Photo: L – R Kingsley Ishiguzo; Head of Operations, FairMoney MFB; Nengi Akinola; Head, Marketing & Branding, FairMoney MFB; David Nwosu, Head, Retail Banking, FairMoneyMFB and Henry Obiekea, VP, Capital markets, FairMoney MFB at the FairMoney MFB media parley, recently.
By Anderson Ozakpo
FairMoney started operations in 2017 as an online lender that provides instant loans and bill payments to customers in Nigeria. Founded by Laurin Hainy, Matthieu Gendreau, and Nicolas Berthozat, FairMoney started with an overarching vision to be the leading digital bank driving financial inclusion for the average Nigerian.
Stemmed from a burning desire to bridge the lag between developing African countries – Nigeria inclusive, FairMoney seeks to put banking in your hands, allow real-time transfers, offer instant loans, fast payments and the new age of banking enjoyed in developed countries.
With a strategy premised on catering to the majority, FairMoney was birthed to cater to the predominant needs of the Nigerian market – small and medium scale enterprises, through quick and seamless loans.
Following this strategy over the past 4 years of operation, FairMoney MFB has grown its customer base to over 5 million users, and 2 million bank accounts. It has disbursed over N117 billion by relentlessly positioning as the New Bank for the masses–with plans to cater for the underbanked and unbanked.
According to Laurin Hainy, Co-Founder/CEO, FairMoney, “FairMoney is positioned to support our customers across their various financial service needs even as we work to maintain our current position as the leading digital bank in Nigeria. Our mission has always been to serve the needs of as many Nigerians as possible. Our approach to doing this involves providing millions of Nigerians with loans and capital to meet their immediate needs and in some cases,
to grow their businesses, and so far, we have disbursed over N117billion loans since inception.”
Our goal ultimately is to use technology to bank the 60 million Nigerians currently excluded from the financial ecosystem. We have also introduced secure and innovative technology processes to improve our lending operations, as well as a strong privacy protection policy, and a comprehensive loan collection policy which has been successfully deployed in the last 4 years.
FairMoney has finely niched a reputation as a leading driver for financial inclusion in Nigeria through its unique lending service offerings which avail customers the opportunity to secure loans without collateral in as little as 5 minutes. It also lets users get free debit cards and free inter-bank transfers to continually support SMEs & MSMEs by alleviating common expenses issued by traditional banks through account maintenance charges.
Among FairMoney’s many offerings is the digitization of general banking procedures through the app by making bill payments accessible without needing to visit banking halls. It also offers consumer-empowering initiatives like the recently concluded FairMoney Transact & Win Black Friday engagement which had lucky winners go home with 10 smartphones, 5 generators & a delivery motorcycle;
There’s also the ongoing ’12 Days of Fair giveaways’ Christmas giveaways all in the bid to offer equal opportunities for all and stay true to their promise of Fair banking for all.
Nengi Akinola – Head Marketing & Branding reiterated FairMoney’s commitment to supporting Nigerians:
“To us at FairMoney, the goal is to see a world where everyone has equal financial opportunities and support to reach their financial goals, however great or wide it may be. We will continue to build on our offerings so that we can continue to meet the growing needs of the average Nigerian customers” she said. “We can’t wait to share all the interesting new features we’re bringing to the FairMoney app in the new year,” Nengi said.
Fair banking for all is said to be the future of banking. We can only wait to see all that FairMoney has up its sleeves and it all begins with one simple step; download the FairMoney app or visit the FairMoney website.