NextBillion - An Initiative of the William Davidson Institute at the University of Michigan

By Tom Jackson

Nigeria-based credit-led neobank FairMoney, which aims to give underbanked people access to digital financial services, is pursuing an emerging markets strategy and recently launched in India.

Founded by Laurin Hainy, Nico Berthozat and Matthieu Gendreau, FairMoney is using loans as a launching pad for its future bank accounts. Its artificial intelligence (AI)-based platform disburses loans to users in seconds, without any human intervention.

By building this automated process, and with a focus on very large countries like Nigeria and India, FairMoney already has close to 1.5 million users across the two markets, and hopes to keep the same fast growth pace.

Photo courtesy of Ismael Ferdous.