FairMoney Launches New Loan Product For Nigerian Professionals
- FairMoney Microfinance Bank has launched a loan product offering up to ₦5 million for eligible professionals.
- The product is aimed at providing Nigerian workers with faster and more flexible access to financing, according to the company.
- Applicants must earn at least ₦250,000 monthly, maintain a good credit score and complete Level Two KYC.
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FairMoney Microfinance Bank has introduced a new credit product called FlexiCredit, through which Nigerian professionals can access up to N5 million personal credit.
The News Agency of Nigeria reported that the microfinance bank launched the product as a means to provide Nigerian workers with faster and more flexible access to financing.
According to a statement issued by the bank’s Head of Marketing, Margaret Banasko, FlexiCredit provides eligible customers with a personal credit limit of up to N5 million through a one-time application.
Source: Getty Images
She noted that the credit product was designed to simplify borrowing for working professionals who often face delays in traditional lending systems. She explained that approved customers receive a personalised limit, which they can draw from directly through the FairMoney mobile app.
She added that interest is charged at 0.25% per day and only on the amount used, and no charges apply when the credit line is idle.
She said:
“For instance, 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 utilised.’’
Banasko explained that many Nigerian professionals with steady income still struggle with slow approval processes, collateral requirements and heavy paperwork when seeking loans. FlexiCredit, she said, removes these barriers by offering an always-available line of credit for emergencies, lifestyle needs or business opportunities.
She added that users regain immediate access to their limit once the minimum due amount is paid. According to her, the product was created for modern professionals who prioritise speed, clarity and control in their financial decisions.
To qualify, applicants must earn a minimum monthly salary of ₦250,000, maintain a good credit score and complete Level Two KYC on the FairMoney app.
During the application, customers also link their salary accounts for instant income verification in line with NDPR and Central Bank of Nigeria (CBN) data-protection rules.
Source: Getty Images
FairMoney said repayment is straightforward, with users able to pay back the full amount used or the minimum due, which includes a percentage of the borrowed sum plus accrued interest.
FG announces new rules for loan apps
Legit.ng reported that the Federal Competition and Consumer Protection Commission (FCCPC) announced a new set of rules for loan apps, aimed at legal protection for Nigerians who access loans digitally.
The new rules, which are contained in the Digital, Electronic, Online or Non-Traditional Consumer Lending Regulations, 2025, seek to address such concerns as predatory lending and data privacy breaches, which many loan sharks have been accused of.
Among other rules, the new regulation prevents lenders from accessing borrowers’ contact lists, call logs, and photo galleries. Legit.ng reported that the deadline for full compliance is January 6, 2026
Source: Legit.ng
