The appointments are part of the Bank’s ongoing efforts to strengthen its corporate governance structure and executive leadership capacity respectively, as it expands its footprint in Nigeria’s fast-growing digital financial services sector.

These strategic appointments mark a significant milestone in FairMoney’s institutional evolution, underscoring a deepened commitment to world-class corporate governance, regulatory excellence, and sustainable growth.

As the organization transitions from a high-growth fintech to a full-service microfinance bank, the integration of these seasoned industry leaders strengthens its governance framework and operational capacity.

The appointment of Gbenga Shobo as Chairman brings over 35 years of experience in the banking industry to FairMoney.

A former Deputy Managing Director at First Bank of Nigeria Limited, Mr. Shobo, is a celebrated “titan” of African banking.

During his tenure at FirstBank, he played a pivotal role in driving remarkable growth in digital banking volumes and supervised business units that generated significant portions of the bank’s total revenue.

An alumnus of the University of Ife, Harvard Business School, Stanford University and INSEAD, Mr. Shobo brings over 11 years of distinguished board-level experience at First Bank of Nigeria Limited.

He has also served on the boards of various financial institutions, including microfinance, insurance and fintechs, highlighting his experience across diverse segments of the financial services ecosystem.

Renowned for his strategic insight, governance acumen, and boardroom expertise, his appointment is expected to further strengthen the Bank’s governance architecture and provide strong strategic oversight as FairMoney continues to expand its footprint in Nigeria’s financial services landscape, while upholding the highest ethical standards.

Also joining the leadership team is Mr. Debo Aderoju, a banking professional with more than two decades of experience in credit management, enterprise risk management, and inclusive finance.

Prior to this appointment, he served as Managing Director and Chief Executive Officer of Letshego Microfinance Bank Nigeria.

Earlier in his career, Mr. Aderoju worked at United Bank for Africa and later moved to First Bank of Nigeria Limited, where he oversaw risk management functions across multiple Sub-Saharan African markets. His appointment is subject to regulatory approval.

He is an alumnus of the Leadership Development Program at the Gordon Institute of Business and Science (GIBS), University of Pretoria, South Africa, and the Massachusetts Institute of Technology.

Commenting on the appointments, Henry Obiekea, managing director of FairMoney Microfinance Bank, stated:

“The bank is at a critical inflection point; wherein strong corporate governance is essential to sustain the impressive growth that we have achieved over the past few years. Welcoming Gbenga Shobo and Debo Aderoju reinforces our commitment to transforming FairMoney into a market-leading financial institution. Mr. Shobo joins our board with extensive experience in managing complex operations and a deep understanding of the retail and tech-enabled sectors, which will be invaluable as we continue to expand our services and deliver even greater value to our customers. In addition, Mr. Aderoju’s strong expertise in governance and inclusive finance will serve as a key driver for enhancing operational efficiency, risk management and regulatory compliance”.

FairMoney Microfinance Bank is a leading tech-enabled financial institution committed to driving financial inclusion across Nigeria.

Since 2021, FairMoney has evolved from a rapid credit platform into a full-fledged licensed microfinance bank offering its comprehensive suite of digital financial services, including loans, savings accounts, and payment solutions, aimed at improving access to financial services for individuals and businesses across Nigeria.

As FairMoney continues to scale, its commitment to strong governance and professional leadership serves as the foundation for driving genuine financial empowerment and enabling the bank to deliver its services with the integrity, stability, and ethical rigor that its customers deserve.

The post FairMoney Appoints Gbenga Shobo, Debo Aderoju to the Board appeared first on Tech | Business | Economy.

These enterprises contributed over 48% to Nigeria’s GDP and accounted for between 84% of total employment.

However, while the vast majority of SMEs play a vital role in national development, only a small minority have access to formal credit or the financial literacy required to scale and meet eligibility requirements.

FairMoney Microfinance Bank (MFB), a leading technology-enabled bank in Nigeria, is supporting national financial inclusion objectives and bridging the gap by providing solutions that directly assist small and medium-sized enterprises (SMEs).

It does this not only by providing access to financing but also by offering efficient payment processing options that help SMEs scale up financially.

Access to Capital

Securing a loan through FairMoney MFB offers a streamlined path for Nigerian SMEs to transform potential into performance.

By prioritizing digital speed and accessibility, the microfinance bank enables eligible business owners in Nigeria to secure up to ₦5,000,000 without physical collateral; however, access remains subject to credit assessment.

This rapid disbursement creates a real opportunity for entrepreneurs to act on time-sensitive growth prospects, whether that means restocking inventory ahead of a peak season, fulfilling a sudden large-scale order, or upgrading essential equipment.

