FairMoney Microfinance Bank: Building the mobile bank for the next 2 billion
FairMoney Microfinance Bank was founded in 2017 by Laurin Hainy, CEO, Matthieu Gendreau, and Nicolas Berthozat with the vision to be the leading mobile bank for emerging markets; bringing financial inclusion to unbanked and underbanked people, making access to credit easy for those excluded by traditional financial institutions and reducing reliance on cash.
It started as a digital micro-lender, providing small loans to individuals for business and personal needs, then transitioned into a full-fledged credit-led digital bank; providing full banking services while upholding the promise to make digital banking all-inclusive and available to everyone.
The bank’s vision is driven by the single purpose of bringing financial inclusion to unbanked and underbanked people. It is building the mobile bank for the next 2 billion.
FairMoney Microfinance Bank’s above-stated vision is anchored on the core values stated below in its own words:
– Starting with the Client: We are passionate about improving access to financial services in the emerging world and go into exceptional depth to understand our client’s pain points.
– Own, don’t rent: We are radical owners who claim 100% ownership of a task, and do not rest till we accomplish our goal. We think of owning a task like owning a property.
– We are all Scientists: No matter our domain, we follow a systematic approach toward problem-solving through reduction, collaboration, and iteration.
– 70/30 Principle: We believe in speed over certainty, and avoid over-analysis by making decisions based on 70% of the available data and a 30% margin of error.
– Fly High, Fly Low: We fly high to strategize and make bold plans, then fly low and get our hands dirty to ensure the quality and comprehensiveness of the implementation.
– Focus (2.5): In a fast-paced environment, it is always important to know what NOT to focus on. 2.5 projects per week are all that we can handle to balance depth and workload.
– Growth Mindset: Talent is just a starting point that can be exponentially enhanced through the application of curiosity and hard work while iterating on problems.
– Direct Feedback: We value the power of regular & direct feedback, as this helps all of us grow. The ‘How’ matters: Being courteous and good-natured costs nothing.
– Churn 9 to 5: We LOVE our work and measure output in terms of goals achieved. The 9 to 5 mentality is a vestige of a corporate where employees don’t like their jobs.
- Talent has no Passport: Talent is distributed equally across the world and we value & embrace adding different cultures, nationalities, and genders to our team.
Currently serving the Nigerian and Indian markets with an operational office in Paris, France, FairMoney has recorded over 5 million app downloads and over 3 million bank accounts opened. In July 2021, the bank raised $42 Million in its Series B funding, and as of December 2021, had disbursed over N117 million in loans.
Understanding that the majority of the population is still financially underserved, FairMoney MFB for over its 5 years of operations has continued to provide top-notch financial services ranging from banking, savings, lending, and investments; leveraging technology to democratize financial services in emerging markets, making it available to everyone irrespective of status, hence the “Fair Banking For All” mantra, signifying the evolution from a lending only platform to a credit-led digital bank, having secured a Microfinance Bank license in 2021.
FairMoney product offerings
FairMoney provides banking; savings, lending, and investment services to its customers. On the FairMoney platform, users and potential users have access to enjoy a plethora of products including:
- Quick and Easy Loans in 5 Minutes without collateral.
- FairSave; Flexible savings with 10% interest p.a on savings, Daily Interest, and no penalties on withdrawal of interest and principal.
- Zero Charges on Bank Transaction – up to 100 free transactions a month.
- 3% Discounts on Airtime & bill payments.
- Free Debit Card, delivered FREE to the preferred location.
- Up to 19% interest on Fixed Deposit Investments
- SME loans of up to 5 Million Naira.
FairSave: Its new revolutionary product
FairSave is one of the newest additions to FairMoney’s line of innovative financial solutions. FairSave is a savings product on the Fairmoney MFB app that allows users to save money securely while gaining 10% interest per annum on their savings. FairSave rewards users with daily interest and gives them the flexibility to access their money at any time without a withdrawal penalty. This is revolutionary because it’s an all-in-one savings suite that puts the power right back in the hands of the customers, and money in their pocket daily.
Significantly, FairSave is for all classes of people; the financially and not so financially savvy Nigerians that want to “make money every day”. The upwardly mobile young Nigerian with a fresh outlook to life, who wants to save and grow their finances automatically, while chasing their hustle. It’s for the student or Corps member just starting their savings journey, with long-term plans and financial goals; the worker who wants to save and secure a portion of their monthly earnings, watching it grow as they go about their daily engagements. It’s for the parents who want to manage their finances properly and ensure that after the unending expenses they have to sort out, they have money not only kept safe but growing daily.
This product (FairSave)’s competitive advantage is its high-interest rate, daily interest alerts that help subscribers to monitor the growth of their savings, the flexibility to access the savings daily without penalties, and its user-friendliness.
It is instructive to note that FairMoney processes over 10, 000 loans per day. one Fairmoney client gets a loan every 8 seconds and it takes 5 minutes to get a FairMoney loan.
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