FairMoney is working hard to become the best mobile bank in developing countries.
Their global reaches and focus on making an impact make them stand out. Their services could help people in developing economies who don’t have bank accounts yet.
FairMoney made a new kind of digital bank that lends money based on credit and doesn’t need any kind of collateral to make people’s lives easier. As a result, it fills the gap for these people because they can’t get the money they need from traditional financial institutions.
FairMoney is also a platform for online banking. If you need money, they make it easy for you to apply for a loan online and have the money sent to your account within minutes, day or night.
Additionally, FairMoney knows that something unexpected could happen but they don’t change due dates. If you are late paying back on time, FairMoney will charge you fees, close your account, and have to report you to national credit bureaus.
How it Works
You’ll need an Android phone to use a BVN. On the Google Play Store, you can get the FairMoney app for free. Just sign up using the phone number associated with your BVN, answer some questions to confirm your identity, and you’ll be given a loan offer. If you accept the offer, the loan money will be sent to the bank account you choose the next business day.
During the loan application process, all they need from you is your BVN and a linked card or bank account so that they can automatically take the payment from your account.
When you have paid off your current loan and it has been confirmed, you can apply for another loan and get it within minutes.
FairMoney can give loans of up to 1,000,000 Naira for up to 18 months. Your credit history and how you act will determine how much you can borrow and for how long.
Speed of delivery
You can get the loan you need in just 5 minutes, no matter where in Nigeria you are. There are different ways to pay back the loan, and payments can be made on or before the due date.
However, they don’t have any extra fees to charge since all of their costs and interest rates are listed right away. You can be sure that their staff will treat you with the utmost respect and kindness since the customer is always right.
With auto-debit, you can pay back your FairMoney loan without having to do anything. On the due date, FairMoney will ask for your permission to take the payback amount out of your bank account automatically.
Fair Save & Fair Money Account
The most important difference is that your FairSave account earns interest every day, while your regular FairMoney account works like a checking account. As soon as you add money to your FairSave, you’ll start making money.
Putting money away is easy with FairSave. Once you’ve decided how much to save in FairSave, all you have to do is open the app and click the “Enter FairSave” button.
The money that is moved from your FairMoney bank account will be added to your FairSave account. If you do not have enough money in your FairMoney account, you will be asked to add money to it.
If you have money in your FairSave account, you will earn 10% interest every year.
Every day, this interest grows. FairSave interest is calculated once a year, but you’ll get updates every day on how much interest you’ve earned.
You can look at the history of your FairSave account to see how much interest you’ve earned and how much has been taken out by law. This is taken out of your interest payments without you having to do anything.
When you have more money in your FairSave account, you can save more money.
The company FairMoney was started in Nigeria, but its main office is in Europe. They follow the rules about how to protect personal information in Europe. FairMoney will never share any of your personal information.
Your FairSave can’t be accessed by people who aren’t supposed to just like your FairMoney bank account. They use a 256-bit SSL encryption protocol for all of your online transactions and account management to keep your financial and personal information safe. They are licensed by the CBN, and the NDIC protects your savings.
When you lose your phone, send an email to he**@fa*******.ng to find out more about your loan and when payments are due. You can sign in with your phone number and password from any other device that works with the service.
Laurin Nabuko Hainy
Laurin Hainy is currently the CEO and Founder of FairMoney.
Before he started his own business, he worked at Le Studio VC as CEO and an early-stage investor.
Laurin Hainy went to Sciences Po.
Nicolas Berthozat is one of the people who started FairMoney.
In his last job at Le Studio VC, he was in charge of product management.
Nicolas Berthozat went to Sciences Po.
Matthieu Gendreau was a co-creator of FairMoney and used to be its Chief Technology Officer. He went to school at the famous École Polytechnique.
Investors & Funding Rounds
Flourish Ventures, DST Global, Newfund Capital, Speedinvest, and Le Studio VC
FairMoney’s $11 million (€10 million) Series A funding round was led by Newfund, Speedinvest, and Le Studio VC, along with Flourish and DST Global Partners, who had already invested in the company.
On average, people borrow $33 from others. If you make all of your payments on time, you will be able to borrow up to $415. Interest rates change depending on the terms of the loan and other factors.
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