FairMoney Microfinance Bank is accelerating its transition from a digital lender into a full-service financial institution, as it broadens its product portfolio to serve Nigeria’s underbanked and financially excluded population.
The strategic shift comes against the backdrop of Nigeria’s persistent financial inclusion gap. According to the Enhancing Financial Innovation & Access (EFInA) 2023 survey, nearly 25 per cent of Nigerian adults still lack access to formal financial services, a challenge FairMoney says it is deliberately designing its offerings to address.
Founded in 2017 as a digital lending platform, FairMoney took a pivotal step in 2021 when it obtained a Microfinance Banking licence from the Central Bank of Nigeria (CBN). The approval enabled the company to evolve into a regulated banking institution, laying the foundation for a broader financial ecosystem that goes beyond short-term personal loans.
Managing Director, Henry Obiekea, said the bank’s mission remains focused on expanding access to essential financial services for unbanked and underbanked Africans, while helping users establish full financial identities within the formal system.
Since becoming a licensed microfinance bank, FairMoney has recorded steady milestones that reflect its expanding scope. In 2022, it secured a BBB long-term national scale credit rating with a stable outlook from Global Credit Rating Co. (GCR). By 2023, the bank had launched dedicated banking and lending solutions tailored for small and medium-scale enterprises (SMEs) and merchants.
Today, FairMoney’s offerings cut across retail banking, business banking, and merchant services, marking a significant departure from its initial focus on unsecured personal loans.
Savings and deposit mobilisation have become a core component of the bank’s growth strategy, as it seeks to help customers preserve value and grow funds in an inflation-prone environment. This emphasis, the bank says, has strengthened customer confidence while improving its operational resilience.
FairMoney’s performance in digital credit has also gained industry recognition. The CRC Credit Bureau’s Q4 2023 Industry Credit Bureau Performance Report ranked the bank third among Nigerian financial institutions in terms of total credit originations during the period.
On the lending side, FairMoney continues to roll out targeted products designed to match user income profiles and cash-flow needs. One of such offerings is FlexiCredit, a credit line aimed at salaried professionals.
“FlexiCredit is designed for Nigerian professionals earning at least ₦250,000 monthly,” Obiekea said. “Eligible customers can access a flexible credit line of up to ₦5 million through a single application, subject to credit assessment.”
By deploying advanced digital credit-scoring tools, FairMoney is helping users build verifiable credit histories and improve their financial visibility, an approach aligned with the CBN’s financial inclusion agenda and Nigeria’s broader ambition of achieving a $1 trillion economy by 2030.
