FairMoney has expanded financial services portfolio and strengthened push for Nigeria’s financial inclusion agenda.
NaijaOnPoint Nigeria reports that FairMoney Microfinance Bank, one of Nigeria’s fastest-growing digital financial institutions, is advancing a major transformation in the country’s fintech landscape as it broadens its services beyond digital lending to a full-spectrum financial ecosystem aimed at deepening nationwide financial inclusion.
The Lagos-based fintech, which launched in 2017 as a digital lending platform, is now positioning itself as a comprehensive financial services provider, an evolution driven by the need to address Nigeria’s persistent financial exclusion challenges.
According to the EFInA 2023 Financial Services Access Survey, nearly 25% of Nigerian adults remain outside the formal financial system.
Since securing its Microfinance Bank License in 2021, FairMoney has recorded rapid and strategic growth. Managing Director Henry Obiekea reaffirmed that the bank was founded with a clear mission: to enable underbanked and unbanked individuals across Africa, particularly in Nigeria, to access essential financial services.
FairMoney’s Expansion Milestones
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2021: Obtained a Microfinance Banking License from the Central Bank of Nigeria (CBN) and relaunched as FairMoney Microfinance Bank.
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2022: Earned a BBB long-term and A3 short-term national rating from Global Credit Rating Co. (GCR), with a Stable Outlook.
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2023: Rolled out banking and lending services tailored for SMEs and merchants.
The bank’s portfolio now includes retail banking, business banking, merchant payment solutions, and advanced credit services, far exceeding its early offerings of unsecured personal loans. A key pillar of FairMoney’s growth strategy is its enhanced savings ecosystem, aimed at helping Nigerians preserve and grow wealth amid ongoing inflationary pressures.
FairMoney’s expanding deposit base has contributed to greater operational capacity. The CRC Credit Bureau’s Q4 2023 Industry Credit Performance Report ranked FairMoney Microfinance Bank 3rd in total credit originations among Nigerian financial institutions.
Innovative Credit Solutions for Professionals
Highlighting the bank’s innovation drive, Obiekea noted the success of FlexiCredit, a flexible credit line designed for professionals earning at least ₦250,000 monthly. Eligible users can access up to ₦5 million through a single application, with interest charged at 0.25% per day only on the amount utilized and no fees on unused credit.
“Our goal is to ensure transparent, efficient, and accessible credit for all qualified customers,” Obiekea said.
Through its proprietary digital scoring technology, FairMoney is enabling customers to build digital credit profiles, enhancing nationwide credit visibility and supporting the Central Bank of Nigeria’s financial inclusion targets.
The bank believes its expanding ecosystem will contribute significantly to Nigeria’s ambition of achieving a $1 trillion GDP by 2030, reinforcing digital finance as a catalyst for national growth.