Fairmoney, a microfinance bank licensed by the Central Bank of Nigeria, is making its services more accessible to users with its mobile app. It offers free banking, loans, savings and other financial products.
The app boasts quick disbursement times and funds are available without collateral. It also helps borrowers improve their credit score through responsible borrowing behaviours.
Free Secure Debit Card
The Fairmoney card is a free and secure debit card for you to use anywhere in the world. It offers you 30 free bank transfers monthly to access your funds.
You will also be able to save with the Fairmoney app. The app comes with a built-in loan calculator that will help you determine your loan affordability. It allows you to select your preferred loan amount and duration to suit your budget.
The platform also has a new fixed-term savings product called FairLock, which promises high interest returns of up to 18% per annum on your savings. It is designed to help customers stay on track towards their goals and also instill savings discipline. The product is available for retail and business customers alike.
3% Discount on Airtime & Data Purchase
Fairmoney offers its existing customers and new ones a unique opportunity to make money simply by referring friends. This is a unique feature that can help you make lots of cash without spending a dime. The program works by giving you referral codes that are to be used during registration on the fairmoney app.
To get your referral code, open a notepad or WhatsApp on your phone, and copy the link you see there. The final letters should be capitalized and you should send, show, or give them to your friends to enter during their fairmoney app registration. This should earn you rewards when they take their first loan. Moreover, the code can also be used to access the 3% discount on airtime and data purchase.
100 Free Bank Transfers Monthly
Fairmoney offers free access to your money through bank transfers. This makes it a great savings account for salaried individuals and businesses who do frequent transactions or need to save for a short to medium term.
Aside from helping customers build up their credit score, Fairmoney also helps them manage their finances through their flexible repayment terms. This way, they can pay back their loans without feeling financially burdened.
Hainy said that Fairmoney will continue to build its consumer-focused product and aims to be the number one retail neobank in Nigeria. This will include a variety of banking, lending and investment products for consumers. The neobank will also be adding remittance and payroll services to its portfolio. It will also be launching its first business bank account in 2022.
0% Interest on Your First 15day Loan
Fairmoney offers loans of up to N500,000 without collateral and office visits. The loan process is quick and simple, and the company tracks your credit score to ensure that you can repay on time.
To get started, simply download the app and answer questions about yourself. You’ll also need to provide a valid phone number that is linked to your BVN.
The Fairmoney app also offers a loan calculator to help borrowers determine their affordability and interest rates. Users can select the loan amount and duration that suits their financial situation. The app also includes savings options with returns of up to 21% per year. This is an excellent opportunity to grow your wealth! However, there are terms and conditions that apply. It is important to read the fine print before applying for a loan.
Up to 21% Returns on Investments
Founded in 2017 as a credit-led digital quick loan app, Fairmoney is now licensed as a microfinance bank and offers investment products with high returns. This is a significant milestone for the platform, which now has the ability to help Nigerians reach their goals faster by instilling savings discipline and offering high-yield investments on their funds.
The company enables customers to securely lock their money with FairLock, and earn interest rates of up to 21%. It also offers a variety of saving tenures to choose from.
To protect customers’ funds, the platform uses a combination of factors to verify your identity including valid bank details, BVN, ID and ATM card information. This enables it to ensure that your account is secure and comply with regulatory ‘Know Your Customer’ requirements.