Loan-app turned bank with competitive, flexible savings alongside credit
All plans 4
PlanTypeRate p.a.LockMinEarly exit
FairSaveFEATURED
flexible
14%nominal, gross
None
₦5
none
FairDollar
flexible
6%nominal, gross
None
₦1
none — no lock-ins, no penalties, 100% flexible
FairLock7–29d 15%30–59d 16%60–89d 17%90–179d 18%180–364d 19%365–730d 20%
locked
up to 20%rate varies by tenure — see laddernominal, grossrate may vary if paid upfront
7–730 days
₦5
reduced or no interest will be given
FairTarget60–89d 17%90–179d 18%180–364d 19%365–730d 20%
target
up to 20%rate varies by tenure — see laddernominal, grossrate may vary if paid upfront
7–730 days
₦5
"BREAK ANYTIME!" — you can break before target, but reaching the target is what UNLOCKS the interest
Each tracked plan is tested with its own real-money deposit and ranks separately on the board. Untracked plans show the app's own advertised rate.
Best for
Doing everything in one app — borrowing quickly, earning some of the highest savings rates in Nigeria (FairLock up to 28–30%), holding dollars (FairDollar 7%), and running a full bank account with a card. Strong for savers who can lock funds and for repeat borrowers building a limit.
Not great for
Investing (no funds/stocks) and anyone who prioritises customer support — FairMoney's scale draws frequent service/dispute complaints (Trustpilot ~2.8/5). Loan pricing is risk-based and can be very high for thin-file borrowers.
Pros
- +Among the highest savings rates in Nigeria — FairLock up to 28% (existing) / 30% (new), FairTarget up to 20%, FairSave a clean flexible 17% with genuinely no withdrawal penalties; plus a 7% USD option (FairDollar)
- +True all-in-one neobank — loans, savings, USD, bank account, card, POS and bills in one CBN-licensed, NDIC-insured app
- +Fast, collateral-free lending with top-ups, extensions and a transparent FlexiCredit line (pay only for what you use)
Cons
- –Customer service and dispute resolution are a recurring complaint at FairMoney's scale (Trustpilot ~2.8/5) — verify current sentiment
- –Loan pricing is risk-based and opaque up front — effective APRs run from moderate to very high (a "30% over 3 months" offer is ~170% effective); a 3–15% processing fee applies
- –The headline savings rates are conditional — FairLock's top rate needs a long lock and (post a 2025 change) taking interest upfront pays LESS than collecting at maturity
Our honest take
FairMoney is the most complete app in the set — a genuine neobank where you can borrow, save, hold dollars, and bank in one place, all CBN-licensed and NDIC-insured. Its savings rates are the market's highest (FairLock 28–30%), and FairSave is a rare flexible plan with truly no withdrawal penalty. The trade-offs: support quality is a real, common complaint at its scale, and its lending is risk-based — cheap if you're a strong repeat borrower, very expensive if you're not. Read the FairLock terms carefully: the top rate needs a long lock, and since 2025 taking interest upfront pays less than waiting to maturity.