FairMoney, a leading microfinance bank in Nigeria, has announced the launch of FlexiCredit, an innovative credit facility offering eligible users access to up to ₦5,000,000 in instant funds whenever needed. Designed with simplicity, transparency, and user control at its core, FlexiCredit provides a lifetime credit line accessible through a single application.
Approved users are granted a personal credit limit that they can draw from at any time directly within the FairMoney app. Interest is charged at a rate of just 0.25% per day on the utilised amount. For example, if a user withdraws ₦200,000 for ten days from a ₦1,000,000 limit, the interest accrued would be ₦5,000, resulting in a total repayment of ₦205,000. When the credit isn’t in use, no fees or charges apply.
Many Nigerian professionals face delays when accessing credit through traditional channels, which often involve lengthy approval processes, paperwork, collateral requirements, and rigid repayment schedules. FlexiCredit aims to remove these barriers by providing a readily available line of credit suitable for urgent needs, lifestyle improvements, or business opportunities, without the stress of lengthy procedures.
Margaret Banasko, Head of Marketing at FairMoney, commented on the launch: “FlexiCredit is tailored for the modern Nigerian professional who values speed, clarity, and control. You only pay interest when you use your limit, and once you settle your minimum due, access is instantly restored. It’s simple, transparent, and designed to keep pace with our customers’ busy lives.”
To qualify, applicants must be salaried employees earning at least ₦250,000 per month, possess a good credit score, and complete Level Two KYC verification via the FairMoney app. Income verification is securely processed by linking their salary account, in compliance with NDPR and CBN data protection guidelines. Once approved, customers have fourteen days to activate the credit line, with the first withdrawal required within sixty days to maintain the account’s active status.
Repayment options are straightforward. Customers are given a clear monthly due date within the app and can choose to pay either the full amount or the minimum due — calculated as a percentage of the amount used plus accrued interest. Paying the minimum due promptly restores full access to the credit line, while full repayment resets the limit for future use.
As Nigeria’s professional class continues to grow, FlexiCredit provides a dependable, instant-access financial solution. By combining swift verification, flexible repayment options, and round-the-clock fund access, FairMoney is committed to supporting the financial goals and stability of its users.
FlexiCredit is currently available for Android users and will soon be accessible on iOS devices.
