FairMoney Microfinance Bank Disburses ₦150bn Loans, Pays ₦7bn Interest to Savers

FairMoney Microfinance Bank in Nigeria has announced significant milestones, including loan disbursements exceeding ₦150 billion and interest payments of over ₦7 billion to savers in the past year. The bank, established in 2021, offers various financial services such as high-interest savings accounts, fixed-term deposits, and debit card solutions to promote financial inclusion.

FairMoney leverages technology like artificial intelligence and machine learning to assess creditworthiness and provide collateral-free loans to individuals and small businesses. The bank is fully licensed by the Central Bank of Nigeria (CBN) and complies with regulatory guidelines, ensuring data protection and security standards.