FairMoney Microfinance Bank is accelerating its transition from a digital lender into a full-service financial institution as it rolls out new savings, business banking, and SME lending products to support Nigeria’s financial inclusion objectives and the federal government’s ambition to build a $1 trillion economy by 2030.
While instant credit remains a vital service, the bank, which began as a digital lending platform in 2017, is now positioning itself as a full-service financial ecosystem. This strategic evolution directly addresses Nigeria’s critical financial exclusion challenge as described in the Enhancing Financial Innovation & Access (EFInA) Financial Services Access Survey 2023 reports that nearly one in four Nigerian adults remains excluded from formal financial services.
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Following the acquisition of a Microfinance Banking License in 2021, FairMoney rapidly expanded its offerings. According to Managing Director Henry Obiekea, the bank was established with a singular mission: to help underbanked and unbanked users in Africa, Nigeria inclusive, access financial services.
FairMoney’s expansion timeline highlights this aggressive growth:
2021: Secured Microfinance Banking License from the Central Bank of Nigeria and launched the bank in Nigeria; 2022: In July 2022, Global Credit Rating Co. (GCR) assigned FairMoney Microfinance Bank a national scale long-term rating of BBB and a short-term rating of A3, both with a Stable Outlook. The full rating report and methodology are publicly available on GCR’s website; 2023: Launched banking and lending services for SMEs and Merchants.
The company’s offerings now span retail banking, business banking, merchant services,, moving far beyond its initial Unsecured Personal Loans product. Central to FairMoney’s strategy is a robust savings proposition designed to help Nigerians protect and grow their money against inflationary pressures. This focus on deposit mobilization has yielded significant trust and operational strength.
According to the Q4 2023 Industry Credit Bureau Performance Report published by CRC Credit Bureau, FairMoney Microfinance Bank was ranked 3rd among reporting Nigerian financial institutions based on total credit originations during the period, using the Bureau’s standard credit volume measurement methodology.
Henry Obiekea, the managing director, FairMoney, told journalists that, “FairMoney continues to innovate with tailored products such as FlexiCredit, designed for Nigerian professionals earning at least N250,000 per month. The product provides a flexible credit line of up to N5,000,000, 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. By providing a streamlined credit process, FlexiCredit helps customers access funds efficiently while maintaining full transparency.”
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By leveraging advanced digital scoring, FairMoney is actively helping customers build digital credit history and enhancing credit visibility. This holistic approach supports the Central Bank of Nigeria’s financial inclusion goals and the national vision of a $1 Trillion GDP by 2030.
