FairMoney Microfinance Bank, one of Nigeria’s fastest-growing digital financial institutions, says it is entering a new phase in its evolution, transitioning from a predominantly digital lending platform into a full-scale financial ecosystem designed to tackle Nigeria’s deep-rooted financial exclusion challenges.
Founded in 2017 with a focus on instant digital credit, FairMoney is now building what it describes as a “comprehensive financial identity” for millions of Nigerians who remain outside the formal financial system.
The shift comes as recent data from the EFInA Financial Services Access Survey 2023 reveals that nearly one in four Nigerian adults is still financially excluded, underscoring the urgent need for broader-access financial solutions.
Managing Director Henry Obiekea said FairMoney’s transformation is tied directly to the mission it was created to pursue.
“The bank was established with a singular mission: to help underbanked and unbanked users in Africa, Nigeria inclusive, access financial services,” he noted.
A timeline of accelerated growth
FairMoney’s expansion since securing its Microfinance Banking License in 2021 has been swift:
- 2021: Obtained a Microfinance Banking License from the Central Bank of Nigeria and formally launched banking operations.
- 2022: In July, Global Credit Rating Co. (GCR) assigned FairMoney a national scale long-term rating of BBB and a short-term rating of A3, both with a Stable Outlook.
- 2023: Rolled out full banking and lending services tailored for SMEs and merchants.
This deliberate scaling has enabled FairMoney to move beyond its foundational Unsecured Personal Loans product to a diversified suite covering retail banking, business banking, merchant solutions, and a rapidly expanding savings proposition designed to help Nigerians shield their money from inflation.
According to the Q4 2023 Industry Credit Bureau Performance Report released by CRC Credit Bureau, FairMoney Microfinance Bank ranked 3rd among reporting Nigerian financial institutions based on total credit originations, reflecting growing customer trust and lending capacity.
Innovating for Nigeria’s working professionals
FairMoney says it is building products that reflect the realities of modern Nigerian life. One of its newest offerings, FlexiCredit, targets professionals earning at least ₦250,000 monthly and provides a revolving credit line of up to ₦5 million.
“FairMoney continues to innovate with tailored products such as FlexiCredit, designed for Nigerian professionals earning at least ₦250,000 per month,” Obiekea said.
“The product provides a flexible credit line of up to ₦5,000,000, subject to eligibility and credit assessment, through a single application. Interest is charged at 0.25 percent per day on amounts drawn, with no fees on unused portions. Terms and conditions apply.”
He added that the simplified structure of FlexiCredit ensures that customers “access funds efficiently while maintaining full transparency.”
Driving inclusion through digital identity
FairMoney’s strategy relies heavily on digital scoring technology, which allows customers to establish a verifiable credit history as they use the platform. This approach, the bank says, strengthens its risk assessment capabilities while helping Nigerians build long-term financial profiles.
The bank believes this aligns with the Central Bank of Nigeria’s financial inclusion goals and Nigeria’s broader ambition of achieving a $1 trillion GDP by 2030, by enabling more citizens and small businesses to participate fully in the financial system.
