Banking
How FairMoney is Powering the Next Generation of Nigerian SMEs
By James Edeh
SMEs are widely regarded as the engine of economic growth. According to the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), in 2025, Nigerian SMEs continued to anchor the economy, representing approximately 96% of all businesses. These enterprises contributed over 48% to Nigeria’s GDP and accounted for between 84% of total employment. However, while the vast majority of SMEs play a vital role in national development, only a small minority have access to formal credit or the financial literacy required to scale and meet eligibility requirements.
FairMoney Microfinance Bank (MFB), a leading technology-enabled bank in Nigeria, is supporting national financial inclusion objectives and bridging the gap by providing solutions that directly assist small and medium-sized enterprises (SMEs). It does this not only by providing access to financing but also by offering efficient payment processing options that help SMEs scale up financially.
Access to Capital
Securing a loan through FairMoney MFB offers a streamlined path for Nigerian SMEs to transform potential into performance. By prioritising digital speed and accessibility, the microfinance bank enables eligible business owners in Nigeria to secure up to ₦5,000,000 without physical collateral; however, access remains subject to credit assessment. This rapid disbursement creates a real opportunity for entrepreneurs to act on time-sensitive growth prospects, whether that means restocking inventory ahead of a peak season, fulfilling a sudden large-scale order, or upgrading essential equipment. To improve their eligibility for higher loan amounts, SMEs simply need to increase their engagement with the FairMoney ecosystem; banking and managing finances directly through the app after an initial application using their BVN and business details.
Beyond the Bank Statement
Alternative credit scoring is the engine that allows FairMoney MFB to leverage broader data sets to better inform credit decisions for a wider range of SME customers. FairMoney MFB doesn’t just look at a bank statement; it looks at potential. By utilising Alternative Credit Scoring powered by advanced data analytics and machine learning, FairMoney MFB assesses creditworthiness based on non-traditional data, such as app usage patterns, transaction velocity, and digital footprints – with customer consent and in accordance with Nigerian data protection requirements. This approach opens the door for businesses with limited formal financial histories to access real growth opportunities that were previously out of reach. For the Nigerian SME, this presents the opportunity to scale from small-scale survival to ambitious expansion, securing the funding necessary to innovate and compete based on the real-time strength of their operations.
Smarter Savings
True business growth requires a shift from simple borrowing to disciplined wealth management, and FairMoney MFB empowers SMEs with a suite of specialised products designed to ensure their capital works as hard as they do. Through FairTarget, entrepreneurs can define specific financial milestones, such as purchasing equipment or securing a larger office, and automate their progress toward reaching them. For operational liquidity, FairSave offers a high-interest savings account where funds remain accessible while earning daily interest, while FairLock provides long-term stability by allowing businesses to secure surplus funds at premium interest rates, protecting capital from impulsive spending. Together, these features transform FairMoney MFB from a lender into a comprehensive financial partner to SMEs that fosters both immediate scalability and long-term fiscal health.
POS Systems
FairMoney MFB’s Point of Sale (POS) systems provide Nigerian SMEs with a robust infrastructure to accept online, mobile, and in-person payments seamlessly. By transitioning from a cash-only model to a multi-channel payment system, businesses can significantly reduce operational risks such as theft and accounting errors while expanding their reach to a nationwide customer base. This digital shift unlocks real-life opportunities for growth. A local retailer can move beyond foot traffic to sell to customers across the country via the web, while service providers can offer “Pay with Transfer” or card options that cater to the growing demographic of cashless consumers.
Every digital transaction creates a verifiable financial trail within the FairMoney MFB app, which the bank uses to build a more accurate credit profile for the merchant. This means that simply by making it easier for customers to pay, SMEs could potentially improve their credit profile and gain access to more competitive pricing needed for long-term expansion.
