A recent Facebook post from September 6, 2023, claims that FairMoney, a microfinance bank in Nigeria, is generously giving away N12,500 to Nigerians.
The post, which has also been circulated in Facebook groups with substantial memberships, urges users to “DM me for explanation.”
FairMoney, known for offering financial services like loans and savings plans through its mobile app, does indeed provide rewards for customer referrals. Each successful referral results in a discount on an existing loan, but there is a significant distinction to be made.
Contrary to the suggestion in the Facebook posts, FairMoney does not simply give out N12,500 in cash for no reason. This misrepresentation of the bank’s practices may mislead users.
The microfinance bank has taken measures to caution users against falling victim to scams, particularly those that involve transactions outside of the official FairMoney app. In a statement, the bank said, “We urge you to report any entity or platform requesting to have any FairMoney transaction with you outside the FairMoney App to fightfraud@fairmoney.ng.”
Posts that prompt users to send private messages should be approached with caution, as they could potentially be attempts to extract personal information, banking details, or money from unsuspecting individuals. Users are advised to exercise vigilance and refrain from engaging in such interactions to protect their financial security.
