FairMoney has become one of the best innovators in Nigeria’s digital banking ecosystem with its unique and user-friendly mobile platform. Started in 2017, the platform provides instant loans, savings accounts, bill payment, and a range of banking services all within a click on the phone.
Fairmoney offers easy and dependable banking solutions with over 10 million downloads and more than 6 million active users.
FairMoney Overview
Like all other banks in Nigeria, FairMoney is a licensed microfinance bank with its head in Nigeria and under the Central Bank of Nigeria (CBN). It started out as a standalone digital lending app, and has since grown into a more well-rounded digital banking platform.
Nowadays, Fairmoney is a multipurpose bank providing personal and household loans, savings account, bill payments, POS services, and serviced via the mobile application.
Key Features of the FairMoney App
Instant Loans
Fairmoney issues fast, secured loans from ₦1,500 to ₦3,000,000. The repayment time can range from 61 days to 18 months with interest rates of around 2.5% to 30% per month. For example, those who take on a loan of N100,000 for 3 months at an interest rate of 30% would result in a total repayment of ₦130,000..
High-Yield Savings Plans
- FairSave: Offers an effective annualized interest rate of 15%, with daily interest accrual.
- FairLock: Provides higher interest rates ranging from 16% to 28% per annum, depending on the term length. New users can access an exclusive 30% rate on select tenures.
Bill Payments
FairMoney allows users to pay their electricity, water and airtime top-ups with no transaction fees and discounts of up to 3%.
Debit Cards & POS Services
A fairmoney debit card can be obtained by the users which offers a cashback of 2% for all purchases. In addition, businesses are provided with FairMoney’s POS services that enable them to receive and send money without interruption.
FairMoney’s Salary Structure in Nigeria
In terms of salaries, FairMoney offers competitive remuneration across various roles. Based on figures collected from Glassdoor, some earnings brackets were computed as follows;
- Collections Specialist: ₦2,000,000 – ₦10,000,000 per year
- Customer Service Representative: ₦600,000 – ₦1,000,000 per year
- Customer Support Team Lead: upwards of ₦2,000,000 per year
Moreover, MySalaryScale reports that the average monthly salary at FairMoney is about ₦59k with Customer Service Representative and Telesales Representative being the most common entry level positions.
How to Apply for a Loan on FairMoney
It’s Easy Applying for a loan through FairMoney:
- Download the App: It is available on Google Play Store or Apple App Store.
- Sign Up/Log In: Create an account or log in if you already have one.
- Complete Registration: Important information such as BVN number and bank details must be provided
- Select Loan Offer: Choose the loan amount and repayment plan that suits you.
- Receive Funds: Approved loans are disbursed directly into your bank account.
Customer Feedback and Reviews
User reviews of FairMoney are generally positive, with many praising the app’s ease of use and quick loan disbursement.
For example, a user on the Google Play Store mentioned, “I had the best experience with FairMoney compared to other loan apps. As soon as I installed the app and applied for a loan, it was approved, and I got the money in just a few minutes.”
However, some users have expressed concerns over high-interest rates and aggressive debt collection practices.
A review on Neobanque noted, “Several reviews mention unhelpful or unresponsive customer service regarding account access, transfer issues, and other problems.
Security and Regulatory Compliance
FairMoney is licensed by the Central Bank of Nigeria (CBN) and insured by the Nigeria Deposit Insurance Corporation (NDIC). The platform employs 256-bit HTTPS SSL encryption to ensure the security of user data and transactions.
How to Contact FairMoney
Users can reach FairMoney’s customer support through the following channels:
- Address: 28 Pade Odanye close, off Adeniyi Jones, Ikeja, Lagos, Nigeria (No money in the office, everything is digital)
- Email: help@fairmoney.io
- WhatsApp: 07000 362 362 / 0201 700 1276
Social Media: @fairmoney_ng on X (formerly Twitter), @fairmoney_ng on InstagramApple+1X (formerly Twitter)+1
Conclusion
With its mobile platform, FairMoney has transformed the Nigerian banking system by making sure that financial services are accessible and efficient. FairMoney’s suite of services includes quick loans, high-interest savings accounts, effortless bill payments, and more. They strive to improve customer satisfaction and continuously innovate, suggesting FairMoney is going to be a leader in Nigeria’s banking sector.
Note: The information provided is based on available data as of April 2025 and is subject to change. For the most current details, please visit FairMoney’s official website or contact their customer support.
You may be interested in:
Globus Bank: Redefining Financial Excellence
GTBank (Guaranty Trust Holding Company PLC)
Prodigy Microfinance Bank