Fairmoney has become one of Nigeria’s most trusted digital banks and loan providers. Serving over 5 million users from Lagos to Kaduna with over 15,000 loans disbursed daily. It’s no surprise that Fairmoney loan is a household name in the country’s digital lending and financial space and is regarded as one of the best loan apps in the country. Fairmoney is a CBN-licensed microfinance bank offering instant loans, savings, bill payments, and investment services, all through its mobile app. Deposits are insured by the Nigeria Deposit Insurance Corporation (NDIC), adding a layer of security for users.
Is Fairmoney Legit?
FairMoney is a licensed digital microfinance bank in Nigeria, offering quick loans and mobile banking services. It’s widely used and considered legitimate, though some users have raised concerns about customer service and debt recovery practices. As with any financial platform, it’s important to read the terms carefully and borrow responsibly.
How Does Fairmoney Loan Work?
- Loan Amount: ₦1,500 – ₦3,000,000
- Loan Term: 2 – 24 months
- Monthly Interest Rate: 2.5% – 30%
- Repayment Period: 61 days – 18 months
- USSD Loan Code: *322*6#
Interest rates vary based on your credit profile and repayment history. Monthly fees are disclosed during the application process. Late payments attract penalties and may affect your credit score with Nigerian bureaus.
How to Apply for a Fairmoney Loan
- Download the Fairmoney App from the Google Play Store.
- Sign up using your phone number, email, or Facebook.
- Provide your BVN, valid ID, and debit card.
- Answer a few questions to verify your identity.
- Accept a loan offer and receive funds within minutes.
Check out: Best Loan Calculator in Nigeria
To qualify for a loan with this digital lender, you’ll need:
- A smartphone
- Your BVN
- A phone number linked to your BVN
- A valid ID
- A debit card
Note: A minimum monthly income of ₦1,000 is required. Frequent use of your Fairmoney bank account improves your chances of getting higher loan amounts.
Who Owns Fairmoney?
Fairmoney was founded by Laurin Nabuko Hainy (CEO), Matthieu Gendreau (CTO), and Nicolas Berthozat (COO), FairMoney Microfinance Bank is backed by global investors including Tiger Global and Flourish Ventures; solidifying its place in Nigeria’s fintech ecosystem.
Before you apply for a loan with any app or bank, it’s smart to check what your repayments might look like.
Use our free Loan Calculator to see exactly how much you’ll owe each month.
Pros of Fairmoney Loans
- No Collateral or Documents Needed
- Fast Disbursement (within 5 minutes of approval)
- Flexible Repayment Options
- Loan Limit Increases with Good Repayment History
Cons to Consider
- Low Initial Loan Limits for new users
- Mobile App Required for all transactions
- Data Access Permissions may feel intrusive
- Complex App Interface for some users
Final Thoughts
Fairmoney is a reliable option for Nigerians seeking quick, collateral-free loans. Its transition into a full-fledged digital bank makes it more than just a lending app, it’s a financial ecosystem tailored for the Nigerian market. Need a quick financial boost? Or are you looking for a quick and reliable loan option? Look no further than FairMoney, the digital lending platform that’s changing the game for borrowers in Nigeria. With its lightning-fast approval process, competitive interest rates, and flexible repayment plans, FairMoney Loan is the go-to choice for thousands of Nigerians in need of a loan or top mobile banking Services. Other top loan apps in Nigeria for a quick loan include Carbon, Branch, Aella and EaseMoni.
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FairMoney Loan FAQs
What Is the FairMoney USSD Code?
To access FairMoney loans via USSD, dial 3226#. Alternatively, you can apply through the FairMoney mobile app. No paperwork or collateral is required—just your phone and a few taps.
First-Time Borrowing Limits
New users can borrow between ₦1,500 and ₦1,000,000. Loan approval is typically instant, with funds disbursed within minutes. Your eligibility and loan amount depend on factors like your credit score and repayment behavior. Timely repayments can unlock higher loan limits over time.
Who Founded FairMoney?
FairMoney is a licensed microfinance institution regulated by the Central Bank of Nigeria. It was co-founded by Laurin Nabuko Hainy (CEO), Matthieu Gendreau (CTO), and Nicolas Berthozat (COO). The company has secured funding from notable investors such as Tiger Global, DST Global, and Flourish Ventures.
Loan Duration
Loan tenures range from 4 weeks to 24 weeks, depending on the offer and your repayment plan.
Interest Rates & Repayment Terms
Monthly interest rates vary from 2.5% to 30%, with annual percentage rates (APRs) between 30% and 260%. Repayment periods span from 61 days to 18 months, and early repayments may qualify for discounts of up to 90%.
How to Repay Your Loan
Repayment is simple: link your debit card during the loan application, fund your account, and make payments directly through the FairMoney app.
What Happens if I don’t Pay my Fairmoney Loan?
Missing your repayment deadline can lead to penalty fees and a negative report to Nigerian credit bureaus. This may affect your ability to secure loans from other digital lenders and financial institutions in Nigeria.
What Do You Need to Apply?
To qualify, you need a smartphone, your BVN, and the phone number associated with that BVN. You’ll also answer a few identity-verifying questions before receiving a loan offer.