FairMoney Microfinance Bank has surpassed 30 million registered users in Nigeria, marking a major milestone for the CBN-licensed digital financial institution as technology continues to reshape access to banking, credit and other financial services.
FairMoney said its technology-enabled banking platform now supports a growing range of services for individuals and businesses, including lending, savings, payments, cards and asset financing.
For the company, crossing the 30-million-user mark represents not only rapid customer growth but also the expanding role of technology in extending formal financial services to populations that have traditionally faced barriers to conventional banking.
Such barriers include extensive documentation requirements, limited access to physical bank branches and a lack of formal credit history.
Through its mobile application, customers can open and manage accounts, save money, make transfers, pay bills, use cards and, where eligible, access credit and asset-financing services directly from their phones.
By integrating multiple financial services into a single digital platform, FairMoney is seeking to deepen participation in Nigeria’s formal financial system while reducing the friction associated with traditional banking processes.
Technology remains central to FairMoney’s business model, particularly in the delivery of credit.
The bank said its automated digital platform processes tens of thousands of loan applications daily, enabling eligible customers to access formal credit without extensive paperwork or visits to physical bank branches.
The model combines digital banking services with technology-enabled credit assessment, allowing the institution to process large volumes of customer requests while expanding access to financial products.
FairMoney said the model supports its broader objective of advancing responsible financial inclusion by helping customers manage financial needs, make payments, save and pursue personal or business goals.
Henry Obiekea, managing director of FairMoney Microfinance Bank, said the 30-million-user milestone reflected the trust customers have placed in the institution.
“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 said.
He said the milestone reinforced the bank’s responsibility to provide accessible and reliable financial services capable of helping more Nigerians participate in the formal financial system.
Beyond individual customers, FairMoney is also expanding its financial services offering to merchants and micro, small and medium-sized enterprises.
Through FairMoney Business, the bank provides business accounts, payments and other financial solutions designed to support day-to-day financial management and operations.
The expansion into business banking signals an effort by the institution to diversify beyond consumer lending and build a broader financial services ecosystem around both individuals and enterprises.
Next phase of growth
FairMoney operates as a Central Bank of Nigeria-licensed microfinance bank and said it operates in accordance with applicable regulatory requirements.
The bank said eligible customer deposits are insured by the Nigeria Deposit Insurance Corporation, while it also maintains measures designed to protect customer information in line with applicable data protection requirements, including the Nigeria Data Protection Act.
As the company enters its next phase of expansion, Obiekea said the focus would increasingly shift from simply growing the customer base to deepening the value delivered to existing and prospective users.
“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.
