FairMoneyevolves into full-stack microfinance bank, expands digital lending
FairMoney, Nigeria's leading digital lender, has transformed into a regulated microfinance bank (MFB) under Central Bank of Nigeria (CBN) oversight. Founder Laurin Hainy's vision of accessible financial services has evolved into a platform offering savings accounts, debit cards, and payments alongside lending. The company disbursed over 150 billion Naira in loans last year, paying 7 billion Naira in savings returns. Digital lending now drives private sector credit growth, with FairMoney's MFB license enabling broader services and regulatory compliance. Managing Director Henry Obiekea notes open banking could lower interest rates by improving risk assessment through alternative data. Challenges include limited access to Global Standard Instruction (GSI) for loan recovery and the need for more credit bureau reporting from smaller lenders.