FairMoney Microfinance Bank, a rapidly expanding digital financial services provider within the Nigerian fintech landscape, is leading a substantial paradigm shift in the country’s digital finance sector. Moving beyond its initial digital lending services, the bank is now championing comprehensive financial inclusion and the establishment of full financial identities for the Nigerian population.
While instant credit remains a core service, the bank — which started as a digital lending platform in 2017 — is repositioning itself as a full-service financial ecosystem. This strategic evolution directly tackles Nigeria’s significant financial exclusion problem. The 2023 Enhancing Financial Innovation & Access (EFInA) Financial Services Access Survey reports that nearly one in four Nigerian adults remains outside the reach of formal financial services.
Since acquiring a Microfinance Banking Licence in 2021, FairMoney has swiftly broadened its range of offerings. According to Managing Director Henry Obiekea, the bank was founded with a clear mission: to enable underbanked and unbanked users in Africa, including Nigeria, to access essential financial services.
FairMoney’s growth trajectory is marked by the following milestones:
2021: Secured a Microfinance Banking Licence from the Central Bank of Nigeria and launched the bank within the country.
2022: In July 2022, Global Credit Rating Co. (GCR) assigned FairMoney Microfinance Bank a national long-term rating of BBB and a short-term rating of A3, both with a Stable Outlook. The comprehensive rating report and methodology are publicly accessible via GCR’s website.
2023: Launched banking and lending services tailored for Small and Medium-sized Enterprises (SMEs) and merchants.
Today, the company’s offerings encompass retail banking, business banking, and merchant services — moving well beyond its original Unsecured Personal Loans product. Central to FairMoney’s strategic approach is a strong savings proposition designed to help Nigerians safeguard and grow their money amidst inflationary pressures. This emphasis on deposit mobilisation has fostered significant trust and operational resilience. According to the Q4 2023 Industry Credit Bureau Performance Report published by CRC Credit Bureau, FairMoney Microfinance Bank ranked third among Nigerian financial institutions reporting credit activity during the period, based on the Bureau’s standard credit volume measurement.
“FairMoney continues to innovate with tailored products such as FlexiCredit, designed for Nigerian professionals earning at least ₦250,000 per month. 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% per day on amounts drawn, with no fees on unused portions. Terms and conditions apply. By providing a streamlined credit process, FlexiCredit helps customers access funds efficiently while maintaining full transparency,” said Henry Obiekea, Managing Director, FairMoney.
Utilising advanced digital scoring techniques, FairMoney actively assists customers in building their digital credit history and enhances credit visibility. This comprehensive approach supports the Central Bank of Nigeria’s financial inclusion objectives and contributes to the nation’s aspiration of reaching a $1 trillion GDP by 2030.
