Fairmoney is a digital microfinance bank in Nigeria that’s offering digital banking services and online lending services to eligible Nigerians. Additionally, Fairmoney is also providing a point-of-sales (POS) service for various agency networks across Nigeria.
Fairmoney acquired Payforce and integrates it with Fairmoney Business to facilitate POS transactions in Nigeria. However, with all these financial services Fairmoney is offering, the online lending service is the most popular of all.
What I’m saying in essence is that; many Nigerians know Fairmoney as an online loan app. Only few knows that the company is also rendering digital banking services like savings accounts, investments, bill payments, card issuing and POS machines.
In this manner, there are many financial technology companies like Fairmoney that’s offering both lending services and microfinance banking services. And this is what I’m going to walk you through in this article. In this article, we’ll discuss Apps like Fairmoney that’s offer both financial solutions and at the same time giving credits to those in needs.
Loan Apps Like Fairmoney
Here’s a list of online lending services in Nigeria like functions exactly like Fairmoney App. These apps can also be known as Fairmoney competitors in Nigeria. Let’s dive into it.
1. Carbon
Carbon is another popular loan app like Fairmoney in Nigeria. Although the company is a prominent digital bank with a Microfinance Bank (MFB) operating license, but many Nigerians known the app as a digital lending platform.
Beyond lending, Carbon App offers a range of financial services including bill payments, airtime and data purchase, card payments, buy now pay later (BNPL), savings account, and investment options.
Carbon allows it users to apply for loans ranging between ₦2,500 and ₦1,000,000 with terms from 1 to 12 months at interest rates of 4.5% to 30%.
However, as it is on Fairmoney App, loan application on Carbon App is fully digital and it does requires personal identification number (NIN) and Bank verification number (BVN) to complete loan application process on Carbon.
2. Renmoney
Like Carbon and Fairmoney, Renmoney is another alternative digital bank and online lending platform in Nigeria. The platform is approved and licensed by the Central Bank of Nigeria as a digital microfinance bank (DMFB).
Renmoney is offering digital lending services and digital banking solutions—providing financial solutions digitally to the underserved communities in Nigeria.
Likewise the Fairmoney App, and Carbon App, Renmoney App is available on Google Play Store and Apple App Store for both iPhone users and Android users to enjoy fast and easy download respectively.
Speaking about Renmoney financial offerings, it offers loans ranging from ₦5,000 to ₦6,000,000 with flexible terms of 3 to 24 months. It savings accounts, like RenFlex and RenVault, offer competitive interest rates up to 26% per annum.
3. Branch
Like Fairmoney, Renmoney and Carbon, Branch is another digital bank in Nigeria offering lending services. However, the app is not available on iOS Apple Store for iPhone users. Only Android users can enjoy Branch financial offerings.
Nevertheless, Branch specializes in providing digital banking services, including instant loans, money transfers, bill payments, and high-yield savings, primarily through its android mobile app.
Other Branch financial offerings include bill payments, purchasing of airtime and data, and a Mastercard debit card linked to a secure account which ensures easy access to funds available on users wallets.
4. CredPal
CredPal is Buy Now Pay Later (BNPL) lending platform. The platform also focuses on other digital banking services and payment solutions like savings, investments, and consumer credit access. Primarily, CredPal’s services enable users to make purchases online and offline with flexible payment options, including “Buy Now, Pay Later” plans.
5. HerVest
HerVest is another great digital bank in Nigeria that’s rivaling with Fairmoney, Carbon, Branch and Renmoney. The platform was established in 2018 aimed at promoting financial inclusion for women through savings, impact investing, and micro-credit services.
HerVest app is available on Google Play store and Apple App Store for download. The platform offers savings accounts, loan services, bill payment services and card services through its mobile app.
Conclusion
Carbon App, Renmoney App, Branch App, HerVest and CredPal are the best alternatives to Fairmoney Loan App in Nigeria.
Although, other fintech apps like OPay, PalmPay and Kuda Bank are also rivaling with Fairmoney but they’re not recognized as lending app—they’re popularly known as digital banks.
In a nutshell, apps like Fairmoney in Nigeria are Renmoney, Carbon, Branch, OPay, PalmPay, HerVest, CredPal, and Kuda Bank.
