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FairMoney Microfinance Bank has surpassed 30 million registered users in Nigeria, marking a major milestone in its expansion of digital banking and financial services.
The CBN-licensed microfinance bank disclosed that its platform is being used by millions of Nigerians for savings, money transfers, bill payments, card services, loans and other financial needs.
FairMoney said the growth reflects increasing adoption of digital financial services, particularly among individuals and businesses that may face challenges accessing traditional banking services.
Through its mobile application, customers can open and manage accounts, save money, transfer funds, pay bills, use cards and access credit, subject to eligibility.
The bank also provides financial services to merchants and micro, small and medium enterprises (MSMEs) through its FairMoney Business platform.
According to the bank, its technology-driven lending platform processes tens of thousands of loan applications daily, allowing eligible customers to access formal credit without extensive paperwork or the need to visit a physical branch.
Commenting on the milestone, Managing Director, FairMoney Microfinance Bank, Henry Obiekea, said the achievement goes beyond customer growth, stressing that it reflects the trust customers have placed in the institution.
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“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,” he said.
Obiekea said the bank would continue to invest in technology and strengthen its products to meet the changing financial needs of individuals and businesses.
“As we enter our next phase, our focus is on deepening the value we provide to both individuals and businesses.
“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,” he said.
FairMoney operates under a microfinance banking licence issued by the Central Bank of Nigeria (CBN), while eligible customer deposits are insured by the Nigeria Deposit Insurance Corporation (NDIC).
The bank also said it operates in line with applicable data protection requirements, including the Nigeria Data Protection Act.
With the latest milestone, FairMoney said it remains focused on expanding access to digital financial services and strengthening its offerings for individuals, merchants and businesses
