A Microfinance Bank, FairMoney on Thursday announced the launch of FlexiCredit, a new premium credit line designed to provide Nigerian professionals with fast, flexible, and substantial financial access.
According to Fintechinsights, the new product offers eligible users, a personal credit limit of up to ₦5,000,000 and provides them with credit access whenever they need it, accessible through a single, lifetime application.
The Head, Marketing, FairMoney, Ms Margaret Banasko, said in a statement released in Lagos that FlexiCredit was built around simplicity, transparency and complete user control.
Banasko said that approved users received a personalised credit limit which they could draw from at any time directly within the FairMoney mobile application.
She said that interest would be charged at 0.25 per cent per day and only applies to the amount of credit actually used.
“For instance, if a user has a limit of ₦1,000,000 and withdraws ₦200,000 for 10 days, the interest is ₦5,000, making the total repayment ₦205,000. No fees or charges apply when the credit line is not being utilised.’’
According to her, even Nigerian professionals with stable income often face delays and rigid structures when attempting to access credit through traditional lending processes.
She added that such processes often involve lengthy approvals, paperwork, and collateral.
Banasko said that FlexiCredit was designed to eliminate these barriers by providing an always available line of credit suitable for urgent needs, lifestyle improvements, and business opportunities without stress or delay.
The head of Marketing said that the product was created for the modern Nigerian professional who valued speed, clarity, and control.
“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,” Banasko said.
According to her, to qualify for FlexiCredit, applicants must be salaried employees earning a minimum of ₦250,000 per month.
Banasko said the applicant most maintain a good credit score, and complete Level Two of Know Your Customer (KYC) requirements on the FairMoney app.
She noted that during the application, users securely link their salary accounts for instant income verification, processed in line with NDPR and Central Bank of Nigeria (CBN) data protection guidelines.
She said that FairMoney also ensured ease of repayment, stating that customers had a monthly due date clearly displayed in the app.
According to her, users may repay the full amount used or pay the minimum due, which is calculated as a percentage of the amount used plus accrued interest.
Banasko said that paying the minimum due immediately restores access to the credit line.
She said that FlexiCredit was currently available to eligible users on the Android platform, with plans to make it available on iOS soon.
The News Agency of Nigeria (NAN) reports that FairMoney MicroFinance Bank is a leading financial services company and digital microfinance bank licensed by the Central Bank of Nigeria.
Through its mobile application, FairMoney offers a broad suite of financial products including instant loans, savings accounts, credit lines, and payment services.
