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FairMoney Microfinance Bank has launched FlexiCredit, a premium credit line that gives eligible Nigerians access to up to N5 million whenever they need it, with lifetime availability through a single application.
The product is built around simplicity, transparency, and user control, offering an always-on financial cushion for urgent needs, lifestyle upgrades, and business opportunities.
With FlexiCredit, approved users are assigned a personal credit limit accessible directly through the FairMoney app. Borrowers only pay interest when they draw from the limit, charged at 0.25 per cent per day.
For instance, withdrawing N200,000 from a N1 million limit for 10 days attracts N5,000 interest, bringing total repayment to N205,000.
When unused, the credit line remains completely free of fees or charges.
FairMoney said the innovation responds to the persistent difficulties Nigerian professionals face when trying to access credit, despite having stable income.
Traditional lending processes often involve long approval cycles, collateral requirements, paperwork, and rigid repayment structures that slow down access to urgent funding. FlexiCredit eliminates these barriers with a ready, frictionless credit line.
“FlexiCredit was created for the modern Nigerian professional who values speed, clarity, and control,” said Margaret Banasko, Head of Marketing at FairMoney. “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 workers earning at least N250,000 monthly, have a good credit score, and complete Level 2 KYC on the FairMoney app.
Salary account verification is done instantly and securely in line with NDPR and CBN data protection standards. Once approved, users have 14 days to activate the credit line, and must make their first withdrawal within 60 days to keep it active as part of the bank’s risk management framework.
Repayment is designed for convenience. Each customer’s monthly due date is clearly displayed in-app. Borrowers may choose to repay in full or pay the minimum due, 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.
FairMoney says FlexiCredit arrives at a time when fast, dependable credit is increasingly vital for Nigeria’s growing professional class. By offering near-instant verification, flexible repayment, and round-the-clock access to funds, the bank aims to strengthen the financial stability of its users.
FlexiCredit is currently available on Android, with an iOS rollout planned soon.
