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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.

FairMoney_Scam

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.

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