Nigeria-based digital bank FairMoney has launched a new asset financing solution aimed at helping transport operators and delivery entrepreneurs acquire business-use vehicles, expanding its push into financing for underserved business owners.

Founded in 2017, FairMoney initially built its business around AI-powered digital lending, allowing customers to access loans through automated credit assessments. The company later expanded into banking and payments services and raised $42 million in Series B funding in 2021 to accelerate growth.

The new financing product is designed for mobility entrepreneurs, including transport operators and delivery merchants who often struggle to access traditional bank credit. Eligible applicants can apply through FairMoney’s digital platform and access structured repayment plans after meeting credit and eligibility requirements.

The launch comes as Nigeria’s transportation and logistics sector continues to grow, driven by urbanisation, e-commerce expansion, ride-hailing services, and increasing demand for passenger transport. Road transport remains the dominant mode of moving people and goods across the country.

According to FairMoney Managing Director Henry Obiekea, the initiative is intended to promote financial inclusion while helping small business operators expand their operations. He said the solution provides structured financing for transport and logistics entrepreneurs who play a vital role in economic activity across Nigeria.

The financing programme offers repayment structures tailored to the daily and weekly cash-flow patterns common among transport and logistics businesses. FairMoney says the solution uses its technology-driven onboarding and risk assessment systems to streamline the application process.

Asset financing is increasingly becoming a major growth area for African fintech companies. Rather than focusing solely on short-term consumer loans, many digital lenders are expanding into financing income-generating assets such as vehicles, motorcycles, smartphones, and business equipment.

For FairMoney, the move broadens its product portfolio beyond personal and working-capital loans into commercial asset financing, while creating another avenue to attract and retain customers within Nigeria’s rapidly growing transport and logistics market.