Maintaining detailed financial records has transitioned from a best practice to a regulatory necessity for SMEs. The current landscape, influenced by the Nigeria Revenue Service (NRS), increasingly values verifiable digital records as a means of supporting eligibility assessments for small business tax holidays. Maintaining such records through record keeping can facilitate compliance with requirements for exemptions, such as the 0% Company Income Tax (CIT) rate for businesses with an annual turnover below ₦100 million. Without accurate, time-stamped digital trails, including structured e-invoices and clear transaction histories, SMEs risk not only losing these vital fiscal reliefs but also facing significantly sharper penalties for late filing or non-compliance.
Beyond tax, streamlined records bridge the information gap that often hinders access to credit; by presenting a “financial compass” of real-time cash flow and profitability, business owners can prove their creditworthiness to partners, turning their compliance into a strategic tool for securing the capital needed to scale in an increasingly formalised market. FairMoney MFB continues to serve as a dynamic partner in an SME’s journey toward long-term scalability and financial stability.
James Edeh is the Head of Compliance at FairMoney Microfinance Bank
By Aduragbemi Omiyale
More than $700 million was disbursed in loans to Micro, Small, and Medium-sized Enterprises (MSMEs) in 2025 by Moniepoint, the financial technology (fintech) firm said in its inaugural Impact Report titled Creating Financial Happiness.
The report also revealed that for three out of four borrowers, a loan from Moniepoint was the first formal business credit their enterprise had ever accessed because of the strategies deployed by the organisation to make financing more accessible to small business owners.
“Ten years ago, we began this journey with a simple but audacious goal — to build financial infrastructure that worked for everyone. Today, that goal has crystallised into our mission of creating a world where every African, everywhere, can experience financial happiness.
“This report shows how that vision is taking shape, through the lives and businesses that are improving because they now have access to the right financial tools.
“For 75 per cent of the businesses we lent to this year, ours was the first formal business loan they had ever received. We also significantly expanded lending to women-owned businesses because we know that when African women thrive, entire communities are uplifted,” the chief executive of Moniepoint Incorporated, Mr Tosin Eniolorunda, stated.
The report showed that Moniepoint now serves over 20 million businesses and individuals, processing over $250 billion in transaction value annually.
It also highlights the impact of expanded access to credit, banking, and business management tools for MSMEs in Nigeria, which face a funding gap of approximately $32.2 billion.
In addition, businesses that received credit recorded a 36 per cent increase in average transaction value, while enterprises banking with Moniepoint employed more than 8 million people in 2025.
Beyond access to credit, Moniepoint’s payments infrastructure is extending financial access to underserved communities, as customers without smartphones or reliable internet can use the company’s USSD service, which turns a basic feature phone into a banking tool.
It was observed that people without smartphones carried out over $170 million in transactions by dialling a simple code.
Across the country, Moniepoint’s POS terminals operate in all 774 local government areas and enable payments for 100 million people in 2025. These gains are showing up in how people experience their financial lives.
In surveys of Moniepoint users, 83 per cent reported that their quality of life has improved, and 85 per cent reported increased confidence in achieving their financial goals.
Beyond its commercial operations, the report also highlights Moniepoint’s broader contribution to economic and social development through investments in talent, education, entrepreneurship and community development.
Guided by the UN Sustainable Development Goals, the financial giant has expanded employment pathways through initiatives such as Women in Tech and DreamDevs engineering programmes, while supporting STEM education, financial literacy, women entrepreneurs and underserved children, collectively reaching tens of thousands of beneficiaries.
Through strategic delivery partnerships, Moniepoint has also supported large-scale government intervention programmes, enabling subsidised food distribution to more than 800,000 people in northern Nigeria.
By Aduragbemi Omiyale
It was a double honour for Zenith Bank Plc at the prestigious Euromoney Awards for Excellence 2026, clinching the biggest and most coveted national and continental awards in banking.
The lender was named Africa’s Best Bank and Nigeria’s Best Bank, the latter for the second consecutive year, at a ceremony held on Thursday, July 16, at The Peninsula London Hotel, London, England.
The Euromoney Awards for Excellence are among the most respected in the global financial industry, evaluating banks on criteria including strategy, profitability, risk management, digital transformation and impact on stakeholders. Victory at the awards is regarded as a mark of the highest distinction in global banking.
