How to Fully Use FairMoney Account
A FairMoney account can be used for more than borrowing money. FairMoney’s current banking platform provides everyday services including deposits, transfers, bill payments, airtime and data purchases, savings and card services. It also provides security features such as biometric access, transaction notifications and card controls. 13
Understanding the different features can help customers use the account as an everyday financial tool rather than treating it only as a loan platform.
Start by Completing Your Account Setup
Download the official FairMoney application and complete the registration and identity-verification process requested by the platform.
Use accurate personal information. Financial accounts should not be opened with another person’s identity or documents.
Add Money to Your Account
Once the account is active, use the available funding option to add money. The current FairMoney banking service advertises instant deposits. 14
Always verify the destination account before transferring money into your FairMoney account from another bank.
Send Money to Nigerian Banks
FairMoney currently provides transfers to Nigerian bank accounts. 15
Before confirming a transfer, check the beneficiary’s name, bank and account number. A wrong transfer can be difficult to reverse, particularly after funds have reached another account.
Buy Airtime and Data
The FairMoney banking platform currently supports airtime and data purchases. 16
Confirm the phone number before paying, especially when buying airtime for another person.
Pay Bills
FairMoney also advertises bill-payment services for categories such as electricity and cable TV. 17
Keep payment references for important bills until the service provider confirms payment.
Use the FairMoney Card
FairMoney currently advertises a physical card that can be used online or in stores. 18
If you order a card, activate and manage it according to the instructions provided in the official app.
Use Card Controls
FairMoney states that its app allows customers to block a card instantly when it is lost or compromised. 19
This can be useful when you temporarily cannot locate your physical card or believe its details have been exposed.
Set Up Security Features
FairMoney provides biometric access and transaction notifications. 20
Enable security features that are available on your device. Use a strong device lock and never allow another person to access your banking app while it is unlocked.
Use Savings Features
FairMoney currently provides multiple savings options, including flexible savings, goal-based savings and fixed savings. Its current savings page states that FairSave offers flexible access, FairTarget is designed around goals and FairLock provides fixed-term savings. 21
Review the current rate, duration and withdrawal conditions before moving money into any savings product.
FairSave
FairSave is designed for flexible savings. FairMoney currently advertises the ability to withdraw from this type of savings when needed, with no minimum balance stated on its current savings page. 22
FairTarget
FairTarget is intended for goal-based saving. You can use a goal for purposes such as rent, school expenses, travel or another planned financial need.
FairLock
FairLock is designed for money that you want to keep locked for a selected period. FairMoney currently lists durations from 7 to 365 days for this product. 23
Use Loans Carefully
FairMoney also provides credit products. Having access to a loan does not mean you should borrow every time the option appears.
Before accepting any loan, review the amount you will receive, total repayment, fees, repayment schedule and consequences of late payment.
Monitor Your Transactions
Check your account regularly. Transaction notifications can help you identify activity you did not authorise.
If you see an unfamiliar transaction, report it through FairMoney’s official support system immediately.
How to Get More Value From the Account
- Use savings goals for planned expenses.
- Keep emergency money separate from spending money.
- Review transaction notifications.
- Use card controls when necessary.
- Compare loan costs before borrowing.
- Keep your personal information updated.
- Never share your account PIN or authentication codes.
Frequently Asked Questions
Can FairMoney be used like a normal bank account?
FairMoney’s current banking service provides deposits, transfers, bill payments, savings and card services, although its product structure and terms differ from those of a traditional commercial bank. 24
Can I save money with FairMoney?
Yes. FairMoney currently offers multiple savings products, including flexible, goal-based and fixed savings. 25
Can I transfer money from FairMoney to another bank?
Yes. Its current banking service advertises transfers to Nigerian banks. 26
Conclusion
To fully use a FairMoney account, look beyond the loan feature. The current platform provides deposits, transfers, bills, airtime, data, cards, savings and security controls. Use the official app to access the latest features and always review current fees, rates and terms before confirming a financial transaction.