Digital banking platform FairMoney has introduced a new asset financing scheme targeted at Nigeria’s mobility sector, enabling drivers and transport operators to acquire vehicles and related equipment through flexible credit facilities.
The initiative is designed to address the longstanding challenge of capital access for commercial drivers, ride-hailing operators, and logistics businesses, many of whom struggle to secure traditional bank loans due to lack of collateral or credit history. FairMoney’s scheme offers structured repayment plans directly linked to vehicle performance and income generation.
Brandspur Banking News Desk reports that the financing product will leverage FairMoney’s existing digital lending infrastructure and alternative credit scoring models, which analyze transaction data and behavioural patterns to assess borrower risk. This approach allows the fintech to extend credit to underserved transport workers who would otherwise be excluded from formal financial systems.
The scheme initially targets owners of two-wheelers, three-wheelers, and four-wheelers used for passenger and goods movement, with plans to scale into electric mobility solutions. Beneficiaries will receive not only financing but also digital tools to track repayments, monitor vehicle maintenance, and access insurance products integrated into the platform.
FairMoney’s move into asset-backed lending for mobility comes as Nigeria’s transport sector faces rising demand for last-mile delivery and ride-sharing services, alongside growing pressure to transition to cleaner, more efficient vehicles. The company positions the scheme as a catalyst for economic empowerment, job creation, and reduced carbon emissions through support for electric alternatives.
Industry analysts note that asset financing remains a largely untapped segment in Nigeria’s fintech landscape, with traditional banks reluctant to lend against depreciating assets like vehicles. FairMoney’s data-driven risk model could unlock significant liquidity for the mobility sector, which employs millions across the country.
