Banking
How FairMoney Is Powering Financial Inclusion for Nigerian Hustlers
By Margaret Banasko
Urbanization is reshaping Nigeria’s economic landscape, creating new possibilities for millions of young people who relocate each year in search of opportunity. Cities like Lagos, Kano, and Abuja continue to expand as ambitious Nigerians leave their hometowns with the hope of building stable, sustainable livelihoods.
Recent figures highlight the pace of this shift. As of 2024, more than half of Nigeria’s population – around 128 million people – live in urban areas. Many of these individuals are young entrepreneurs and self-employed workers determined to turn their skills, ideas, and hustle into meaningful income. However, navigating the financial requirements needed to sustain and grow a small business is often challenging for those operating in informal or early-stage sectors.
This is where digital financial platforms have become transformational. With only a mobile phone, an internet connection, and a Bank Verification Number (BVN), Nigerians are increasingly able to access a wider range of financial tools designed to support their daily needs and long-term goals. FairMoney is among the institutions driving this progress by offering services that meet people where they are and support their ambition to grow.
Aigbe Osasere’s experience reflects this evolution. He moved from Benin City to Lagos with the goal of establishing a fish farming business in Ijegun, Alimosho. His vision was clear: create a small, efficient operation that could supply fresh fish to local buyers. Like many small business owners, he needed reliable access to funds to purchase fingerlings, buy feed, replace equipment, and maintain steady production. Managing these cycles required financial tools that matched the fast pace of his operations.
Through the FairMoney app, Aigbe gained access to digital banking services immediately after completing BVN verification. The availability of instant loans provided the flexibility he needed to restock quickly and maintain continuous production. For a business model where timing is central to profitability, this support allowed him to keep his operations consistent and responsive to customer demand.
Opening a FairMoney bank account and receiving a physical debit card further strengthened his business structure. Bulk buyers began paying him directly into his account, giving him clearer financial records and better visibility into his daily revenue. With his debit card, he could purchase supplies, withdraw cash conveniently, and manage his finances in a more organized way.
Aigbe also adopted FairMoney’s savings features to help him preserve and grow his earnings. By setting aside a portion of his daily sales, he is gradually building the capital needed to increase his fish tanks, expand his capacity, and move toward a more scalable operation.
Beyond supporting his business, FairMoney has become part of his everyday life. From the app, he sends money to family members, pays bills, buys airtime and data, and settles electricity tokens quickly and efficiently. This convenience allows him to focus more fully on running and growing his business.
Aigbe’s story is one example of how digital banking is broadening access to financial services across Nigeria. Entrepreneurs, freelancers, traders, and young workers are increasingly leveraging digital platforms to manage money, plan for growth, and participate more actively in the financial system.
As more Nigerians pursue self-employment and urban entrepreneurship, tools that offer accessibility, speed, and flexibility are playing an important role in supporting their progress. With FairMoney, many are finding a dependable partner that aligns with their goals, their pace, and their vision for the future.
Margaret Banasko is the Head of Marketing at FairMoney MFB
By Aduragbemi Omiyale
A collaboration to enable fast money transfers into Nigeria has been entered into between Flutterwave and Xoom, PayPal’s international digital money transfer service.
The partnership allows Xoom transfers to be converted by Flutterwave and settled locally in Naira, enabling quick transfers directly into recipients’ bank accounts at Access Bank, UBA, Zenith Bank, First Bank, GTBank, and additional participating banks across Nigeria.
The deal also enables Xoom’s global network with Flutterwave’s local payout infrastructure, allowing users globally to send funds directly into Nigerian bank accounts with improved speed and efficiency.
Nigeria is the leading remittance recipient in Sub-Saharan Africa, receiving over $20 billion in personal remittances in 2024. Despite this volume, receiving international payments has historically remained complex due to FX constraints and settlement delays. This collaboration helps address those challenges in a market of more than 232 million people, where the ICT sector is projected to contribute 21 per cent of GDP by 2027.
By combining Xoom’s expansive reach with Flutterwave’s local compliance and banking partnerships, the two companies are providing a more accessible financial corridor for the continent.
Xoom, a PayPal service, is a fast and secure international digital money transfer service that enables consumers to send money, pay bills, and reload phones for friends and family in approximately 160 markets globally.
