FairMoney’s Registered Users in Nigeria Cross 30 million

By Modupe Gbadeyanka

A digital financial institution licensed by the Central Bank of Nigeria (CBN), FairMoney Microfinance Bank, has hit a milestone by surpassing 30 million registered users in the country.

This feat demonstrates how technology can help extend formal financial services to more Nigerians, including individuals and businesses who may face barriers to traditional financial services, such as extensive paperwork, limited access to physical bank branches or limited formal credit history.

It also reflects the growing number of Nigerians choosing FairMoney for their everyday financial needs, as millions of people use the platform to borrow, save, transfer money, pay bills, use cards, and finance assets through its technology-enabled banking services for individuals and businesses.

Through the FairMoney app, customers can open and manage an account, save money, pay bills, make transfers, use cards, access credit where eligible, and finance assets directly from their mobile phones.

By bringing these services together on one platform, FairMoney is helping more people participate in the formal financial system and manage their everyday financial needs conveniently.

FairMoney also provides financial services to businesses, supporting merchants and MSMEs with tools designed to help them manage their finances and day-to-day operations. Through FairMoney Business, business customers can access services including business accounts, payments and other financial solutions designed around the needs of growing businesses.

The company’s technology also enables the bank to deliver its services at scale. Alongside its growing range of banking services, the Bank processes tens of thousands of loan applications daily through its automated digital platform, helping eligible customers access formal credit without extensive paperwork or the need to visit a physical branch.

By combining accessible digital banking services with technology-enabled credit assessment, FairMoney is helping customers save, make payments, respond to financial needs and work towards their personal or business goals. This supports the lender’s mission to advance responsible financial inclusion at scale.

Commenting on this development, the chief executive of FairMoney, Mr Henry Obiekea, said, “Surpassing 30 million registered users is an important milestone for FairMoney, but its greatest significance is the trust millions of Nigerians have placed in us to support their everyday financial lives.

“We are grateful for that trust, and we do not take it for granted. It reinforces our responsibility to continue providing simple, accessible and reliable financial services that help more Nigerians participate in the formal financial system and achieve their financial goals.”

“As we enter our next phase, our focus is on deepening the value we provide to both individuals and businesses.

“We will continue to invest in technology, strengthen our products and build solutions that respond to how Nigerians save, make payments, access credit, run their businesses and manage their finances.

“Our ambition is not simply to reach more people, but to become a more valuable financial partner to the customers and businesses we serve,” he added.