FairMoney: Disrupting norms and defining the future of credit-led banking
In the ever-evolving landscape of financial technology, one entity stands out as a disruptor, a catalyst for change—FairMoney Microfinance Bank. Founded in 2017 by Laurin Hainy, Matthieu Gendreau, and Nicolas Berthozat, FairMoney set out on a mission to bridge the financial inclusion gap by becoming the mobile bank for the next 2 billion people. Five years on, it has not only met its objectives but exceeded them, reshaping the credit banking landscape and redefining what’s possible.
A Vision to Transform
As technology’s influence surged in the past decade, Fintech emerged as a game-changer. However, despite the strides, a considerable financial inclusion gap persisted. Recognizing this, FairMoney embarked on a journey to serve the underserved. The founders envisioned a future where banking wasn’t a privilege but a right, a future where access to credit was seamless and devoid of traditional barriers.
From Micro Lender to Challenger Digital Bank
FairMoney began its journey as a digital micro lender, extending small loans to individuals for various needs. Today, it stands as a credit-led digital bank, offering a comprehensive suite of financial services. Leveraging technology, FairMoney has redefined banking, savings, lending, and investments, processing over 10,000 loans daily, with one customer securing a loan every 8 seconds.
Operating in Nigeria and India with a base in Paris, France, FairMoney has amassed over 10 million app downloads and facilitated the opening of over 6 million bank accounts. Its impact is not just digital; it’s palpable, with a Series B funding of $42 million in July 2021 and a loan disbursal exceeding N117 billion by December 2021.
FairMoney’s Product Arsenal
FairMoney’s offerings are diverse, catering to the varied financial needs of its users. From quick and easy loans without collateral to fixed savings with up to 24% interest per annum, zero charges on bank transactions to discounts on airtime and bill payments, FairMoney is more than a bank—it’s a financial ally. SME loans of up to 5 million Naira and innovative products like FairSave, FairTarget and FairLock further showcase its commitment to providing tailored solutions.
FairMoney – Payforce Acquisition: A Bold Move
The strategic acquisition of PayForce, a POS payment services business in February 2023 is a testament to FairMoney’s audacious goals. With an eye on the burgeoning digital payments market in Africa, particularly Nigeria, FairMoney aims to expand its merchant base to 100,000 within the next few months, and establish a robust network of financial services points. The move is not just about financial transactions; it’s about transforming the way business is conducted for SMEs, enhancing efficiency, and contributing to the digital evolution of payments in Africa.
FairMoney Business Emerges: A Strategic Move
In a recent development, Payforce by FairMoney has rebranded as “FairMoney Business”, marking a strategic consolidation of its merchant banking business. This move aligns with FairMoney’s vision to rebuild Africa’s money story. With the successful acquisition of PayForce, FairMoney Business aims to create a robust ecosystem that empowers merchants and business owners, propelling small enterprises across Africa to new heights. With products such as POS payment terminals, Business loans, Savings, Virtual APIs (Bank accounts & Transfers), it is evident that FairMoney Business is being positioned to compete with the likes of Moniepoint, Flutterwave and Opay.
The rebranding of PayForce by FairMoney to FairMoney Business signifies more than a name change—it’s a promise fulfilled. Small and medium-sized businesses now have access to a suite of financial tools, simplifying their operations and empowering them to thrive in a competitive market. The integration of PayForce into FairMoney Business is a strategic move towards economic progress, financial inclusion, and the rebuilding of Africa’s money story.
In the words of Laurin Hainy, CEO of FairMoney, “Our mission today has evolved, and it is to Rebuild Africa’s money story, by expanding both merchant and consumer solutions and providing cutting-edge financial innovations to the African continent.”
As FairMoney continues to redefine the future of credit banking and financial services, one thing is clear—it’s not just a bank; it’s a catalyst for positive change, a force driving financial inclusion, and a partner in the success stories of millions across Africa and beyond.
For more information on FairMoney’s product offerings, visit www.fairmoney.ng
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