FairMoney team have expressed the importance of serving the unbanked and underbanked which according to the bank is “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.
The FairMoney team stated this at the media parley held last Friday, as they stated that the bank was founded with an overarching vision to be the leading digital bank driving financial inclusion for the average Nigerian.
The strategy was said to be premised on the need to cater to the majority, stating that FairMoney was birthed to cater to the predominant needs of the Nigerian market – small & medium scale enterprises, through quick & seamless loans.
The management further stated that, based on the strategy, over the past 4 years of operation, FairMoney MFB is said to have grown its customer base to over 5 million users, and 2 million bank accounts through relentless positioning as the “New Bank for the masses”.
According to Laurin Hainy, Co-Founder/CEO, FairMoney, “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 N117billion loans since inception.”
“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 4 years,” Laurin added.
FairMoney maintains that it has finely niched a reputation as a leading driver for financial inclusion in Nigeria, with millions benefiting from its numerous financial services & features, through its strong lending service offerings. Some of the services include quick loans without collateral, free debit cards & free inter-bank transfers to support SMEs & MSMEs by alleviating common expenses issued by traditional banks through account maintenance charges.
Amongst the many offerings of FairMoney is the digitization of general banking procedures through the app by making bill payments accessible without needing to visit banking halls & introducing consumer empowering initiatives like the recently concluded FairMoney Transact & Win Black Friday engagement which had lucky winners go home with 10 smartphones, 5 generators & a delivery motorcycle; not to mention the ongoing ’12 Days of Fair giveaways’ Christmas giveaways all in the bid to offer equal opportunities for all and stay true to their promise of Fair banking for all.
Speaking at the Media Parley, Nengi Akinola, Head Marketing & Branding 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 Nigerian customers” she said.
“We can’t wait to share all the interesting new features we’re bringing to the FairMoney app in the new year” Nengi added.