FairMoney — review & details

In Personal loans · By the Rateweb editorial team · How we rate · Details checked 18 Jul 2026

A CBN-licensed microfinance bank (deposits NDIC-insured) — the strongest oversight among the loan apps, with the widest amount range.

CBN-licensed bank

FairMoney

A CBN-licensed microfinance bank (deposits NDIC-insured) — the strongest oversight among the loan apps, with the widest amount range.
★★★★☆
4.4/5 · How we rate
₦3,000 – ₦3,000,000
Loan Amount
2.5% – 30% (by credit profile)
Monthly Interest
CBN microfinance bank
Licence
Yes (NDIC, to ₦2m)
Deposits Insured
large
Amount Tier
digital
Provider
Pros
  • CBN-licensed microfinance bank — bank-standard oversight + NDIC-insured savings
  • Large amounts (to ₦3m) and fast disbursal
  • Builds a limit as you repay on time
Cons
  • Rates run high for thin-credit borrowers (up to ~30%/mo)
  • Requires BVN and data access
  • Late repayment hurts your credit record
Fees, eligibility & documents
Fees
Monthly interest2.5%-30% by credit profile
Other feesAny processing fee is shown before you accept
Late paymentLate fees + credit-bureau report
Eligibility
  • 18+ Nigerian resident
  • Active BVN
  • A smartphone and a Nigerian bank account
Documents needed
  • BVN
  • Valid ID
  • Phone number and app/data access
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How FairMoney compares in personal loans

FairMoney scores 4.4/5 in our personal loans rankings. It's our current top pick in this category. Always compare a few before you decide — see the full personal loans comparison.

FairMoney
4.4/5 · this page
 GTBank (QuickCredit)
4.3/5
 Renmoney
4.2/5
Loan Amount ₦3,000 – ₦3,000,000 — Up to ₦6,000,000
Monthly Interest 2.5% – 30% (by credit profile) — ≈2.5% – 4%
Licence CBN microfinance bank Product of Guaranty Trust Bank, a CBN-licensed commercial bank CBN microfinance bank
Deposits Insured Yes (NDIC, to ₦2m) — Yes (NDIC, to ₦2m)
Visit FairMoney → Visit GTBank → Visit Renmoney →

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Details last checked: July 2026

Ratings are Rateweb's editorial opinion. Product details are checked periodically but can change — confirm current terms with the provider before acting. We may earn a commission from some links, at no cost to you.