FairMoney disburses over N117 bn loans in 2021

In a bid to drive financial inclusion, FairMoney Microfinance Bank (MFB), one of Nigeria’s leading digital banks has disbursed over N117 billion in loans so far in 2021, more than double the amount in 2020.

This statement was made by Laurin Hainy, CEO and Co-Founder of FairMoney at its investor’s conference held last month.

The conference 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.

In his welcome address, Hainy 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.

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“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,” He said.

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 MFB was incorporated in 2017 with operations in Nigeria and India. In the past four years of operation, it has grown its customer base to over five million users, and 1.9 million bank accounts.

As a digital consumer and SME lender, and provider of financial services in Nigeria, it 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 an end-to-end application to loan offer process that takes five minutes and is fully digital with no physical touchpoints.