FairMoney unveils ‘No Excuses’ campaign to encourage SMEs
…Offers small businesses instant loans via mobile app
FairMoney, 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.
According to a report, FairMoney gives more than 6,500 loans daily, and since the company commenced operations in 2017, it has disrupted the banking landscape, disbursing over one million loans to individuals and small businesses around Nigeria.
A customer can download the app from the Google Play Store and, based on their credit score, calculated using Artificial Intelligence, receive an instant credit offer between N1,500 and N150,000. The first credit is always for a period between 15 and 30 days. Customers who show good repayment behaviour can increase the loan term to up to 3 months.
Explaining the idea behind the ‘No Excuses’ campaign, Seun Oratokhai, Head of Direct Marketing, FairMoney in the statement 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.”
“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,’ Oratokhai, concluded.
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. Repayment options include Automatic Bank Transfer, USSD and Debit (ATM) card.
A fun and engaging part of the ‘No Excuses’ campaign is ‘The Friends Loan Test’ in which consumers ask their friends and family for loans and post their funniest excuses on social media using the hashtags #FriendsLoanTest and #QuickLoansNoExcuses. FairMoney will repost the funniest excuses on the company’s social media pages, and the post with the most likes each week will win prizes. ‘The Friends Loans Test’ is running until 19 December 2019. Furthermore, customers who refer their friends will receive N500 off their next loan.
FairMoney customers can also use the app to pay for value-added-services such as airtime and data with no transaction fees and a significant discount.