payments, respond to financial needs and work towards personal and business goals.
Speaking on the milestone, Managing Director of FairMoney Microfinance Bank, Henry Obiekea, said the achievement represented more than numerical growth.
“Surpassing 30 million registered users is an important milestone for FairMoney, but its greatest significance is the trust millions of Nigerians have placed in us to support their everyday financial lives,” Obiekea said.
“We are grateful for that trust, and we do not take it for granted. It reinforces our responsibility to continue providing simple, accessible and reliable financial services that help more Nigerians participate in the formal financial system and achieve their financial goals.”
Obiekea said the bank’s next phase would focus on delivering greater value to individual and business customers.
“As we enter our next phase, our focus is on deepening the value we provide to both individuals and businesses,” he added.
“We will continue to invest in technology, strengthen our products and build solutions that respond to how Nigerians save, make payments, access credit, run their businesses and manage their finances.
“Our ambition is not simply to reach more people, but to become a more valuable financial partner to the customers and businesses we serve.”
FairMoney operates as a CBN-licensed microfinance bank and said it conducts its activities in line with applicable regulatory requirements.
Eligible customer deposits are insured by the Nigeria Deposit Insurance Corporation, while the bank said it maintains safeguards for customer information in accordance with applicable data-protection requirements, including the Nigeria Data Protection Act.
With more than 30 million registered users, FairMoney said it would continue expanding access to secure, inclusive and innovative financial services across its growing portfolio of banking products.
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