To improve their eligibility for higher loan amounts, SMEs simply need to increase their engagement with the FairMoney ecosystem; banking and managing finances directly through the app after an initial application using their BVN and business details.

Beyond the Bank Statement

Alternative credit scoring is the engine that allows FairMoney MFB to leverage broader data sets to better inform credit decisions for a wider range of SME customers.

FairMoney MFB doesn’t just look at a bank statement; it looks at potential. By utilizing Alternative Credit Scoring powered by advanced data analytics and machine learning, FairMoney MFB assesses creditworthiness based on non-traditional data, such as app usage patterns, transaction velocity, and digital footprints – with customer consent and in accordance with Nigerian data protection requirements.

This approach opens the door for businesses with limited formal financial histories to access real growth opportunities that were previously out of reach.

For the Nigerian SME, this presents the opportunity to scale from small-scale survival to ambitious expansion, securing the funding necessary to innovate and compete based on the real-time strength of their operations.

Smarter Savings

True business growth requires a shift from simple borrowing to disciplined wealth management, and FairMoney MFB empowers SMEs with a suite of specialized products designed to ensure their capital works as hard as they do.

Through FairTarget, entrepreneurs can define specific financial milestones, such as purchasing equipment or securing a larger office, and automate their progress toward reaching them.

For operational liquidity, FairSave offers a high-interest savings account where funds remain accessible while earning daily interest, while FairLock provides long-term stability by allowing businesses to secure surplus funds at premium interest rates, protecting capital from impulsive spending.

Together, these features transform FairMoney MFB from a lender into a comprehensive financial partner to SMEs that fosters both immediate scalability and long-term fiscal health.

POS Systems

FairMoney MFB’s Point of Sale (POS) systems provide Nigerian SMEs with a robust infrastructure to accept online, mobile, and in-person payments seamlessly.

By transitioning from a cash-only model to a multi-channel payment system, businesses can significantly reduce operational risks such as theft and accounting errors while expanding their reach to a nationwide customer base. This digital shift unlocks real-life opportunities for growth.

A local retailer can move beyond foot traffic to sell to customers across the country via the web, while service providers can offer “Pay with Transfer” or card options that cater to the growing demographic of cashless consumers.

Every digital transaction creates a verifiable financial trail within the FairMoney MFB app, which the bank uses to build a more accurate credit profile for the merchant.

This means that simply by making it easier for customers to pay, SMEs could potentially improve their credit profile and gain access to more competitive pricing needed for long-term expansion.

Maintaining detailed financial records has transitioned from a best practice to a regulatory necessity for SMEs.

The current landscape, influenced by the Nigeria Revenue Service (NRS), increasingly values verifiable digital records as a means of supporting eligibility assessments for small business tax holidays.

Maintaining such records through record keeping can facilitate compliance with requirements for exemptions, such as the 0% Company Income Tax (CIT) rate for businesses with an annual turnover below ₦100 million.

Without accurate, time-stamped digital trails, including structured e-invoices and clear transaction histories, SMEs risk not only losing these vital fiscal reliefs but also facing significantly sharper penalties for late filing or non-compliance.

Beyond tax, streamlined records bridge the information gap that often hinders access to credit; by presenting a financial compass of real-time cash flow and profitability, business owners can prove their creditworthiness to partners, turning their compliance into a strategic tool for securing the capital needed to scale in an increasingly formalised market.

FairMoney MFB continues to serve as a dynamic partner in an SME’s journey toward long-term scalability and financial stability.

The post How FairMoney is Powering the Next Generation of Nigerian SMEs appeared first on Tech | Business | Economy.

Over the past year, FairMoney Microfinance Bank has quietly become one of the engines keeping that momentum alive, disbursing more than ₦150 billion in loans to individuals and businesses across the country.

At the same time, the bank returned over ₦7 billion in interest to savers, rewarding customers who chose to grow their money within the formal financial system.

Founded in 2021, FairMoney entered Nigeria’s fintech space at a time when quick, reliable credit was still largely out of reach for many.

What began as a platform focused on rapid loan access has since evolved into a fully licensed microfinance bank, reflecting both scale and growing trust in its model.

Along that journey, FairMoney has steadily expanded its offerings beyond lending, building a digital banking ecosystem designed to meet customers at different stages of their financial lives.

Today, the bank provides a broad range of services, from high-interest savings accounts and fixed deposits to current accounts, debit cards, and POS solutions for businesses, all structured to make everyday banking simpler, faster, and more accessible.

The emphasis remains clear: remove friction, lower barriers, and bring more Nigerians into the financial mainstream.

In an economy where millions remain underserved by traditional banking, FairMoney’s growth story is less about balance-sheet milestones and more about financial inclusion at scale, one loan, one savings account, and one customer at a time.

