FairMoney targets 60m unbanked Nigerians
By Jeph Ajobaju, Chief Copy Editor
FairMoney, a fintech, has disbursed loans worth N117 billion to businesses since its inception four years ago and is seeking to expand its customer base from five million to 60 million in the vast terrain of unbanked Nigerians.
The microfinance bank says its emphasis on serving the unbanked and underbanked stems from a desire to bridge the gap between developing African countries and the new age of banking in developed economies.
FairMoney co-founder and Chief Executive Officer Laurin Hainy explained in Lagos that the bank was founded with a vision to lead digital banking and drive financial inclusion espoused by the Central Bank of Nigeria (CBN).
The strategy is premised on the need to cater to the majority of the Nigerian market – Small and Medium Sized Enterprises (SMEs) – through quick and seamless loans.
Based on this strategy, Hainy added, FairMoney has over the past four years of operation grown its customer base to over five million users and two million bank accounts through relentless positioning as the “New Bank for the masses”.
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Providing financial services
“FairMoney is positioned to support our customers across their various financial service needs even as we work to maintain our current position as the leading digital bank in Nigeria,” Hainy said, reported by Nairametrics.
“Our mission has always been to serve the needs of as many Nigerians as possible.
“Our approach to doing this involves providing millions of Nigerians with loans and capital to meet their immediate needs and in some cases to grow their businesses, and so far, we have disbursed over N117 billion loans since inception.
“Our goal ultimately is to use technology to bank the 60 million Nigerians currently excluded from the financial ecosystem.
“We have also introduced secure and innovative technology processes to improve our lending operations, as well as a strong privacy protection policy, and a comprehensive loan collection policy which has been successfully deployed in the last four years.”
Hainy stressed that FairMoney has niched a reputation as a leading driver for financial inclusion in Nigeria, with millions benefiting from its numerous financial services and features through strong lending service offerings such as
- Quick loans without collateral
- Free debit cards
- Free inter-bank transfers to support SMEs and MSMEs
Free inter-bank transfers alleviate common expenses issued by traditional banks through account maintenance charges.
FairMoney has also
- Digitised general banking procedures through its app by making bill payments accessible without needing to visit banking halls.
- Introduced consumer empowering initiatives like s recent FairMoney Transact & Win Black Friday in which participants won 10 smartphones, five generators, and a delivery motorcycle.
- Introduced ‘12 Days of Fair giveaways’ Christmas giveaways.
Hainy said this is all in the bid to offer equal opportunities to all and stay true to the promise of fair banking for all.
Marketing & Branding Head Nengi Akinola added that “the goal is to see a world where everyone has equal financial opportunities and support to reach their financial goals, however great or wide it may be.
“We will continue to build on our offerings, so that we can continue to meet the growing needs of the average Nigerian customers.
“We can’t wait to share all the interesting new features we’re bringing to the FairMoney app in the new year.”