FairMoney Microfinance Bank, Nigeria’s leading digital bank, held its investor’s conference recently at the Federal Palace Hotel, Lagos, Nigeria.
The event brought together fund managers, HNI’s, investors, fintech aggregators and Pension Fund Administrators to discuss the financial technology landscape in Nigeria, particularly its sustainability in years to come.
The digital bank highlighted that they have disbursed over N71 billion in loans so far in 2021, more than double the amount in 2020 with a bid to drive financial inclusion in Nigeria.
In his welcome address, Laurin Hainy, the CEO and co-Founder of FairMoney, highlighted that they successfully raised an equity round of over $40 million in April 2021, launched a N10 Billion private note program, received a microfinance bank licence from the CBN and obtained an Investment Grade Rating from Global Credit Ratings (GCR), all in one year.
He further emphasized that:
The conference was conceived to provide an avenue for capital market operators, investors, fintech players, and regulators to converge on financial inclusion solutions that drive growth and deep focus on our customers.
Laurin Hainy,
The CEO and co-Founder of FairMoney
Another highlight of the event was a panel session with industry experts like Sonnie Ayere; GMD/CEO – DLM Capital Group, Bayo Rotimi; MD/CEO – Greenwich Merchant Bank, Nichole Yembra; Founder and Managing Partner – Chrysalis Capital, Yaw Mante; Head, Finance – FairMoney as panellist.
The session was moderated by Seun Onayiga; Head Investment Banking, West Africa – Renaissance Capital.
FairMoney was incorporated in 2017 with operations in Nigeria and India. In the past 4 years of operation, the MFB has grown its customer base to over 5 million users, and 1.9 million bank accounts.
As a digital consumer & SME lender, and provider of financial services in Nigeria, Fairmoney MFB has created a product that offers near-instant digital loans 24/7 directly via its mobile app.
The primary digital product offering covers loans in tenor from 15-days to 18 months to MSMEs and consumers. It’s end-to-end application to loan offer process takes 5 minutes and is fully digital with no physical touchpoints.
About FairMoney
FairMoney is an automated online moneylender that provides single payment loans, instalment loans and payroll loans for borrowers. The amount borrowed is then deducted from your account.
Their minimum loan amount is N10,000 and the upper limit for a new customer is N40,000 with no collateral or guarantor required. Interest rates are determined by a number of factors, including your repayment history and the cost of lending. Loan decisions are provided within 15 seconds and if approved, the applicant receives funds within 5 minutes. 24 hours a day, 7 days a week. Loans are delivered via an Android mobile app, with lending decisions provided almost instantly.
Loans from moneylenders are designed to be short term loans that are designed to tide you over to the next payday. It is best for anyone looking for an unsecured personal consumer loan, students and individual’s ineligible for typical bank loans due to thin credit files.
