By Kingsley Samuel
FairMoney Microfinance Bank, a Central Bank of Nigeria (CBN)-licensed digital financial institution, has announced that it has surpassed 30 million registered users in Nigeria, describing the milestone as a reflection of growing demand for accessible digital financial services.
The bank said the achievement underscores the increasing number of Nigerians turning to digital platforms for everyday financial needs, including savings, transfers, payments, credit, cards and asset financing.
Managing Director, FairMoney Microfinance Bank, Henry Obiekea, said the milestone was significant not merely because of the number of users, but because of the trust placed in the institution by millions of Nigerians.
“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.
“We are grateful for that trust, and we do not take it for granted. It reinforces our responsibility to continue providing simple, accessible and reliable financial services that help more Nigerians participate in the formal financial system and achieve their financial goals,” he added.
According to the bank, the milestone demonstrates how technology can help extend formal financial services to individuals and businesses that may face barriers in accessing traditional banking services.
It noted that such barriers could include extensive paperwork, limited access to physical bank branches and limited formal credit history.
Through its digital platform, FairMoney said customers can open and manage accounts, save money, pay bills, make transfers, use cards and, where eligible, access credit and finance assets directly from their mobile phones.
The bank said bringing these services together on one platform has enabled more Nigerians to manage their everyday financial needs conveniently while participating in the formal financial system.
FairMoney also said it provides financial services to businesses, particularly merchants and micro, small and medium enterprises (MSMEs), through its FairMoney Business platform.
According to the bank, business customers can access business accounts, payments and other financial solutions designed to support their day-to-day operations and growth.
The financial institution said technology remains central to its ability to deliver services at scale, adding that its automated digital platform processes tens of thousands of loan applications daily.
The platform, it said, enables eligible customers to access formal credit without extensive paperwork or the need to visit a physical branch.
The bank said its technology-enabled credit assessment, combined with digital banking services, is designed to help customers save, make payments, respond to financial needs and pursue personal or business goals.
Obiekea said FairMoney’s next phase would focus on deepening the value it provides to customers rather than merely increasing its user base.
“As we enter our next phase, our focus is on deepening the value we provide to both individuals and businesses,” he said.
“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,” Obiekea added.
“Our ambition is not simply to reach more people, but to become a more valuable financial partner to the customers and businesses we serve,” he said.
FairMoney said the 30 million registered-user milestone reinforces its commitment to expanding access to secure, inclusive and innovative financial services.
The bank added that it would continue to develop customer-focused digital banking products as it seeks to meet the changing financial needs of individuals and businesses across Nigeria.
FairMoney operates as a CBN-licensed microfinance bank and said it operates in accordance with applicable regulatory requirements.
It also stated that eligible customer deposits are insured by the Nigeria Deposit Insurance Corporation (NDIC), while the bank maintains measures to protect customer information and complies with applicable data protection requirements, including the Nigeria Data Protection Act.
The institution said its continued investment in technology would remain focused on improving access, convenience and reliability for its growing customer base.
