TheHILL | BUSINESS | December 29.
Micro Finance Bank, FairMoney says the easiest way to bridge the gap between developed and developing countries in financial activities would be to ensure that every process of banking in the emerging economies is digitized.
The MFB which prides itself as a digital bank is promising to deploy its rich technological base to driving financial inclusion in Nigeria, thereby leading the way for emerging economies to get out of the banking system which has excluded many.
According to the Co-Founder/CEO, Laurin Hainy, FairMoney was founded with an overarching vision to be the leading digital bank driving financial inclusion for the average Nigerian.
With a strategy premised on catering to the majority, FairMoney has the mandate of catering for the needs of the Nigerian market, including the small & medium scale enterprises.
It promises to do this through quick and seamless loans. Hainy said that following this strategy FairMoney has in four years, grown its customer base to over five million users, and two million bank accounts.
The feat, according to our source; Vanguard, positions the digital bank as the New Bank for the masses.
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He said: “FairMoney is positioned to support our customers across their various financial service needs even as we work to maintain our current position as the leading digital bank in Nigeria.
“Our mission has always been to serve the needs of as many Nigerians as possible. Our approach to doing this involves providing millions of Nigerians with loans and capital to meet their immediate needs and in some cases, to grow their businesses, and so far, we have disbursed over N117billion loans since inception,” he said.
“Our goal ultimately is to use technology to bank the 60 million Nigerians currently excluded from the financial ecosystem.
“We have also introduced secure and innovative technology processes to improve our lending operations, as well as a strong privacy protection policy, and a comprehensive loan collection policy which has been successfully deployed in the last 4 years” he added.
He claimed that in his bank, the opportunity to secure loans without collateral in as little as five minutes, while issuing free debit cards and free inter-bank transfers to continually support SMEs and MSMEs comes naturally to it just to help cut out unnecessary expenses bank users incur from traditional banks through account maintenance charges.
Corroborating her CEO, Head Marketing & Branding, Nengi Akinola said: “To us at FairMoney, the goal is to see a world where everyone has equal financial opportunities and support to reach their financial goals.
“We will continue to build on our offerings, so that we can continue to meet the growing needs of the average Nigeria customers,” she said.