As part of PayPal’s global payments ecosystem, Xoom leverages advanced fraud protection, compliance capabilities, and a trusted global network to help millions of customers move money quickly and securely across borders.
“We’re excited to have been chosen by Xoom for their Nigeria expansion. Millions of Nigerians rely on money from abroad to support everyday needs, whether it’s families receiving help from loved ones, freelancers getting paid for their work, or individuals earning income from the global economy. This helps make it easy and more reliable for people in Nigeria to receive funds and stay connected to opportunities beyond borders,” the chief executive of Flutterwave, Mr Olugbenga GB Agboola, stated.
By Aduragbemi Omiyale
An initiative known as Nigeria Lightning Rounds, designed to expand funding opportunities for Nigerian startups and small businesses by connecting founders with local and international investors, has been launched by ProvidusUnity Bank, in partnership with US-based global venture firm and accelerator, gener8tor.
Scheduled to be held on July 15, 2026, Nigeria Lightning Rounds will feature carefully selected startups engaging with targeted investors who have expressed interest in supporting Nigerian innovation.
Participating founders will have the opportunity to pitch their businesses through focused 15-minute virtual sessions facilitated by gener8tor and ProvidusUnity Bank’s networks.
The program will focus on high-growth sectors including fintech, healthtech, manufacturing, sustainability, and AI, but welcomes SMEs from all industries, with intending participants urged to apply via https://www.gener8tor.com/lightning-rounds/nigeria.
“We recognise that access to capital remains one of the biggest challenges facing entrepreneurs in Nigeria. Through our partnership with gener8tor, we are creating a platform that connects promising Nigerian founders with investors who can provide the support required to scale their businesses,” the Head of Business Development at ProvidusUnity Bank, Mr Ernest Elue, stated.
“The partnership reinforces ProvidusUnity Bank’s commitment to strengthening Nigeria’s entrepreneurial ecosystem by supporting innovation, enabling access to opportunities, and creating pathways for businesses with high-growth potential,” he added.
Also commenting, the Director of Lightning Rounds at gener8tor, Ms Elizabeth Larios, said, “gener8tor is thrilled to partner with ProvidusUnity Bank to extend the Lightning Rounds model into Nigeria.
“This collaboration reflects our commitment to building equitable ecosystems and driving capital to the most promising and underrepresented entrepreneurs.”
Lightning Rounds are a signature initiative of gener8tor’s investment platform, which has facilitated thousands of investor-startup meetings globally. The format is optimised to eliminate friction, reduce bias in early-stage fundraising, and help founders secure capital from investors aligned with their mission and stage. gener8tor’s previous Lightning Rounds for Nigerian Founders in 2025 featured 18 participating Investors and led to 50 investment meetings facilitated.
By Modupe Gbadeyanka
The verification of the depositors of the 46 microfinance banks, whose operating licenses were revoked by the Central Bank of Nigeria (CBN) over a week ago, has commenced.
The exercise, aimed at refunding those whose funds were trapped in the small lenders, is being conducted by the Nigeria Deposit Insurance Corporation (NDIC).
In a statement on Thursday, the agency said its staff members have been positioned at the offices of the affected banks across the country to attend to depositors.
It was disclosed that depositors of the defunct banks, who had their Bank Verification Numbers (BVNs) linked to their accounts in the failed banks, will be paid through their alternative accounts in existing banks.
However, depositors whose BVNs were not linked to their accounts in the failed banks have been encouraged to visit the affected banks’ offices with proof of account ownership, a passport photograph, verifiable means of identification (Driver’s Licence, Permanent Voter’s Card, International Passport or National ID Card) and BVN.
NDIC also stated that depositors can alternatively file their claims online through its website: www.ndic.gov.ng, to complete the Pre-Verification Claims Form by clicking on the Search Bar, and typing Pre-Verification Claims Form; opening the Form and filling in their details. They can also do so by clicking the link: https://ndic.gov.ng/ndic-pre-verification-claims-form/ or by visiting any of the NDIC offices closest to them to file their claims.
For further enquiries, the corporation can be reached on any of the following lines: 09037273810, 09038197064, 08104220807, 09064657140.