As a technology-enabled bank, FairMoney leverages advanced tools, including AI and machine learning algorithms, to analyse extensive financial and alternative data from smartphone usage and user-provided information.

By creating unique credit scores to assess risk, FairMoney enables fast, collateral-free lending to underserved segments, ensuring creditworthiness is evaluated beyond traditional banking criteria.

“Our record loan disbursements and savings pay-outs over the past year are more than just numbers; they represent our unwavering tenacity in supporting the Nigerian financial ecosystem,” said Henry Obiekea, managing director of FairMoney MFB. “At FairMoney, we are driven by the knowledge that our platform provides the essential capital for individuals to thrive and for businesses to scale. Our savings products provide both retail and business customers with inflation-beating returns, ensuring genuine wealth preservation. We remain deeply committed to closing the financial gap and empowering our community.”

Operating as a Central Bank of Nigeria (CBN) licensed institution, FairMoney adheres to all CBN guidelines and is strictly regulated to ensure that deposits are insured by the Nigeria Deposit Insurance Corporation (NDIC).

Furthermore, the bank prioritizes data protection under the Nigeria Data Protection Regulation (NDPR) and maintains bank-grade security protocols.

Throughout 2025, the Nigerian financial ecosystem operated under the strategic framework of the CBN’s “Payment Systems Vision 2025,” successfully transitioning the nation toward a more inclusive, stable, and cashless economy.

By October 2025, Nigeria recorded a massive surge in electronic payments. Total e-payment transactions reached record highs, with instant bank transfers accounting for nearly 70% of all electronic transactions.

FairMoney played its part as a conduit, creating a significant digital footprint through the disbursement of loans and the payment of savings interest to customers.

“Our efforts in 2025 were defined by an unwavering commitment to financial inclusivity and a customer-centric mission rooted in fairness, empowerment, and consumer confidence,” stated Obiekea. “As we move into 2026, we remain resolute in our mission to uphold these values and drive the continued growth and resilience of Nigeria’s financial landscape.”

The post FairMoney Crosses ₦150bn in Loan Disbursements, Pays ₦7bn in Savings Interest appeared first on Tech | Business | Economy.

With the Central Bank of Nigeria restoring confidence in the Naira and foreign reserves reaching a five-year high of over 45 billion dollars, the next phase of growth will be shaped by how effectively Nigerians can participate in the formal financial system.

Technology-enabled banking is playing a critical role in this transition. Commercial banks remain the backbone of the system, providing balance sheet strength, regulatory depth, and long-term capital essential for national development.

Yet in a country of over 220 million people, physical access alone cannot deliver financial inclusion at scale.

Mobile-first and digitally delivered financial services are bridging this gap. By extending regulated banking beyond physical locations into everyday devices, licensed microfinance banks and other regulated institutions are bringing millions of Nigerians into the formal economy.

This approach helped push formal financial inclusion to over 64 percent in 2025, ensuring the last mile is no longer excluded.

Achieving the Federal Government’s target of a one trillion dollar GDP by 2036 requires efficient capital flow. In the first quarter of 2025 alone, Nigeria recorded over 295 trillion naira in electronic payment transactions.

Faster, secure financial infrastructure supports modern commerce, strengthens trade, and improves overall economic productivity.

Micro, small, and medium-scale enterprises, which contribute nearly 48 percent of GDP, are central to this growth. Technology-driven banking models are helping to close long-standing credit gaps. By responsibly using alternative data to assess risk, small-ticket working capital loans provide the “pocket capital” businesses need to grow.

This builds a pipeline of enterprises that can mature into larger corporate clients within the broader banking ecosystem.

Digitally delivered financial services also strengthen public revenue mobilisation. Increased transaction transparency supports a broader tax net and contributes directly to government revenues through stamp duty, reinforcing fiscal sustainability.

This evolution is supported by a maturing regulatory environment. The Central Bank of Nigeria’s Open Banking framework, rolling out in phases from early 2026, ensures that all regulated institutions operate under consistent oversight. Secure data sharing standards mean customers’ financial histories can move with them across institutions, strengthening trust and accountability.

At FairMoney Microfinance Bank, we see this framework as a social contract. Knowing that deposits are protected by NDIC insurance and supported by clear dispute resolution mechanisms gives customers the confidence to participate actively in the economy.

The future of Nigerian banking is defined by structural harmony. Traditional banks provide depth and stability, while technology-enabled institutions provide reach, speed, and accessibility. Together, they turn financial access into economic resilience.

By working in alignment, we can ensure every Nigerian, from the Lagos professional to the rural trader, is equipped to contribute meaningfully to our shared one trillion dollar future.

The post Why Technology-Enabled Banking is a Multiplier for Nigeria’s 2036 Goal appeared first on Tech | Business | Economy.