FairMoney rolls out on-demand credit line as consumer liquidity tightens

FairMoney Microfinance Bank has launched FlexiCredit, a new on-demand credit line offering Nigerian professionals instant access to as much as N5 million.

This is even as the company has said the product is designed to ease the tightening liquidity pressures facing many consumers. The launch comes at a time when salaried workers, despite stable employment, are struggling to secure quick, flexible credit due to lengthy approval cycles and rising household expenses.

FlexiCredit introduces a lifetime credit line accessible through a single application on the FairMoney app. Approved users receive a personalised limit that can be drawn at any time, with interest charged only on the amount borrowed. At 0.25 percent per day, FairMoney says the structure gives borrowers full visibility and control. For instance, a user withdrawing N200,000 for 10 days from a N1 million credit limit would repay N205,000, with no additional fees when the line is unused.

The product is targeted at Nigeria’s growing professional class, especially salaried workers with at least N250,000 monthly income, who often face credit delays from traditional lenders requiring extensive paperwork, collateral, or rigid repayment structures. According to the company, users can complete the entire application digitally by linking their salary accounts for instant income verification, conducted in line with NDPR and Central Bank of Nigeria data protection rules. Once approved, they have 14 days to activate the credit line and must make a first withdrawal within 60 days to keep it active.

Margaret Banasko, head of marketing at FairMoney, said the product was designed for the modern Nigerian professional who values speed, clarity, and control, noting that customers regain access to their credit immediately after paying the minimum due, while full repayment restores the entire limit. “It is simple, transparent, and designed to match the fast pace of our customers’ lives,” she added.

Repayment is structured to reduce borrower anxiety. Each customer has a clearly displayed monthly due date and can choose between paying the minimum due, calculated as a percentage of the utilised amount plus interest, or repaying the entire balance. FairMoney says this flexibility enables borrowers to manage seasonal cash flow fluctuations without losing access to funds.

With consumer purchasing power under pressure and demand for reliable short-term borrowing rising, the lender is positioning FlexiCredit as a tool for urgent needs, lifestyle improvements, and small business opportunities.

Royal Ibeh

Royal Ibeh is a senior journalist with years of experience reporting on Nigeria’s technology and health sectors. She currently covers the Technology and Health beats for BusinessDay newspaper, where she writes in-depth stories on digital innovation, telecom infrastructure, healthcare systems, and public health policies.