FairMoney Microfinance Bank, has crossed the 30 million registered-user mark in Nigeria, in a development that underscores the expanding role of digital financial services in broadening access to formal banking and credit across the country.
The Central Bank of Nigeria (CBN)-licensed microfinance bank said the milestone reflects the growing number of Nigerians turning to digital platforms to meet everyday financial needs, from savings and money transfers to bill payments, card services, credit and asset financing.
The bank said millions of customers now use its technology-enabled platform, which brings several financial services together through mobile devices.
Beyond the headline figure, the 30 million-user milestone highlights the increasing adoption of technology as a tool for reducing some of the barriers traditionally associated with accessing formal financial services.
For many Nigerians, particularly individuals and small businesses, such barriers can include extensive documentation requirements, limited access to physical bank branches and a lack of formal credit history.
FairMoney said its digital platform is designed to address some of these challenges by allowing customers to open and manage accounts, save money, transfer funds, pay bills, use cards and, where eligible, access credit directly through their mobile phones.
The bank also provides financial services to businesses, particularly merchants and micro, small and medium-sized enterprises (MSMEs), through its FairMoney Business offering.
The service provides business customers with tools including business accounts, payment solutions and other financial products intended to support the day-to-day financial requirements of growing enterprises.
According to the bank, technology remains central to its ability to provide services at scale. FairMoney said it processes tens of thousands of loan applications each day through its automated digital platform, enabling eligible customers to apply for formal credit without extensive paperwork or the need to visit a physical branch.
The development comes against the backdrop of increasing digitalisation in Nigeria's financial sector, where mobile-based platforms have become an important channel for delivering banking and payment services to consumers and businesses.
FairMoney said its combination of digital banking and technology-enabled credit assessment is intended not only to provide convenience but also to help customers manage financial needs, build savings, make payments and pursue personal and business objectives.
Commenting on the milestone, Henry Obiekea, Managing Director of FairMoney Microfinance Bank, said the significance of the achievement went beyond the number of registered users.
“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,” said Henry Obiekea, Managing Director of FairMoney Microfinance Bank. “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.”
The bank said it operates in accordance with applicable regulatory requirements as a CBN-licensed microfinance bank. Eligible customer deposits are insured by the Nigeria Deposit Insurance Corporation (NDIC), subject to applicable coverage limits and regulatory requirements.
FairMoney also said it maintains measures to protect customer information and complies with applicable data protection requirements, including the Nigeria Data Protection Act.
As the financial technology company moves into what it describes as its next phase of growth, management said its priority would shift from simply expanding its customer base to increasing the value of the services offered to existing and prospective customers.
Obiekea said the bank would continue investing in technology while strengthening its products and developing services tailored to the changing financial habits of Nigerians and the operational needs of businesses.
“As we enter our next phase, our focus is on deepening the value we provide to both individuals and businesses,” Henry Obiekea added. “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.”
With more than 30 million registered users in Nigeria, FairMoney said it remains focused on expanding access to secure, inclusive and technology-driven financial services while improving customer experiences across its portfolio of banking products.
The bank offers loans, savings, transfers, bill payments, cards and asset financing, with products subject to applicable terms, conditions and eligibility criteria.
Interest rates, fees and access conditions vary according to the relevant product terms, while lending facilities remain subject to the bank's credit assessment, risk acceptance criteria and applicable terms and conditions.
FairMoney Microfinance Bank is a CBN-licensed microfinance bank providing digital financial services in Nigeria. Its portfolio includes loans, savings, transfers, bill payments, cards and asset financing for individuals and businesses.
Eligible customer deposits are insured by the Nigeria Deposit Insurance Corporation, subject to applicable coverage limits and regulatory requirements.
For more information, customers can visit FairMoney's website or download the FairMoney app from the Google Play Store or Apple App Store.