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FairMoney’s PoS terminals aim to serve as future lending opportunities, prioritising quality over quantityThe bank uses transaction history to identify creditworthy businesses for informed lending decisionsFairMoney shifts focus from consumer loans to support micro, small, and medium-sized enterprises
Pascal Oparada is a journalist with Legit.ng, covering technology, energy, stocks, investment, and the economy for over a decade.
FairMoney Microfinance Bank is taking a different path in Nigeria’s increasingly competitive Point-of-Sale (PoS) market, revealing that every payment terminal it deploys is designed to become a future lending opportunity rather than just a payment collection device.
The consumer-focused digital lender has rolled out about 100,000 PoS terminals across Nigeria, but unlike competitors racing to dominate the merchant acquiring market with millions of devices, FairMoney says its focus is on quality over quantity.
PoS operators get a lifeline as FairMoney moves to track loans via terminals. Credit: NovatisSource: Getty Images
According to the bank, the strategy is aimed
