FairMoney Microfinance Bank has launched an asset financing scheme to help Nigeria transport and logistics SMEs buy vehicles with structured daily or weekly repayments.
FairMoney says it has introduced a new Asset Financing Solution to expand access to vehicle financing for mobility entrepreneurs and small business operators in Nigeria. Asset financing is a loan used to buy a specific business asset, in this case a vehicle, and the borrower repays over time.
The lender says the offer is designed for the transport and logistics sector, where many operators earn in small amounts each day. Instead of a classic monthly loan schedule, the bank says repayments can be structured around daily or weekly income patterns.
FairMoney also says it will use technology-enabled onboarding and risk assessment. In simple terms, this means the bank relies on software-led checks to decide eligibility and price risk, often faster than manual paperwork.
The launch comes as Nigeria’s transport and logistics market continues to grow, driven by demand for road freight, ride-hailing, and intra-state commercial transport, according to the source report.
Vehicle access is a core constraint for many mobility and delivery businesses. When operators cannot buy or upgrade vehicles, they struggle to increase trips, serve more routes, or meet delivery demand.
Structured repayments that match cash flow can reduce missed payments, especially for drivers and merchants whose income is uneven. If the underwriting, meaning the bank’s process for judging repayment ability, works well, this type of credit can expand formal financing to operators who are often excluded.
For Nigeria’s wider logistics economy, more financed vehicles can translate into more capacity for last-mile delivery and road freight. That can support e-commerce fulfillment, retail distribution, and SME growth, even though operators still face other costs like fuel, maintenance, and insurance.
Primary Source: Independent Newspaper Nigeria
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