FairMoney Microfinance Bank, a CBN-licensed digital financial institution in Nigeria, has announced that it has surpassed 30 million registered users in the country, marking a significant milestone in its mission to make financial services more accessible to Nigerians.

The milestone represents more than growth. It reflects the growing number of Nigerians choosing FairMoney for their everyday financial needs.

The firm said millions of people currently use its platform to borrow, save, transfer money, pay bills, use cards and finance assets through its technology-enabled banking platform for individuals and businesses.

According to the firm, reaching more than 30 million registered users demonstrates how technology can help extend formal financial services to more Nigerians, including individuals and businesses who may face barriers to traditional financial services, such as extensive paperwork, limited access to physical bank branches or limited formal credit history.

The firm explained that through the FairMoney app, customers can open and manage accounts, save money, pay bills, make transfers, use cards, access credit where eligible and finance assets directly from their mobile phones.

By bringing these services together on one platform, FairMoney said it was helping more people participate in the formal financial system and manage their everyday financial needs conveniently.

FairMoney also provides financial services to businesses, supporting merchants and MSMEs with tools designed to help them manage their finances and day-to-day operations.

Through FairMoney Business, business customers can access services including business accounts, payments and other financial solutions designed around the needs of growing businesses.

FairMoney’s technology also enables the bank to deliver its services at scale. Alongside its growing range of banking services, the bank processes tens of thousands of loan applications daily through its automated digital platform, helping eligible customers access formal credit without extensive paperwork or the need to visit a physical branch.

Managing Director of FairMoney Microfinance Bank, Henry Obiekea, said: “Surpassing 30 million registered users is an important milestone for FairMoney, but its greatest significance is the trust millions of Nigerians have placed in us to support their everyday financial lives.”