INSUBCONTINENT EXCLUSIVE:
Fintech startup FairMoney is building a challenger bank in Nigeria
The company first started offering microcredit and now plans to expand to current accounts and savings
Speedinvest and Le Studio VC.FairMoney lets you get a loan from its mobile app
After answering a few questions and sharing financial information, the startup analyzes this data set as well as your geolocation, other
apps installed on your phone and other factors to give you an answer in a few minutes.On average, people borrow the equivalent of $33
Eventually, if you always repay on time, you are able to borrow as much as $415
Interests vary depending on repayment periods and other factors, but the maximum annual percentage rate is 13%.When you apply for a loan,
You can then repay using cash with partner bank tellers, bank transfers or SMS.FairMoney has a lending license in Nigeria
The company will partner with microfinance institutions to launch current accounts, savings and facilitate payments
For users without smartphones, the startup is also working on an SMS interface to transfer money.
