Onome Amuge
FairMoney Microfinance Bank has disclosed that it disbursed more than N150 billion in loans over the past year, while paying over N7 billion in interest to savings customers, highlighting the growing role of digital microfinance banks in Nigeria’s evolving financial ecosystem.
The lender, which began operations in 2021 as one of Nigeria’s early platforms for rapid, app-based credit, has since scaled into a fully licensed microfinance bank regulated by the Central Bank of Nigeria (CBN). Its expansion reflects a shift within the fintech sector, as digital lenders increasingly seek banking licences to deepen trust, mobilise deposits and broaden their product offerings.
FairMoney now provides a wide range of financial services, including high-interest savings accounts, fixed-term deposits, current accounts, debit cards and point-of-sale (POS) solutions for businesses. These products are designed to lower barriers to financial access through simplified onboarding, digital delivery and competitive transaction costs, particularly for individuals and small businesses traditionally underserved by commercial banks.
At the core of FairMoney’s operations is its technology-driven credit model. The bank uses artificial intelligence and machine learning to analyse financial and alternative data, including smartphone usage patterns and customer-provided information. This enables it to generate proprietary credit scores and offer fast, collateral-free loans to customers whose creditworthiness may not be captured by conventional banking metrics.
According to Henry Obiekea, managing director of FairMoney Microfinance Bank, the latest figures highlight the institution’s focus on supporting economic activity across Nigeria. “Our record loan disbursements and savings pay-outs over the past year are more than just numbers; they represent our unwavering tenacity in supporting the Nigerian financial ecosystem. We are driven by the knowledge that our platform provides essential capital for individuals to thrive and for businesses to scale,” he said.
Obiekea added that FairMoney’s savings products are designed to offer inflation-beating returns for both retail and business customers, positioning the bank as a tool for wealth preservation at a time of sustained inflationary pressure.
As a CBN-licensed microfinance bank, FairMoney operates under strict regulatory oversight. Customer deposits are insured by the Nigeria Deposit Insurance Corporation (NDIC), while the bank says it adheres to the Nigeria Data Protection Regulation (NDPR) and maintains bank-grade security standards to safeguard customer data.
The bank’s growth comes against the backdrop of Nigeria’s accelerating transition towards digital payments under the CBN’s Payment Systems Vision 2025. By October 2025, electronic payments had risen to record levels, with instant bank transfers accounting for nearly 70 per cent of all e-payment transactions nationwide.
FairMoney has been part of this shift, facilitating digital flows through loan disbursements and savings interest payments that deepen customers’ engagement with formal financial channels.
Looking ahead, Obiekea said the bank remains focused on financial inclusion and customer trust. “As we move into 2026, we remain resolute in our mission to uphold fairness, empowerment and consumer confidence, while contributing to the growth and resilience of Nigeria’s financial landscape,” he added.
