FairMoney floats new credit scheme for professionals

By Prince Osuagwu, Hi-Tech Editor

Microûnance Bank, FairMoney, is thinking the survival of Nigerian professionals in this economic downturn, and has floated a flexible credit scheme to bail them out of the pangs of a poor economy.

The scheme, FlexiCredit, is a premium credit line that provides eligible users with up to ¦ 5,000,000 credit whenever they need it. FlexiCredit, according to FairMoney, offers lifetime access through a single application and is built around simplicity, transparency, and complete user control.

With FlexiCredit, approved users receive a personal credit limit that they can draw from at any time directly within the FairMoney app. Interest is charged at 0.25% per day only on the amount used.

Even with stable income and employment, many Nigerian professionals still encounter delays when accessing credit. Traditional lending processes often involve long approval cycles, paperwork, collateral requirements, and rigid repayment structures that make it difûcult to act quickly. FlexiCredit eliminates these barriers by providing an always-available line of credit suitable for urgent needs, lifestyle improvements, and business opportunities without stress or delay.

Head of Marketing at FairMoney, Margaret Banasko, said: “FlexiCredit was created for the modern Nigerian professional who values speed, clarity, and control. You only pay interest when you use your limit, and once you pay your minimum due, access is instantly restored. It is simple, transparent, and designed to match the fast pace of our customers’ lives.”

To qualify, applicants must be salaried employees earning at least N250,000 per month, maintain a good credit score, and complete Level Two KYC on the FairMoney app.

During the application, users link their salary account for instant income veriûcation, processed securely and in line with NDPR and CBN data protection guidelines. Once approved, customers have fourteen days to activate the credit line, and the ûrst withdrawal must occur within sixty days to keep it active in line with FairMoney’s risk management standards.

The company said repayment is designed for ease and peace of mind. Each customer has a monthly due date clearly displayed in the app. Users may repay the full amount used or pay the minimum due, which is calculated as a percentage of the amount used plus accrued interest. Paying the minimum due immediately restores access to the credit line, while full repayment refreshes the entire limit for future use.

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