Is FairMoney Insured by NDIC?
FairMoney is one of Nigeria’s most popular digital lending platforms. As more users store money, take loans, and even save with FairMoney, the question arises: Is FairMoney insured by the Nigeria Deposit Insurance Corporation (NDIC)?
What Is FairMoney?
FairMoney started as a loan app, offering instant loans to users via a mobile app. Over time, it has evolved into a fully licensed digital bank in Nigeria. Now, FairMoney offers:
- Savings accounts
- Personal and business loans
- Bill payments
- Debit cards
- Bank transfers
Is FairMoney NDIC-Insured?
Yes, FairMoney MFB is insured by the NDIC.
FairMoney operates as a licensed Microfinance Bank (MFB) in Nigeria under the name FairMoney Microfinance Bank. This means it is regulated by the Central Bank of Nigeria (CBN) and automatically covered under the NDIC scheme.
What NDIC Insurance Means for You
The NDIC insures each depositor’s funds in case the financial institution fails. For microfinance banks, the insured amount is currently up to ₦200,000 per depositor per bank.
This means if FairMoney were to go bankrupt, NDIC would compensate depositors up to that amount.
What Products Are Covered?
- FairSave and FairLock savings
- Standard deposit balances in your FairMoney bank account
- Any funds stored in your account for transfers and bill payments
Is the Loan Money You Borrow Insured?
No. NDIC insurance covers money you deposit into FairMoney, not the loans you receive. In fact, as a borrower, you owe money to the bank, so that isn’t covered by any insurance scheme.
How to Verify FairMoney’s NDIC Coverage
You can verify that FairMoney MFB is licensed and insured by checking the official list of insured financial institutions on the NDIC website or contacting FairMoney support.
Security Measures in Place
In addition to NDIC insurance, FairMoney implements strong security practices:
- CBN-regulated banking standards
- Two-factor authentication (2FA)
- Fraud detection systems
- Regular app security updates
Conclusion
Yes, your deposits with FairMoney are safe and insured by NDIC up to the ₦200,000 limit. Since FairMoney is a licensed microfinance bank, it meets all regulatory requirements for deposit insurance in Nigeria.
If you plan to use FairMoney to save, borrow, or make payments, you can do so with peace of mind.
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