FairMoney Unveils Major New Loan Product for Working Nigerians
FairMoney Microfinance Bank has made a significant move in Nigeria's financial sector with the introduction of FlexiCredit, a new loan product designed specifically for the country's professionals. This innovative offering provides eligible customers with access to personal credit limits of up to ₦5 million, representing one of the most substantial digital lending opportunities currently available in the market.
How FlexiCredit Works: Features and Benefits
According to Margaret Banasko, the bank's Head of Marketing, FlexiCredit operates as a revolving credit facility that eliminates many traditional borrowing hurdles. Once approved through a one-time application process, customers receive a personalized credit limit accessible directly through the FairMoney mobile app. The bank charges interest at 0.25% per day, applied exclusively to the amount utilized, with no charges incurred when the credit line remains idle.
Banasko provided a clear example to illustrate the cost structure: "If a user has a limit of ₦1,000,000 and withdraws ₦200,000 for 10 days, the interest is ₦5,000, making the total repayment ₦205,000. No fees or charges apply when the credit line is not being utilized."
The product directly addresses common frustrations faced by professionals seeking financing, including slow approval processes, collateral requirements, and extensive paperwork that characterize traditional lending institutions. FlexiCredit offers an always-available line of credit suitable for emergencies, lifestyle needs, or unexpected business opportunities.
Eligibility Requirements and Application Process
To qualify for FlexiCredit, applicants must meet specific criteria designed to ensure responsible lending:
- Minimum monthly salary of ₦250,000
- Maintain a good credit score
- Complete Level Two KYC verification on the FairMoney app
During the application process, customers must link their salary accounts for instant income verification, conducted in compliance with NDPR and Central Bank of Nigeria (CBN) data-protection regulations. This streamlined approach enables faster processing while maintaining regulatory standards.
Repayment Flexibility and Broader Industry Context
FairMoney has designed a flexible repayment system where users can either pay back the full amount used or make minimum payments that include a percentage of the borrowed sum plus accrued interest. A key feature is that users regain immediate access to their credit limit once they've paid the minimum due amount, creating continuous availability of funds.
This launch comes as Nigerian authorities implement stricter regulations for digital lenders. The Federal Competition and Consumer Protection Commission (FCCPC) recently announced new rules contained in the Digital, Electronic, Online or Non-Traditional Consumer Lending Regulations, 2025. These regulations address concerns about predatory lending and data privacy breaches, including restrictions against lenders accessing borrowers' contact lists, call logs, and photo galleries. The deadline for full compliance is January 6, 2026.
FairMoney's FlexiCredit represents a significant development in Nigeria's evolving digital lending landscape, offering professionals a sophisticated financial tool that combines substantial borrowing capacity with the convenience and speed of mobile technology.