“We are deeply honoured by these recognitions from Euromoney. Being recognised as Africa’s Best Bank and Nigeria’s Best Bank reflects the trust of our customers, the dedication of our unicorn workforce, and our unwavering commitment to building a truly African global financial institution.
“These awards inspire us to do even more to deliver superior value, drive financial inclusion, and support the growth of businesses across Africa,” the chief executive of Zenith Bank, Ms Adaora Umeoji, said.
The dual recognition of Zenith Bank is a testament to its sustained excellence in financial performance, customer service, digital innovation, and its contribution to economic development across Nigeria and the wider African continent.
In this year’s edition, a record of over 770 entries were received from world-class financial institutions, including HSBC, Morgan Stanley, Citibank, Barclays, Standard Bank and DBS Bank of Singapore.
Zenith Bank has continued to deliver strong financial results while accelerating investments in technology, artificial intelligence, and digital banking solutions.
In the 2025 financial year, the bank grew gross earnings by six per cent year on year to N4.19 trillion and delivered profit after tax of N1.04 trillion, while reducing its non-performing loan ratio from 4.7 per cent to 3.8 per cent.
In keeping with its dividend policy, Zenith Bank rewarded its investors with a record-breaking total dividend of N10.00 per share (totalling N410.69 billion) for the 2025 financial year, representing a 100 per cent increase over N5.00 per share paid in 2024.
By Adedapo Adesanya
The Wireless Application Service Providers Association of Nigeria (WASPAN) has asked the Federal High Court in Lagos to suspend the enforcement of the Federal Competition and Consumer Protection Commission’s (FCCPC) Digital, Electronic, Online or Non-Traditional Consumer Lending (DEON) Regulations 2025 pending the determination of its appeal against an earlier judgment.
The application follows the dismissal of WASPAN’s substantive suit challenging the regulations, although the court made significant pronouncements on the regulatory responsibilities of the FCCPC and the Nigerian Communications Commission (NCC).
Justice Ambrose Lewis-Allagoa had ruled that the FCCPC possesses powers under Sections 104, 105, 106, and 163 of the Federal Competition and Consumer Protection Act to investigate anti-competitive conduct, protect consumers, and issue regulations.
The court also held that there was no conflict between the FCCPC Act and the Nigerian Communications Act, affirming that while the FCCPC oversees competition and consumer protection, the NCC remains the statutory regulator responsible for licensing telecommunications operators.
However, the judge clarified that “the FCCPC lacks the power to issue telecommunications licences,” adding that “nothing in the DEON Regulations creates a telecommunication licensing.”
Despite the ruling, WASPAN has filed a notice of appeal and is seeking an injunction to preserve the status quo pending the outcome of the appellate process.
In its Motion on Notice, the association asked the court for “an order of injunction restraining the Defendant whether by itself, officers, employees, agents or such other persons howsoever named from enforcing, implementing and/or otherwise giving effect to the enforcement and/or implementation of the Digital, Electronic, Online, or Non-Traditional Consumer Lending Regulations 2025” pending the hearing and determination of the appeal.
WASPAN also requested an order preventing the FCCPC from interfering with services provided by its members under the disputed regulations.
Specifically, it sought an order restraining the commission “from taking any steps towards interfering with or preventing the Plaintiff’s members from providing or continuing to provide or deploy any services or product governed by the Digital, Electronic, Online, or Non-Traditional Consumer Lending Regulations 2025.”
In addition, the association urged the court to restrain the FCCPC “from imposing any sanction, penalty, punishment or fines on the Plaintiff’s members” over any alleged non-compliance with the regulations while the appeal is pending.
According to WASPAN, the interim reliefs are necessary to preserve the subject matter of the appeal and prevent actions that could render the appellate proceedings ineffective.
Business Post reports that the latest application extends the legal battle over the FCCPC’s DEON Regulations and sets the stage for the Court of Appeal to further clarify the scope of the commission’s regulatory authority in Nigeria’s digital lending and telecommunications sectors.
