FairMoney

FairMoney is a mobile-first digital banking and lending platform serving consumers and businesses in Nigeria, with an operation in India as well. Its core product is an uncollateralised instant loan, delivered through the FairMoney Android app, with limits of up to NGN 3 million and repayment terms from 61 days to 18 months; the app also markets a revolving credit facility (FlexiCredit) with a one-time approval, flexible drawdowns and interest charged only on the amount used. Around the credit product the company has layered deposit and payments services: FairSave (flexible savings wallet), FairTarget (goal-based savings) and FairLock (fixed-income savings), bill payments with zero service charge, free bank transfers, airtime and data discounts, and debit cards usable at ATMs, POS terminals and online. FairMoney MFB is licensed by the Central Bank of Nigeria as a microfinance bank and states that deposits are insured by the NDIC.

According to investor and profile sources, FairMoney was founded in 2017 and began with instant loans and bill payments in Nigeria before expanding into a full-stack neobank following receipt of its microfinance bank licence, which allowed it to open current accounts for users. Beyond consumer lending and deposits, profile material describes business loans and point-of-sale services aimed at underserved businesses. The Google Play listing gives a Lagos address (28 Pade Odanye Close, Off Adeniyi Jones, Ikeja) while one aggregator profile describes the company as Paris, France-based with operations primarily across Nigeria and India, and an investor page classifies it under both Africa and France.

The app listing publishes a representative loan example: NGN 100,000 borrowed over three months at a total interest cost of NGN 30,000 (30% rate), three monthly payments of NGN 43,333, total payable NGN 130,000, representative 120% APR. Advertised savings rates range from 17% p.a. (FairSave) to 20% p.a. (FairTarget) and 18%–28% p.a. on FairLock, with up to 30% for first-time FairLock deposits.