Onome Amuge

FairMoney, a leading Microfinance Bank in Nigeria, has unveiled FlexiCredit, a premium, always-available credit line designed to give salaried professionals instant access to up to N5,000,000. The product, launched on Wednesday, aims to simplify borrowing in a market where traditional credit remains cumbersome and slow, highlighting the growing role of digital-first financial solutions in Africa’s fourth largest economy.

Unlike conventional loans that demand lengthy approval processes, collateral, and rigid repayment schedules, FlexiCredit allows eligible users to draw funds directly from their pre-approved limit within the FairMoney mobile app. Interest is only charged on the amount used, calculated daily at 0.25 per cent. For example, a withdrawal of N200,000 for ten days incurs just N5,000 in interest. Users face no fees when the credit line remains unused, reflecting a model designed for flexibility and cost transparency.

“FlexiCredit was created for the modern Nigerian professional who values speed, clarity, and control. You only pay interest when you use your limit, and once you pay the minimum due, access is instantly restored. It is simple, transparent, and designed to match the fast pace of our customers’ lives,” said Margaret Banasko, head of marketing at FairMoney. 

The launch reflects a wave of fintech innovation in Nigeria, where professionals often struggle with slow access to credit despite steady incomes. Lengthy, bureaucratic lending processes continue to hinder business opportunities, emergency spending, and lifestyle investments. In contrast, FlexiCredit provides a seamless borrowing experience, offering instant income verification, digital KYC, and near real-time approval.

Applicants must be salaried employees earning at least N250,000 monthly and maintain a good credit score. Level Two KYC verification is required, and salary accounts are linked for secure, compliant income verification under the Nigerian Data Protection Regulation (NDPR) and Central Bank of Nigeria (CBN) guidelines. Approved users have fourteen days to activate their credit line, with the first withdrawal due within sixty days to maintain account eligibility.

Repayment is designed for simplicity. Users can repay the minimum due or the full amount used. Meeting the minimum due immediately restores access to the credit line, while full repayment refreshes the entire limit, offering continuous flexibility for recurring financial needs.

FlexiCredit is initially available to Android users, with an iOS rollout planned for the near future.