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FairMoney has surpassed 30 million registered users in Nigeria, underscoring the growing adoption of digital financial services.
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The digital bank says it processes tens of thousands of loan applications daily, with eligible customers able to apply through its mobile platform.
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FairMoney says its next phase will focus on deepening services for individuals and MSMEs, rather than simply expanding its customer base.
September 08, (THEWILL) — Digital financial services provider, FairMoney Microfinance Bank, has surpassed 30 million registered users in Nigeria, a milestone the company says reflects the growing adoption of digital banking and financial services across the country.
The Central Bank of Nigeria (CBN)-licenced microfinance bank said millions of Nigerians now use its platform for services including loans, savings, money transfers, bill payments, cards and asset financing.
The milestone also highlights the role of digital platforms in widening access to formal financial services, particularly for people and small businesses who may face challenges with traditional banking, including limited access to branches, lengthy paperwork or a lack of formal credit history.
Through the FairMoney app, customers can open and manage accounts, save, transfer money, pay bills, use cards and, where eligible, access credit directly from their mobile phones.
The bank also provides financial services to merchants and micro, small and medium-sized enterprises (MSMEs) through its FairMoney Business platform, offering business accounts, payment services and other financial tools.
FairMoney said its technology-driven model allows it to process tens of thousands of loan applications each day, enabling eligible customers to apply for credit without visiting a physical branch.
Commenting on the milestone, Managing Director of FairMoney Microfinance Bank, Henry Obiekea, said the significance of the achievement goes 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”, Obiekea stated.
He added that the company would continue investing in technology and improving its products as it expands services for individuals and businesses.
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“As we enter our next phase, our focus is on deepening the value we provide to both 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 added.
FairMoney said it remains focused on expanding access to digital financial services while operating under applicable CBN regulatory requirements.
The bank also said eligible customer deposits are insured by the Nigeria Deposit Insurance Corporation (NDIC), subject to applicable coverage limits and regulatory requirements.
With more than 30 million registered users, FairMoney joins the growing group of digital financial service providers seeking to reshape how Nigerians access banking, credit and other financial services through mobile technology.
Janefrances Ebere Chibuzor is a Tourism Writer at THEWILL
