FairMoney, the mobile banking for emerging markets, is leading the “No Excuses” campaign to encourage individuals and small businesses to take advantage of its loan offer of 1,500 to 150,000 n.
FairMoney grants over 6,500 loans a day, and since the company began operations in 2017, it has revolutionized the banking landscape by granting over 1 million loans to individuals and small businesses across Nigeria.
How FairMoney works
A customer can download the app from the Google Play Store and, based on their credit score, calculated using artificial intelligence, receive an instant credit offer of between 1,500 and 150,000 n.
The first credit is always for a period of between 15 and 30 days. Customers who demonstrate good repayment behavior can extend the loan term up to 3 months.
Seun Oratokhai, Head of Direct Marketing, Explains Why FairMoney Launches No Excuses Campaign
Explaining the idea behind the “No Excuses” campaign, Seun Oratokhai, Head of Direct Marketing, FairMoney said: “From our research, we’ve learned that most individuals and small business owners who need a quick loan go first to family and friends, or to a commercial bank. Unfortunately, they can get a long list of excuses such as “I wish you asked yesterday”, “I borrowed what I spend”, and so on. Many of these people also struggle to meet the requirements of commercial banks, such as collateral and documentation. “
“Our guarantee to potential borrowers is that, if they meet the eligibility criteria, there is no excuse for obtaining a loan from FairMoney. We also do not ask for documents or guarantees. All FairMoney needs are some personal information, the customer’s BVN and bank details,‘Oratokhai, concludes.
How to get a FairMoney loan?
Getting a loan with FairMoney is easy and can be done in a few quick steps. First, the applicant should download the FairMoney app from the Google Play Store. The applicant can register using their phone number and answer a few questions to get a loan in just five minutes. The funds are paid instantly and, depending on the loan offer, can be repaid in one, two or three installments easily in the app. Refund options include automatic bank transfer, USSD card, and debit card (ATM).
A fun and engaging part of the ‘No Excuses’ campaign is’The friend loan test‘in which consumers ask friends and family for loans and post their funniest apologies on social media using hashtags #FriendsReadyTest and #QuickLoansNoExcuses. FairMoney will repost the funniest apologies on the company’s social media pages, and the post with the most likes each week will win awards. The “loan among friends test” runs until December 19, 2019. In addition, clients who refer their friends will receive N 500 on their next loan.
FairMoney customers can also use the app to pay for value-added services such as airtime and data without transaction fees and at a significant discount.
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