FairMoney Launches Loan Facilities for Individuals, Small Businesses


By Emma Okonji

FairMoney, the mobile bank for emerging markets, is running the ‘No Excuses’ campaign to encourage individuals and small businesses to take advantage of its loan offering of N1,500 to N150,000.

FairMoney gives more than 6,500 loans daily, and since the company commenced operations in 2017, it has disbursed over one million loans to individuals and small businesses around Nigeria.

Explaining the idea behind the ‘No Excuses’ campaign, the Head of Direct Marketing, FairMoney, Seun Oratokhai, said: “From our research we learnt that most individuals and small business owners in need of a quick loan first approach their family and friends, or a commercial bank. Unfortunately, they may get a long list of excuses such as ‘I wish you asked yesterday,’ ‘I borrowed what I am spending,’ and so on. Many of these individuals also struggle to meet the requirements of commercial banks, such as collateral and documentation.”

Oratokhai added: “Our guarantee to prospective borrowers is that, if they satisfy the eligibility criteria there are ‘No Excuses’ in securing a loan from FairMoney. We are also not asking for any documents or collateral. All FairMoney requires are a few personal details, the customer’s BVN and bank details.”

Securing a loan with FairMoney is easy and can be done in a few quick steps. Firstly, the applicant must download the FairMoney app from the Google Play store. The applicant can sign up using their telephone number and answer a few questions to get a loan in only five minutes. Funds are disbursed instantly and, depending on the loan offer, can be repaid in one, two or three instalments easily within the app.