A premium credit line that provides eligible users with up to instant N5 million loan has been introduced by a leading microfinance bank, FairMoney.
The product from the small lender known as FlexiCredit offers lifetime access through a single application and is built around simplicity, transparency, and complete user control.
This innovative financial solution is coming at a time when fast and dependable credit remains essential for Nigeria’s growing professional class.
With FlexiCredit, approved users receive a personal credit limit that they can draw from at any time directly within the FairMoney app. Interest is charged at 0.25 per cent per day only on the amount used.
For example, if a user has a limit of N1 million and withdraws N200,000 for 10 days, the interest is N5,000, making the total repayment N205,000. When the credit line is not used, no fees or charges apply.
Even with stable income and employment, many Nigerian professionals still encounter delays when accessing credit.
Traditional lending processes often involve long approval cycles, paperwork, collateral requirements, and rigid repayment structures that make it difficult to act quickly. FlexiCredit eliminates these barriers by providing an always-available line of credit suitable for urgent needs, lifestyle improvements, and business opportunities without stress or delay.
To qualify, applicants must be salaried employees earning at least N250,000 per month, maintain a good credit score, and complete Level Two KYC on the FairMoney app. During the application, users link their salary account for instant income verification, processed securely and in line with NDPR and CBN data protection guidelines.
Once approved, customers have fourteen days to activate the credit line, and the first withdrawal must occur within sixty days to keep it active in line with FairMoney’s risk management standards.
Repayment is designed for ease and peace of mind. Each customer has a monthly due date clearly displayed in the app. Users may repay the full amount used or pay the minimum due, which is calculated as a percentage of the amount used plus accrued interest. Paying the minimum due immediately restores access to the credit line, while full repayment refreshes the entire limit for future use.
“FlexiCredit was created for the modern Nigerian professional who values speed, clarity, and control. You only pay interest when you use your limit, and once you pay your minimum due, access is instantly restored. It is simple, transparent, and designed to match the fast pace of our customers’ lives,” the Head of Marketing at FairMoney, Ms Margaret Banasko, said.
FlexiCredit is currently available to eligible users on Android, and will be available on iOS soon.