FairMoney Reaches 30M Users, Closing in on Top Banks

In Short

FairMoney says it now has 30 million registered users in Nigeria. The figure puts the digital bank in the same conversation as Nigeria’s biggest bank groups by customer count.

What Happened

FairMoney announced the 30 million milestone on September 3, 2026. The company said the number reflects growing trust from Nigerian customers.

FairMoney started in 2017 as a lending app. It used smartphone signals to underwrite small loans, meaning it used phone data as a proxy for credit history. Many borrowers did not have collateral or long banking records.

In 2021, FairMoney secured a microfinance bank licence from the Central Bank of Nigeria. That licence allows it to take deposits and open accounts, but under rules that are different from full commercial bank licences.

Condia’s report compares FairMoney’s scale with Nigeria’s older banks, often called the “FUGAZ” group. FirstBank reports over 43.5 million customer accounts across multiple markets. United Bank for Africa (UBA) reported 43 million customers across 24 countries in its 2025 annual report.

GTBank, via GTCO, has said it serves over 37 million customers across 10 African countries and the UK. Access Bank has been reported at over 60 million customers, with its CEO citing 65 million more recently. Zenith Bank reported about 34.5 million customers for its 2025 financial year.

Why It Matters

Customer numbers are not the same as active users, deposits, or profitability. Still, 30 million registrations in under a decade shows how fast app-based banking is growing in Nigeria.

The comparison also highlights a structural shift. Traditional banks built large customer bases over decades, often by expanding into many countries and building branch networks. FairMoney reached its figure in one market and without physical branches.

For founders and operators, the takeaway is simple. Distribution in finance is moving to smartphones, and licensing paths like microfinance banking are now a key route from lending into full digital banking.