FairMoney partners with Oradian

Friday 23 September 2022 12:57 CET | News

FairMoney, a credit-led mobile banking platform for emerging markets in Africa and Asia, has partnered with Oradian, a cloud-based core banking system.

Oradian services over 10 million banking customers, working with more than 50 tech lenders, banks and financing companies in 13 countries across Africa and Asia. Their solution enables customers to manage their bank accounts, transact 24/7, make investments, and access appropriate finance; it is tailored to the needs of developing markets.

FairMoney has chosen Oradian for its ability to incorporate solutions to these market challenges into their architecture. Moreover, for the ability to support FairMoney’s business, credit assessment abilities, and product innovation. Another reason for the collaboration is represented by the ‘plug and play’ nature of Oradian’s solution, which requires little core backend investment.

Recent developments of FairMoney

FairMoney has recently launched a new product designed to meet the savings needs of its customers. FairSave is a product that instantly rewards customers for saving their money on the FairMoney app.

FairMoney, a credit-led mobile banking for emerging markets in Africa and Asia, partneres with Oradian, a cloud-based core banking system.

The move comes as a response to the growing demand from Nigerians for a more flexible savings platform that gives them full control of their money while seeing it grow. FairSave is a FairMoney savings wallet that allows its users to save money and accumulate interest daily. With FairSave, users get up to 10% interest Per Annum on their savings. Unlike other platforms, users can withdraw their interest and principal anytime they feel like without penalties. Asides from being safe, secured and guaranteed, saving with FairSave also helps customers build a high credit score which helps increase their chances of getting higher loans at lower interest rates.

These new offering came after the 2021 USD 42 million Series B raise aiming to diversify its offerings and expand to ‘become the financial hub for its users.

Needs and challenging of developing markets

These markets present a unique set of challenges – including the need for compliant financial products tailored to local regulations, the ability to operate within low-bandwidth environments and fast scaling needs as well as uninterrupted availability.

The growth in VC investments in African startups reached USD 2 billion in 2021, of which USD 1 billion was channelled to fintech companies, reaffirming the demand for flexible financial infrastructure across the African continent.

At the same time, the African and Asian emerging markets are hungry for financial services that provide both consumer loans and working capital. This has created a big opportunity for companies that are able to move quickly and leverage recent technological advances in emerging markets, such as the move to cloud banking.

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Keywords: digital banking, banks, partnership, mobile banking, cloud
Categories: Banking & Fintech
Companies: FairMoney, Oradian
Countries: Africa
This article is part of category

Banking & Fintech




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