Back to Africa Check

Nigerians beware, FairMoney is not giving away N12,500 for free

IN SHORT: A Facebook post claims that FairMoney Microfinance Bank is giving out cash. But this and posts like it are misleading and should be ignored.

A Facebook post claims that FairMoney is giving away thousands of nairas to Nigerians.

The 6 September 2023 post reads: “Fairmoney is now giving free 12,500 DM me for explanation.”

FairMoney is a microfinance bank operating in Nigeria. 

Similar posts can be found in Facebook groups with thousands of members here, here and here.

But is the bank handing out N12,500? We checked.


Here is what we found

FairMoney offers services such as loans and savings plans through its mobile app. It also rewards customers for referrals, with each referral earning you a discount on your existing loan.

The people you refer to FairMoney have to get a loan for you to get the discount. The bank doesn’t give customers N12,500 in cash for doing nothing, as suggested by the Facebook posts’ caption. 

The bank has warned users against falling for scams, especially where they are asked to engage outside the bank’s app.

“We urge you to report any entity or platform requesting to have any FairMoney transaction with you outside the FairMoney App to [email protected],” the bank wrote.

Posts that require users to send a private message are often out to steal their personal details, banking information or money. 

Don’t be scammed, read our guide to Facebook scams and how to spot them here.

Republish our content for free

We believe that everyone needs the facts.

You can republish the text of this article free of charge, both online and in print. However, we ask that you pay attention to these simple guidelines. In a nutshell:

1. Do not include images, as in most cases we do not own the copyright.

2. Please do not edit the article.

3. Make sure you credit "Africa Check" in the byline and don't forget to mention that the article was originally published on

For publishers: what to do if your post is rated false

A fact-checker has rated your Facebook or Instagram post as “false”, “altered”, “partly false” or “missing context”. This could have serious consequences. What do you do?

Click on our guide for the steps you should follow.

Publishers guide

Africa Check teams up with Facebook

Africa Check is a partner in Meta's third-party fact-checking programme to help stop the spread of false information on social media.

The content we rate as “false” will be downgraded on Facebook and Instagram. This means fewer people will see it.

You can also help identify false information on Facebook. This guide explains how.

Add new comment

Restricted HTML

  • Allowed HTML tags: <a href hreflang> <em> <strong> <cite> <blockquote cite> <code> <ul type> <ol start type> <li> <dl> <dt> <dd> <h2 id> <h3 id> <h4 id> <h5 id> <h6 id>
  • Lines and paragraphs break automatically.
  • Web page addresses and email addresses turn into links automatically.
limit: 600 characters

Want to keep reading our fact-checks?

We will never charge you for verified, reliable information. Help us keep it that way by supporting our work.

Become a newsletter subscriber

Support independent fact-checking in Africa.