Nigerian credit-led mobile banking platform, FairMoney, has struck a partnership with Oradian, a Croatian cloud-based banking enterprise, to bolster its growth and product innovation.
Following its launch in 2017, FairMoney is renowned for providing mobile-based lending services to Nigerians of all financial levels without collateral.
With FairMoney operating only in Nigeria and India, the company seeks growth from the recent partnership with a larger platform in Oradian, who claims to provide services to over 10 million banking customers in 13 countries across Africa and Asia.
Oradian’s solution provides an easy way for customers to manage their bank accounts, transact 24/7, make investments, and access finance tailored to the needs of developing markets.
FairMoney states that this partnership will enable the company to leverage Oradian’s existing infrastructure, tools and performances in order to promote growth in more regions across Africa and Asia whilst also improving on its existing offerings for its current markets.
The company states that it chose Oradian for various specific reasons, including their ability to support FairMoney’s credit assessment abilities as well as the ‘plug and play’ nature of its solution.
CEO and co-founder of FairMoney, Laurin Hainy, commented on the partnership stating that promoting financial inclusion is the company’s ultimate goal. “Our ultimate goal remains bridging the financial inclusion gap in emerging economies, and we understand the power of collaboration and partnerships in bringing this to reality,” he said.
“Since the inception of FairMoney, we have continued to serve our current markets with excellent financial products, providing much-needed access to credit and making essential banking services available to everyday people,” he added.
Also commenting on the development is Antonio Separovic, CEO of Oradian. He said: “To be able to innovate quickly, with products that the market requires, while being compliant with changing regulations in very different markets, takes a different breed of core system.”
“All of these are real, daily challenges in the back-office, not seen by the customers and often taken for granted. However, we know through working with a broad range of financial customers, those challenges are very real, and in some cases, insurmountable without the right technology and an expert partner.”
The emerging markets in Africa and Asia grow at a fast pace and demand financial services capable of providing loans and capital for businesses of all scales, FairMoney has thrived in that role, making it the leading credit organization in Nigeria.