FairMoney Microfinance Bank, a prominent digital-finance firm in Nigeria, is broadening its business beyond instant loans, as it seeks to help more Nigerians access formal banking services and build full financial identities.
Originally founded in 2017 as a digital-lending platform, FairMoney has transformed into a full-service financial ecosystem following the awarding of a Microfinance Banking Licence in 2021.
Now the bank offers a diversified range of products including retail banking, business banking, merchant services, savings and deposit options far beyond its initial unsecured personal-loan offerings.
This expansion aims squarely at closing Nigeria’s financial-inclusion gap. According to a 2023 report by Enhancing Financial Innovation & Access (EFInA), nearly one in four Nigerian adults remain excluded from formal banking.
Central to FairMoney’s new strategy is the recently launched product FlexiCredit. Targeting salaried professionals earning at least ₦250,000 per month, FlexiCredit offers a flexible credit line of up to ₦5,000,000 accessible via a single application. Borrowers incur interest only on amounts drawn, at a rate of 0.25% per day, while unused credit attracts no fees.
The aim is to provide a convenient, transparent alternative to traditional loans that often involve collateral, paperwork, and long wait times. With FlexiCredit, users have a ready financial cushion ideal for urgent needs, lifestyle adjustments or business opportunities while maintaining control and flexibility.
Additionally, FairMoney is emphasising savings and deposit mobilisation. This helps customers safeguard and grow their money in an inflationary economy offering a stable alternative to borrowing.
FairMoney’s efforts are already gaining traction. According to the Q4 2023 report by CRC Credit Bureau, the bank ranked third among Nigerian financial institutions in total credit originations.
By combining digital lending, modern credit-scoring, savings options and business banking services, FairMoney aims to bring more Nigerians into formal banking helping them build credit histories and financial identity. The expansion aligns with broader national objectives, including the agenda of achieving a $1 trillion GDP by 2030.
