Friday
February 19
2021

With Over 1.3 Million Users, Nigerian-Based Fintech FairMoney Wants to Replicate Growth in India

By Tage Kene-Okafor

There are more than 1.7 billion underbanked people globally, the majority of which are from emerging markets. For them, accessing loans can be difficult, which is a problem fintechs try to solve. One way they do this is by promoting financial inclusion by underwriting credit via a proprietary algorithm.

One such company is FairMoney, which describes itself as “the mobile banking revolution for emerging markets.” FairMoney, founded by Laurin HainyMatthieu Gendreau and Nicolas Berthozat, is a licensed online lender that provides instant loans and bill payments to underserved consumers in emerging markets.

Three years after launching its mobile lending service in Nigeria, the company set up shop in India, Asia’s second-most populous country, in August 2020.

Photo courtesy of Erik (HASH) Hersman.

Source: TechCrunch (link opens in a new window)

Categories
Finance, Technology
Tags
emerging markets, financial services, fintech, mobile banking, mobile loans, technology