FairMoney Microfinance Bank has announced that its registered user base in Nigeria has exceeded 30 million, according to a statement shared with Technext. The company said the figure reflects growing adoption of its lending, savings and payment services among individuals and businesses across the country. The milestone positions FairMoney among the most widely registered digital financial platforms serving Africa's most populous country, where a substantial share of adults remain unbanked or underbanked despite years of financial-inclusion initiatives.

Notably, neither the Central Bank of Nigeria (CBN) nor the Nigeria Deposit Insurance Corporation (NDIC), which insures eligible FairMoney deposits, has published independently verified user-count data for licensed microfinance banks as at the time of publishing this report. That gap matters because registered-user counts measure sign-ups rather than active usage, and industry observers routinely distinguish between the two when assessing a platform's actual reach.

How FairMoney's user base has grown over time

The milestone marks a significant rise from figures FairMoney disclosed at earlier stages of its expansion. The company reported 1.3 million KYC-verified users in Nigeria in 2021, around the time of its US$42 million Series B funding round led by Tiger Global Management. It later cited a base of roughly five to six million users in company materials as it scaled its lending and savings products. Measured against those self-reported figures, the user base has grown roughly fivefold in under two years. The trajectory parallels a broader wave of venture-backed digital lending in Nigeria during that period, which saw several players raise large rounds to acquire customers through mobile-first loan products.

Founded in 2017, the company began by offering instant loans and bill payments before obtaining its microfinance banking licence from the CBN, which enabled it to expand into savings accounts, cards and asset financing. Taking a licensed-bank route has become a common strategy among Nigerian digital lenders seeking to broaden from credit into deposits and payments, as regulatory scrutiny of the lending sector has tightened.

The bank has previously described itself as the most downloaded fintech app in Nigeria, though that claim is also drawn from its own data rather than independent app-store analytics.

Henry Obiekea, managing director of FairMoney Microfinance Bank, said the milestone reflected the trust Nigerians have placed in the platform.

"Surpassing 30 million registered users is an important milestone for FairMoney, but its greatest significance is the trust millions of Nigerians have placed in us to support their everyday financial lives," Obiekea said in a statement. "We are grateful for that trust, and we do not take it for granted."

Through the app, customers can open and manage accounts, save, transfer money, pay bills, use cards and access asset financing, according to the company. A separate offering, FairMoney Business, provides accounts and payment tools for merchants and micro, small and medium enterprises (MSMEs), aimed at supporting day-to-day operations rather than just credit access.

Obiekea added that the bank's next phase would prioritise deepening value for existing customers over chasing new sign-ups, pointing to continued investment in technology and product development. A shift in emphasis from user acquisition to engagement and monetisation of existing customers is a pattern seen across maturing fintech markets once registration growth plateaus.

The announcement comes as CBN-licensed digital lenders continue competing for underserved and unbanked customers through mobile-first products, although FairMoney's registered-user figures cannot be benchmarked against any common, independently audited standard. Watchpoints for the sector ahead include further CBN policy moves affecting digital lenders and deposit-taking institutions, and whether operators begin disclosing independently verifiable active-customer metrics.

FairMoney has not disclosed how many of its 30 million registered users are currently active borrowers or savers.