One of Nigeria’s leading online instant loan providers, FairMoney, has launched the ‘No Excuses’ campaign to encourage individuals and small businesses to take advantage of its loan offering of N1, 500 to N150,000.
Speaking on the reasons for the campaign, Seun Oratokhai, Head of Direct Marketing, FairMoney said in line with the above quote, the ‘No Excuses’ campaign is aimed at meeting the yielding of customers.
“FairMoney realised from research that most individuals and small business owners in need of a quick loans are unable to meet to meet the lengthy requirements of commercial banks. So, we came up with the ‘No Excuses’ campaign to speak to such individuals or small businesses. On the objective of the campaign, she said it was not about competing with other players in the mobile banking sector.
She added that “the consumer response has been very positive, and all hands have been on deck to support customers who might have had a challenge for instance, with failure of OTP to deliver without which the application cannot be concluded.”
On how the organization is tracking the loans to ensure that customers pay back, she said “Most of the customers who secure our loans pay back because it helps to build their credit score which allows them secure even higher loan amounts. Many customers who default often have genuine reasons. During the application process, applicants are required to provide the phone number which is linked to their BVN. They are also requested to provide a guarantor.
Oratokhai disclosed that “currently, besides the loan application, customers can buy airtime and data at a discount and with no transaction fee on the FairMoney app.