FairMoney to Enhance Financial Inclusion with Agency Banking

Emma Okonji
FairMoney Microfinance Bank, which recently scaled up its operations from a lending app platform to a Microfinance Bank, has lined up its activities for 2022, which include developing its agent banking platform to deepen financial inclusion across the country.

FairMoney, which recently obtained license to operate as Microfinance Bank, said it would be partnering with the National Information Technology Development Agency (NITDA), on data gathering and usage, and would also grow its agent banking platform to serve the underserved and unserved in the financial sector by next year.

Co-Founder/CEO, FairMoney, Mr. Laurin Hainy, who disclosed the information during a media briefing in Lagos recently, said: “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 N117 billion loans since inception.”

Stemmed from a burning desire to bridge the lag between developing African countries – Nigeria inclusive, and the new age of banking enjoyed in developed countries, FairMoney was founded with an overarching vision to be the leading digital bank driving financial inclusion for the average Nigerian.

According to Hainy, “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 four years of operation, FairMoney MFB has grown its customer base to over 5 million users, and 2 million bank accounts by relentlessly positioning as the New Bank for the masses.”

Hainy further said: “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 four years.”

With millions benefiting from it’s numerous financial services and features, FairMoney has finely niched a reputation
as a leading driver for financial inclusion in Nigeria through its strong lending service offerings which avails customers

the opportunity to secure loans without collateral in as little as five minutes, free debit cards and free inter-bank transfers to continually support SMEs and MSMEs by alleviating common expenses issued by traditional banks through account maintenance charges.

Amongst the many offerings of FairMoney is the digitisation of general banking procedures through the app by making bill payments accessible without needing to visit banking halls & introducing consumer empowerment initiatives like the recently concluded FairMoney Transact and Win Black Friday engagement, which had lucky winners go home with 10 smartphones, five generators and a delivery motorcycle.
Speaking at the media event, Head Marketing and Branding, Nengi Akinola, 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 Nigeria customers” she said.