FairMoney Microfinance Bank says its registered user base in Nigeria has passed 30 million, according to a statement shared with Technext. The company says the figure reflects growing adoption of its lending, savings and payment services among individuals and businesses across the country.
Meanwhile, neither the CBN nor the Nigeria Deposit Insurance Corporation (NDIC), which insures eligible FairMoney deposits, has yet to publish independently verified user-count data for licensed microfinance banks, as at the time of publishing this report.
How FairMoney’s user base has grown over time
The number marks a rise from figures FairMoney has disclosed at earlier stages of its expansion. The company said it had 1.3 million KYC-verified users in Nigeria in 2021, around the time of its US$42 million Series B round led by Tiger Global Management, and later cited a base of roughly five to six million users in company materials as it scaled its lending and savings products. Measured against those self-reported figures, the user base has grown roughly fivefold in under two years.
The company, founded in 2017, started out offering instant loans and bill payments before obtaining its microfinance banking licence from the CBN, which allowed it to expand into savings accounts, cards and asset financing.
The bank has previously described itself as the most downloaded fintech app in Nigeria, a claim also drawn from its own data rather than independent app-store analytics.
Henry Obiekea, managing director of FairMoney Microfinance Bank, said the milestone reflected the trust Nigerians had placed in the platform.
“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,” Obiekea said in a statement. “We are grateful for that trust, and we do not take it for granted.”
Through the app, customers can open and manage accounts, save, transfer money, pay bills, use cards and access asset financing, according to the company. A separate offering, FairMoney Business, provides accounts and payment tools for merchants and MSMEs, aimed at supporting day-to-day operations rather than just credit access.
Obiekea added that the bank’s next phase would prioritise deepening value for existing customers over chasing new sign-ups, pointing to continued investment in technology and product development.
The announcement lands as CBN-licensed digital lenders continue competing for underserved and unbanked customers through mobile-first products, though FairMoney’s registered-user figures cannot be benchmarked against any common, independently audited standard.
FairMoney has not disclosed how many of its 30 million registered users are currently active borrowers or savers.
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