MFB: FairMoney records 30m users in Nigeria

FairMoney Microfinance Bank, a Central Bank of Nigeria licensed digital financial institution says it has recorded more than 30 million users in Nigeria.
 

The Bank’s Managing Director, Mr Henry Obiekea disclosed this in a statement on Thursday in Largos.
 
Obiekea said that the milestone reflected growing adoption of digital financial services among Nigerians.
 
He said that the development also underscored the role of technology in expanding access to formal financial services, particularly for people and businesses facing barriers to traditional banking.
 
According to him, customers use the FairMoney platform for services including savings, transfers, bill payments, cards, credit and asset financing.
 
He said that the platform enabled customers to open and manage accounts and access financial services directly through their mobile phones, reducing reliance on physical branches and extensive paperwork.
 
Obiekea added that FairMoney Business provided financial services to merchants and Micro, Small and Medium Enterprises (MSMEs), including business accounts, payments and other solutions tailored to their operational needs.
 
The managing director said the bank’s automated digital platform processed tens of thousands of loan applications daily, enabling eligible customers to access formal credit.
 
“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.
 
“We are grateful for that trust, and we do not take it for granted,” he said.
 
Obiekea said that the milestone had reinforced the bank’s responsibility to provide simple, accessible and reliable financial services that would promote financial inclusion.
 
According to him, FairMoney will continue to invest in technology and strengthen its products to meet the changing needs of individuals and businesses.
 
“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 said.
 
Obiekea said that FairMoney operated as a CBN-licensed microfinance bank, in line with applicable regulatory requirements, while eligible customer deposits were insured by the Nigeria Deposit Insurance Corporation.