FairMoney Reaches 30 Million Registered Users in Nigeria

FairMoney Microfinance Bank has announced that its user base in Nigeria has exceeded 30 million, marking a significant milestone for the fintech lender.

The company attributes this growth to increasing adoption of its lending, savings, and payment services across both individual and business segments. While neither the Central Bank of Nigeria (CBN) nor the Nigeria Deposit Insurance Corporation (NDIC) have yet released independently verified user data for microfinance banks, FairMoney’s figures demonstrate substantial expansion in recent years.

From Startup to Banking License

Founded in 2017 as a loan and payment app, FairMoney obtained its microfinance banking license from the CBN, enabling it to offer savings accounts, cards, and asset financing alongside its initial services. This transition allowed the company to broaden its appeal beyond just credit access.

Rapid User Growth

The 30 million registered user mark represents a fivefold increase from FairMoney’s earlier disclosures. In 2021, around the time of its $42 million Series B funding round, the company reported 1.3 million KYC-verified users. By mid-2022, this number had grown to roughly 5-6 million.

“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,” said Henry Obiekea, Managing Director of FairMoney. “We are grateful for that trust, and we do not take it for granted.”

Expanding Beyond Lending

FairMoney’s platform now offers a comprehensive suite of financial services including account management, savings tools, money transfers, bill payments, cards, and asset financing. A separate FairMoney Business offering caters to merchants and MSMEs with specialized payment solutions.

The company has indicated that its focus will shift towards deepening value for existing customers rather than solely acquiring new users, with continued investment in technology and product development planned.