FairMoney Surpasses 30 Million Registered Users in Nigeria

FairMoney Microfinance Bank has announced that its registered user base in Nigeria has exceeded 30 million, marking a significant milestone for the fintech lender.

The company attributes this growth to increasing adoption of its lending, savings, and payment services among both individuals and businesses across the country. This represents a substantial expansion from earlier figures where FairMoney reported 1.3 million KYC-verified users in 2021 (around the time of its $42 million Series B funding) and later cited a base of roughly 5-6 million users.

From Loan App to Full Banking Services

Founded in 2017, FairMoney initially started as an instant loan and bill payment provider before obtaining a microfinance banking license from the Central Bank of Nigeria (CBN). This allowed them to expand into savings accounts, cards, and asset financing.

According to Henry Obiekea, Managing Director of FairMoney Microfinance Bank: “Surpassing 30 million registered users is an important milestone for FairMoney, but its greatest significance is the trust millions of Nigerians have placed in us to support their everyday financial lives.” He emphasized that the company views this as a responsibility rather than just a numerical achievement.

Expanding Financial Inclusion Through Mobile Technology

FairMoney’s app offers a range of services including account management, savings tools, money transfers, bill payments, and access to credit. A separate business-focused offering (FairMoney Business) provides merchants and MSMEs with specialized accounts and payment solutions.

The company has previously described itself as the most downloaded fintech app in Nigeria - based on its own data rather than third-party analytics.

Looking ahead, FairMoney plans to focus on deepening value for existing customers through continued investment in technology and product development rather than solely pursuing new sign-ups. While this milestone demonstrates significant growth in digital financial services adoption across Nigeria, it’s worth noting that independent verification of user counts remains limited in the microfinance sector.