FairMoney rolls out FlexiCredit for fast cash
FairMoney Microfinance Bank has introduced FlexiCredit, a new credit line offering eligible clients access to up to five million naira. The product is designed for salaried professionals, requiring a minimum monthly income of 250,000 naira and a satisfactory credit history for qualification. Approved users can withdraw funds as needed directly through the mobile application, paying a daily interest rate of 0.25 percent only on the amount utilized.
Margaret Banasko, Head of Marketing at FairMoney, explained that FlexiCredit provides users with speed and control, emphasizing that interest accrues solely on withdrawn sums. The application process involves linking a salary account for immediate income verification, adhering to national data protection regulations. Once approved, customers must activate the credit line within fourteen days and make an initial withdrawal within sixty days to maintain its active status.
Repayment terms offer flexibility, allowing users to either settle the full amount used or a calculated minimum due each month. Making the minimum payment instantly restores access to the available credit, while full repayment refreshes the entire credit limit. This launch aims to address the need for rapid and transparent credit access among Nigerian professionals.
