FairMoney Microfinance Bank pays back over 5.86 billion naira borrowed from market investors, showing strong trust and financial safety.
FairMoney Microfinance Bank has completely paid back a huge debt of over ₦5.8 billion to people and organizations who lent it money.
The money company made this important announcement in Nigeria after paying the full amount of ₦5,860,319,000 directly back to the original lenders.
This money was borrowed under a special loan agreement called a commercial paper, where big companies borrow money from investors for a short time to run their businesses and pay it back with interest when the term ends.
FairMoney borrowed this money under its ₦10 billion short-term borrowing program to run its daily lending and banking business.
Paying every single kobo back on time proves that the company is strong, honest, and capable of keeping its money promises.
The decision to pay back this large amount comes at a time when many individuals and small business owners in Nigeria need quick and reliable financial services to survive the tough economy.
FairMoney started small in the year 2017 as a simple app that gave quick micro-loans on mobile phones without requiring people to fill out long paper forms in physical bank halls.
Over the years, the company grew bigger and secured an official microfinance banking license from the Central Bank of Nigeria.
Today, the bank provides savings accounts, ATM cards, bill payments, and money transfers to everyday market traders, drivers, workers, and families across the country.
Speaking on this successful debt payment, Henry Obiekea, who is the Managing Director of FairMoney Nigeria, explained why keeping promises to investors is very important to the company.
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He said, “Meeting our commitments to investors is fundamental to how we build and sustain trust. The full redemption of our Series 6 Commercial Paper reflects this commitment and our focus on responsible financial management. We appreciate the confidence our investors have placed in FairMoney and their continued support as we work to expand access to financial services in Nigeria. We wish to thank the FMDQ for providing a strong platform for institutions such as ours to access the Nigerian Debt Capital Markets.
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The company also explained that paying back this huge debt helps them build a safe business that can continue helping everyday citizens who need money for trade, school fees, and daily emergency needs.
By protecting investors’ money and keeping clean records, FairMoney makes sure that investors will always be happy to lend them more money whenever the bank needs to expand its services to new towns and villages.
FairMoney recently reached a major milestone of over 30 million registered users in Nigeria. This is a massive jump from just one point three million users in 2021.
By successfully paying back ₦5.86 billion to investors, the banking app has shown that digital banks in Africa can manage people’s money safely, protect their reputation, and help millions of ordinary citizens bank easily with their mobile phones.
