FairMoney grew revenue to ₦121.9 billion in 2024 on deposit-led lending
- FairMoney's gross revenue grew by 62% to ₦121.9 billion in 2024.
- The company's profit after tax rose to ₦5 billion from ₦780 million in 2023.
- Customer deposits funded over 80% of FairMoney's loan book for the first time, increasing from ₦2.9 billion in 2021 to ₦72.9 billion in 2024.
While FairMoney's growth in revenue and customer deposits is commendable, the rising impairments and high non-performing loan ratio raise concerns about its long-term sustainability. The company must enhance its risk management and underwriting processes to mitigate credit risks and ensure continued profitability.
