ABUJA, Nigeria (VOICE OF NAIJA)-FairMoney Microfinance Bank has introduced an Asset Financing Solution aimed at improving access to vehicle financing for mobility entrepreneurs across Nigeria.
The initiative, launched in Lagos on 24 May 2026, is structured to support transport operators and delivery merchants through a credit-based application process tied to eligibility requirements.
The bank said the intervention targets Nigeria’s transportation and logistics sector, which has continued to show steady growth, estimated at between 9.87 per cent and 10.1 per cent in late 2025.
It added that road transport remains the backbone of mobility and commerce in the country, with many micro and small-scale operators facing challenges in accessing structured financing for business expansion.
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Under the scheme, successful applicants will be able to acquire vehicles through repayment plans designed around their income patterns, following credit assessment and onboarding procedures.
FairMoney said its digital systems would support risk evaluation and onboarding, while repayment terms would be aligned with the daily and weekly cash flows of transport and logistics businesses.
Managing Director of FairMoney MFB Henry Obiekea said “Our mission has always been to increase financial inclusion and create income opportunities by supporting individuals and small business operators in growing their businesses. With this solution, we are focused on supporting small business operators and mobility entrepreneurs who contribute significantly to transportation and commercial activity, The solution is designed to provide structured asset financing for eligible operators.”
He said the product marks a shift in the bank’s offerings from personal and working capital loans to more structured commercial asset financing for business operators.
According to him, the scheme is also intended to help entrepreneurs build credit history through disciplined repayment of vehicle assets.
“The intra-state transportation sector in Nigeria is experiencing sustained demand and market activity, offering opportunities for mobility and transport operators,” Obiekea added.
“The Asset Financing Solution ensures that costs are spread into manageable instalments, thereby supporting small business operations and broader economic participation.”
FairMoney said the programme is open to eligible applicants through its business platform and partner locations across major cities.
It added that the initiative is part of its broader effort to integrate informal sector operators into the formal financial system and expand access to structured credit.
The bank also noted ongoing expansion of its SME and merchant lending portfolio as part of its business banking strategy.
It said the Asset Financing Solution aligns with its commitment to responsible lending, SME growth, and regulatory compliance.