FairMoney is a Fintech app that enables users to carry out their day-to-day financial transactions such as sending & receiving money, purchasing airtime, paying bills e.g. electricity, TV subscriptions, and getting loans.

FairMoney app is one of those few banking/Fintech apps that supports  FREE interbank transfers alongside issuing instant loans with no collateral.

On the app, users can borrow loans within the range of N1,500 - N1,000,000 that can be repaid within 15 days to 18 months at monthly interest rates that range from 2.5% to 30%.

Having given an introduction about FairMoney, let’s get into seeing how you can make free money on this app. At the moment, FairMoney is running a promotion that allows new users to earn a free N1,000 sign-up bonus and existing users to earn a free N2,000 referral cashback bonus for inviting a new user on the app.

Here is how it works:

As a new user i.e. someone that just want to sign up for an account on the app, you will have to do the following to claim your free N1,000 account opening bonus:

1. 1) Download the app via this link

2) Input the referral code “A7LZT” on the signup page. Sign up with your BVN registered phone number to receive an OTP for account creation.

1. 3) Provide all necessary/requested information about you i.e. your profile info., employment info., BVN, Bank details, etc. There is no cause for alarm because these are the important KYC (Know-Your-Customer) information requested by CBN from all fintech companies operating in Nigeria.
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3. 4) Click on get a loan, apply for a loan of any amount (I advise selecting N1,500), and select 15 days as the repayment period. By selecting the 15-day repayment period, no interest would be applied to your loan.
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5. The loan would be immediately disbursed into your Fairmoney wallet. Just use the money to directly repay the borrowed loan on the app.

On carrying out these highlighted processes and being granted the loan, voila! Just wait for a maximum of 7days and you will receive your free N1000 bonus in your FairMoney wallet that you can transfer to any other bank you use in Nigeria (REMEMBER TO INPUT THE REFERRAL CODE DURING REGISTRATION TO GET YOUR BONUS).

Moving on to the N2,000 cash back referral bonus for existing users:

As a previous user of the app or someone that just recently had a FairMoney account, the current promo allows you to earn N1,500 per person that signs up using your referral code and takes a loan on the app. All you just have to do is to share your code with others and make them follow the highlighted steps above for account creation and loan application as a new user. 

Just follow these steps to get/copy your invite code on the app:

1. 1) Locate and tap on the Account icon below the interface of the app. You will see your FairMoney Bank ID at the top of the displayed interface that is your referral code or go further to 
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3. 2) Select INVITE FRIENDS. Then you will find your invite link that can be shared via WhatsApp, SMS, IG message, or copied to clipboard. Note that the last 5-digits of your invite link is your referral code and you can have that written somewhere to be shared with others.

The N2,000 cash back referral bonus is paid in two batches. First, you will get an instant N500 coupon/loan discount/ once your referral successfully signs up and is offered a loan on the app. This N500 coupon can be accumulated to get loans on the app without having to pay back (all for free).

The remaining N1,500 bonus which is the main referral promo bonus would be paid directly into your wallet within a maximum of 7 days.

It should be noted that this N1,500 bonus would be paid at the beginning of the following month e.g. all bonuses earned in February would be paid on the 1st of March.

So, act fast to earn your bonuses now as it is yet to be disclosed if the promo will continue after this month or not.