What Is FairMoney?
FairMoney is a fast-growing Nigerian neobank that started as a lending platform in 2017. In 2021, it obtained a microfinance bank (MFB) license from the Central Bank of Nigeria. Deposits with it, including on the FairLock savings product, are insured by the NDIC within applicable limits.
Since launching savings products, FairMoney has managed over ₦35 billion in customer deposits and paid out more than ₦3 billion in interest.
FairMoney offers a combination of digital ease and competitive returns — things that make it an increasingly popular choice among savers in Nigeria.
FairMoney’s Savings Plans
FairMoney offers three core savings plans tailored to different financial habits and goals:
1. FairSave
The FairSave plan pays its users up to 17% per annum on amounts saved with it. You can also withdraw funds at any time. This flexibility and high returns make it a top choice for anyone who wants to save money at interest rates that far exceed what a traditional bank’s savings account can give them.
2. FairTarget
FairTarget is a savings plan that helps its users to save money for important things, e.g. school fees, travel, house rent, etc. It pays interest of up to 20% per annum on savings. However, users are encouraged to not withdraw funds from it outside of the times permitted by the platform. Breaking this rule will result in a 1% penalty, which will be deducted from the individual’s savings.
3. FairLock
This is the highest paying savings plan on FairMoney. Its interest payments range from 18% to as much as 28% per annum (for new users). It’s great for people who want to enjoy very competitive rates, while also building the discipline to save more. Interest payments are either accessed upfront or at the plan’s maturity.
Step-by-Step: How to Earn 28% P.A. via FairLock
To aim for that attractive 28% per annum, here’s a walk-through of the process:
Get the App: Download the FairMoney app from Google Play or the App Store.
Sign Up and Verify: Register on the app; make sure to use this referral code when signing up: KK2KG.Then complete the KYC by filling your full name, date of birth, BVN, ID, address, photo, etc.
Fund Your Account: Transfer funds into your FairMoney wallet via provided bank account details.
Go to the Savings Section: Tap on the “Savings” menu in the app. You’ll see FairSave, FairTarget, and FairLock options.
Select FairLock: Tap on the “Savings” menu in the app. You’ll see FairSave, FairTarget, and FairLock options.
Choose Tenure and Deposit: Pick a savings tenure. Longer durations offer higher interest. Deposit the amount you’d like to lock.
Confirm and Wait: Confirm your commitment. Your funds are locked until the maturity date, and the interest accrues to your account.
Withdraw on Maturity: At the end of the term, both your principal and accrued interest become available for withdrawal.
Why a 28% Return Is a Big Deal
- Beats traditional banks and fixed deposits — Nigerian banks often offer single-digit savings rates; fixed deposits range around 5–10% P.A.
- Low-risk — FairMoney operates as a CBN-licensed MFB, with NDIC insurance protecting deposits
- Disciplined saving rewarded — the fixed‐term nature of FairLock helps you stay the course and reap superior gains.
- Great for long-term planning — whether you’re saving for school fees, a small business, or a major purchase, the returns compound nicely over time.
Wrap Up
FairMoney’s savings plans, especially FairLock, offer a compelling way to grow your money securely in Nigeria. Locking funds into the right term will work well for people who value both safety and yield.
Just install the app, register with the referral code KK2KG, complete your KYC, choose FairLock, select your tenure, and let your money work harder for you.
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