Financial services can empower individuals and businesses by providing access to essential banking tools and capital. However, traditional banks often have high fees, strict requirements, and lengthy processes that exclude much of the population. That’s where FairMoney comes in. As a licensed microfinance bank in Nigeria, FairMoney aims to make online financial services more convenient, accessible and affordable through their innovative mobile app.
Overview
FairMoney was founded in 2017 by by Laurin Nabuko Hainy along with Nicolas Berthozat and Nicolas Berthozat.it received its microfinance bank license from the Central Bank of Nigeria (CBN) in 2018. Since its inception, the company has served over 1.3 million customers across Nigeria.
The FairMoney app provides a digital banking platform that includes services like:
- Savings accounts with high interest rates
- Quick access to short-term loans
- Bill payments, transfers, and airtime top-up
- Debit card for purchases and withdrawals
Customers can complete all of these transactions directly from their mobile device without needing to visit a physical bank branch. This level of convenience and efficiency is a game changer in Nigeria’s financial landscape.
Key Features and Benefits of the FairMoney App
Financial Management Tools
The FairMoney app allows users to view all their account balances and financial transactions in one place. Customers can track their spending, create budgets, set savings goals, and monitor their credit. These tools help users take control of their finances so they can better manage their money.
For example, the app’s budgeting feature lets you analyse monthly expenditures by category. You can see exactly how much you spend on food, transportation, utilities, and other expenses. This clarity helps you make adjustments to align your spending with your income and savings goals.
High-Yield Savings Accounts
FairMoney offers savings accounts with interest rates that are much higher than traditional banks. Their FairSave account earns a whopping 10% interest per annum, while their FairLock fixed deposit account can earn up to 18% annually.
For instance, if you deposited 100,000 Naira into a FairSave account, you would earn approximately 10,000 Naira in interest after one year. That’s a 10x return compared to a typical savings account interest rate around 1-2%. FairMoney’s competitive rates encourage more Nigerians to save their money and accumulate wealth over time.
Quick Access to Loans
One of FairMoney’s most popular offerings is their instant digital loans. Customers can borrow up to 3 million Naira directly through the app in a matter of minutes.
Loan amounts range from 1,500 Naira up to 3 million Naira, with flexible repayment periods. Interest rates start at just 2.5% monthly with no hidden fees. Applicants don’t need collateral and can get approved quickly based on their FairMoney repayment and credit history.
For example, if you needed 15,000 Naira fast for an emergency car repair, you could get it credited to your FairMoney account almost instantly. At a 2.5% monthly interest rate, you’d pay just 375 Naira in interest if you repaid it after 30 days. Far better than expensive payday lenders or informal loan sharks!
Discounted Early Repayment
An extra perk for FairMoney borrowers is the discounted early repayment. If you repay your loan ahead of schedule, you get a discount on the remaining interest owed. This incentive can save you up to 90% on interest costs!
Let’s say you took a 50,000 Naira loan with 12% annual interest, expecting to repay it over 6 months. But after just 2 months, you managed to repay the full principal amount early. Doing so would save you 8,000 Naira in interest charges – that’s 80% off your original interest cost!
Free Transactions
The FairMoney debit card and app allow users to pay bills, shop online, transfer money, and withdraw cash without any fees. You enjoy complete free transactions within Nigeria, unlike traditional banks that impose charges and limits.
For instance, you can:
- Pay your electricity, cable TV, internet, and other bills directly for free
- Withdraw cash from any ATM in Nigeria without fees
- Send money to friends and family with zero transfer fees
- Pay for goods and services online without transaction charges
This freedom saves you money while making your financial life easier.
Secure Accounts with Facial Recognition
FairMoney prioritizes security by leveraging biometric facial recognition on their mobile app. Users must take a selfie to initiate any sensitive actions like loans or withdrawals.
This identity verification protects against unauthorized access or fraudulent transactions. You also have the option to freeze or block your debit card if it’s ever lost or stolen.
For example, imagine you misplaced your FairMoney card while shopping. You could instantly freeze the card within the app using facial recognition. This would prevent anyone else from improperly using your card, saving you from financial loss or headaches.
Getting Started with FairMoney
Ready to unlock the benefits of FairMoney for yourself? Here’s a quick 3-step guide to get started:
Step 1: Download the App
Search for “FairMoney” in the Google Play Store or Apple App Store and install the app on your mobile device. Make sure to enable all permissions during setup for full functionality.
Step 2: Sign Up
Open the FairMoney app and complete the user registration process. You’ll need to provide your name, contact details, BVN number, and ID document. This personal information is used to verify your identity.
The sign-up process is quick and easy – you can create your account in under 5 minutes!
Step 3: Start Using the Features
Once your account is approved, you can start enjoying all of FairMoney’s financial services right from your phone. Try setting savings goals, tracking your spending, applying for fast loans, making payments and transfers, and more!
Be sure to take advantage of perks like 10% savings interest, discounted loan repayments, and free debit card transactions. The more you use FairMoney, the more benefits you’ll unlock.
Get Support from the FairMoney Team
Reach out to FairMoney’s stellar customer support if you ever have questions or issues. You can contact them via:
- Email: help@fairmoney.io
- Phone: 017001276 or 01 888 5577
- Physical Address: 28, Pade Odanye Close, Off Adeniyi Jones, Ikeja, Nigeria
The customer service team is available 7 days a week to help FairMoney users with account setup, technical troubleshooting, transaction disputes, or other concerns. They aim to deliver quick and satisfactory support.
Compared to traditional banking, FairMoney offers unbeatable benefits like:
- Higher interest up to 18% on savings
- Quick loans with low 2.5% interest
- Discounted early repayments up to 90% off
- Free debit card transactions
- Enhanced security via facial recognition
Ready to take control of your finances? Download the FairMoney app today and start unlocking the full benefits of digital banking!