FairMoney Microfinance Bank (MFB) has reinforced its position in Nigeria’s fast-growing fintech ecosystem after disbursing over ₦150 billion in loans and paying more than ₦7 billion in interest to savings customers within the past year, highlighting the increasing role of digital banks and the rise of Digital Banking in reshaping money in Africa.
The milestone reflects a broader shift across the continent, where fintech-driven institutions are expanding access to credit, accelerating digital payments, and redefining how individuals and businesses interact with financial services.
This shift towards Digital Banking is crucial for enhancing financial inclusion.
Speaking on the bank’s performance, Henry Obiekea, Managing Director of FairMoney MFB, said the figures go beyond balance sheets and underline the institution’s commitment to strengthening Nigeria’s financial ecosystem.
“At FairMoney, we understand that access to timely capital is critical. Our platform exists to help individuals meet their needs and enable businesses to scale sustainably,” Obiekea said.
“At FairMoney, we understand that access to timely capital is critical. Our platform exists to help individuals meet their needs and enable businesses to scale sustainably,” Obiekea said.
Fintech Growth Meets Financial Inclusion
FairMoney’s performance comes at a time when Nigeria’s financial sector is undergoing rapid digital transformation, driven by rising consumer adoption of mobile banking, supportive regulation, and growing trust in licensed digital banks.
Launched in 2021 as a digital lending platform, FairMoney initially focused on providing fast, unsecured loans to underserved Nigerians excluded from traditional banking. It has since evolved into a fully licensed CBN-regulated microfinance bank, offering a broad range of services including savings accounts, fixed deposits, current accounts, debit cards, and POS solutions for merchants.
This expansion mirrors wider trends across Africa payments, where fintechs are moving beyond lending into full-stack digital banking, payments, and wealth products.
Savings Growth Amid Inflation Pressures
Beyond lending, FairMoney has seen strong growth in savings activity, as Nigerians increasingly turn to digital platforms offering competitive yields amid persistent inflation and currency pressures.
According to the bank, total interest paid to savers surpassed ₦7 billion within the same period it crossed the ₦150 billion lending mark. Obiekea noted that FairMoney’s savings products are structured to help both individuals and businesses protect value in a challenging economic environment.
“Our goal is to close the financial gap by offering products that empower customers to save, transact, and grow with confidence,” he added.
“Our goal is to close the financial gap by offering products that empower customers to save, transact, and grow with confidence,” he added.
AI-Driven Lending and Risk Management
At the heart of FairMoney’s lending model is a technology-led approach to credit assessment, leveraging artificial intelligence and machine learning to analyse large volumes of financial and alternative data.
By combining customer-provided information with behavioural insights, the bank generates proprietary credit scores that enable fast, collateral-free loans for individuals and SMEs that typically fall outside conventional banking criteria.
This approach has allowed FairMoney to scale responsibly, striking a balance between expanding access to credit and maintaining strong risk controls—an ongoing challenge within Africa’s micro and small business segment.
Regulation, Trust, and Digital Payments Momentum
Operating as a licensed microfinance bank, FairMoney says it adheres strictly to regulatory standards, with customer deposits insured by the Nigeria Deposit Insurance Corporation (NDIC). The institution also maintains compliance with the Nigeria Data Protection Regulation (NDPR) and deploys bank-grade security infrastructure to protect customer data and funds.
Its growth also aligns with Nigeria’s evolving payments landscape under the CBN’s Payment Systems Vision 2025, which has accelerated the shift from cash to electronic transactions. By late 2025, instant bank transfers accounted for nearly 70% of all electronic payments, underscoring the dominance of digital channels.
FairMoney noted that its lending and savings activities contribute directly to this momentum, as customers increasingly borrow, save, and transact entirely through digital platforms.
Looking Ahead
As competition intensifies among fintechs and digital banks across the continent, FairMoney’s twin milestones signal a maturing business model—one that blends scale, technology, and regulatory compliance in support of financial inclusion.
“Our focus remains rooted in fairness, empowerment, and consumer confidence. As we move forward, we are committed to driving sustainable growth and strengthening Africa’s digital financial landscape,” Obiekea said.
“Our focus remains rooted in fairness, empowerment, and consumer confidence. As we move forward, we are committed to driving sustainable growth and strengthening Africa’s digital financial landscape,” Obiekea said.
For Nigeria and the wider continent, FairMoney’s trajectory highlights how fintech continues to play a central role in the future of digital banking, digital payments, and money in Africa.
