FairMoney Microfinance Bank Drives Next Phase of Digital Financial Inclusion in Nigeria

FairMoney Microfinance Bank, one of Nigeria’s fastest-growing digital financial institutions, is leading a transformative shift in the country’s fintech landscape. After establishing itself in digital lending, the bank is now building a comprehensive financial ecosystem focused on full financial inclusion and digital financial identity for underserved Nigerians.

While instant credit remains central to its services, FairMoney’s evolution underscores a broader mission: empowering underbanked and unbanked individuals with accessible, transparent, and technology-driven financial solutions.

Tackling Nigeria’s Financial Exclusion Gap

Nigeria continues to battle a significant financial inclusion deficit. According to the EFInA Financial Services Access Survey 2023, nearly one in four adults still lacks access to formal financial services. FairMoney’s strategic expansion directly addresses this gap by delivering digital-first financial products that are easy to access, affordable, and built for scale.

From Digital Lender to Full-Service Financial Ecosystem

Since obtaining its Microfinance Banking License in 2021, FairMoney has rapidly expanded beyond unsecured personal loans to offer a full suite of retail and business banking services. Managing Director Henry Obiekea reaffirmed that the bank was founded with a clear goal:
to enable access to financial services for underbanked and unbanked individuals across Africa, starting with Nigeria.

Key Milestones in FairMoney’s Growth Journey

• 2021: Secured the Microfinance Banking License from the Central Bank of Nigeria (CBN) and officially launched FairMoney Microfinance Bank in Nigeria.
• 2022: In July, Global Credit Rating Co. (GCR) assigned FairMoney a BBB national scale long-term rating and A3 short-term rating, both with a Stable Outlook.
• 2023: Expanded into SME and merchant banking, introducing lending and banking solutions tailored to businesses.

Expanded Services: Retail, SME, and Merchant Banking

FairMoney now operates as a diversified digital bank with offerings that cut across:

• Retail Banking: Savings, current accounts, transfers, bill payments, and high-yield savings options.
• Business Banking: Loans, business accounts, merchant payment tools, and working capital support.
• Merchant Services: Payment collection, transaction tools, and credit services for small businesses.

A major pillar of the bank’s strategy is its strong savings proposition, developed to help Nigerians protect and grow their wealth amid persistent inflation. This savings-focused approach has strengthened customer trust and improved deposit mobilisation across segments.

Industry Recognition for Credit Performance

FairMoney continues to perform strongly in Nigeria’s digital credit market. According to the Q4 2023 CRC Credit Bureau Industry Performance Report, the bank ranked 3rd among all reporting financial institutions based on total credit originations, highlighting its scale and impact in consumer and SME lending.

Driving Credit Access With FlexiCredit

Among its innovative product offerings is FlexiCredit, a tailored credit line designed for Nigerian professionals earning ₦250,000 and above per month.

Key features include:

• Credit limits of up to ₦5,000,000, based on eligibility
• A flexible credit line accessible through a single application
• Interest charged only on amounts withdrawn, at 0.25% per day
• No charges on unused funds
• Transparent terms and conditions

“FlexiCredit offers professionals a seamless, transparent, and flexible way to access funds when needed, without unnecessary charges,” said Henry Obiekea, Managing Director, FairMoney.

Powering Digital Identity and Financial Inclusion Through Technology

FairMoney leverages advanced digital credit scoring and behavioural data to help customers build digital credit histories, a crucial step in improving credit visibility and access. This technology-driven model supports:

• The Central Bank of Nigeria’s financial inclusion agenda
• Broader economic goals, including Nigeria’s ambition to reach a $1 trillion GDP by 2030

By offering an integrated suite of banking, credit, and savings products, FairMoney is helping Nigerians unlock stronger financial identities and long-term financial empowerment.

Conclusion

FairMoney Microfinance Bank’s shift from a digital lender to a full-scale financial ecosystem represents one of the most significant transitions in Nigeria’s fintech sector. With a clear focus on inclusion, transparency, and innovation, the bank is shaping the future of digital financial services, bringing millions closer to meaningful financial security and identity.