FairMoney Microfinance Bank has launched a new premium credit product, FlexiCredit, designed to give Nigerian professionals fast, flexible, and reliable access to funding of up to ₦5 million.
Announced on Thursday, the product allows eligible users to access their approved personal credit limit on demand, through a single lifetime application, eliminating long approval processes and paperwork associated with traditional loans.
In a statement, FairMoney’s Head of Marketing, Margaret Banasko, said FlexiCredit was built to offer “simplicity, transparency, and complete user control.” Once approved, users can immediately withdraw any portion of their credit limit within the FairMoney mobile app.
Interest is set at 0.25% per day, applied only to the amount used, not the total credit limit.
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“For example, if a user has a ₦1 million limit but withdraws ₦200,000 for 10 days, they pay ₦5,000 in interest,” Banasko explained. “There are no charges when the credit line isn’t in use.”
Banasko noted that many Nigerian professionals with stable income still face delays and rigid procedures when trying to access credit. FlexiCredit, she said, solves this by providing a reliable, always-available line of credit for emergencies, lifestyle needs, or business opportunities.
“To qualify, applicants must earn at least ₦250,000 monthly, maintain a good credit score, and complete Level Two KYC on the FairMoney app,” she said. Applicants must also securely link their salary accounts for instant income verification, in compliance with CBN and NDPR guidelines.
Repayment is also designed to be flexible, as users can choose to pay the full outstanding balance or the minimum due, which restores immediate access to their credit line.
FlexiCredit is currently available on Android devices, with iOS access set to follow soon.
FairMoney Microfinance Bank, licensed by the Central Bank of Nigeria, offers financial services including instant loans, savings, credit lines, and payments through its mobile platform.
