Become smart with FairLock

Become smart with FairLockfeatured image

When I was in school, I had this friend who’s Father used to give her the school fees (or at least half of it) a semester ahead because he didn’t want to risk not having it when it was time to pay. She would then take that school fees and put it in a fixed deposit account till it was time to pay her fees in the new semester and use the money on top to flex. I was very fond of her because I thought she was very smart for doing that. While we’ve heard stories of students who used their fees for “business” and lost it all, this Aunty saved the money, made extra on top and added that extra to her pocket money for premium flexing. She successfully stopped herself from dipping into the money and made a profit at the same time. This singular act taught me just how powerful fixed deposits and fixed deposit interests are.

After hearing this story, you may wonder what types of Fixed deposit products to invest in, what are the fixed deposit rates in Nigeria, features of a fixed deposit and so much more. We’ll get into all that right away.

First off, let’s clarify what a fixed deposit aka FD is. A FD is a locked savings account where you put money in for an agreed time or tenure in exchange for an agreed interest. When the tenure is up, you can withdraw your money and the interest. Interest rates typically vary from country to country and from company to company.

Fixed deposits are often regarded as one of the safest investments because your money makes money for you and there’s no risk of loss.

On to the next agenda. What are the key features of fixed deposits and fixed deposit interest rates in Nigeria? Let’s talk about them below:

Typical features of a fixed deposit

  1. The tenure and interest rates are unchanging. No matter what is happening in the economy, you will be paid the interest rate promised once the tenure is over. What happens if you break your FD? Well, usually you’ll forfeit your interest payment and maybe even pay the company/bank a fee for failing to keep your promise.
  2. FD’s are typically done by banks and other registered financial institutions as they are typically backed by the government and can guarantee the safety of your funds. To ensure the safety of your money, ensure you are fixing it with a registered financial institution.
  3. Fixed deposit accounts typically have varied tenures. This means you can fix your money for a couple of days, months, years. The interest rate is directly proportional to the length of the tenure. That means, 7 days interest rate is less than 30 days and so on and so forth. E.g. 7 days may give you 2% interest, 30 days may give you 5%, and 90 days may be 10%
  4. Fixed deposit interest rate in Nigeria is currently between 0.5% to 13%. You get a higher interest payment when you fix your money for longer.

Now that we’ve cleared how fixed deposit accounts work, how can you start one and do you have to go to a bank or a physical place to do it?

The answer to the latter is “NO”. Just like you don’t need to leave your seat to transfer money, you don’t need to leave your seat to fix money. Your banking as well as your fixed deposit can be done and monitored via a mobile app

There are a couple of trusted companies that offer fixed deposit accounts via their app. Out of the many, we can proudly say that FairMoney Microfinance Bank’s latest product called FairLock offers one of the best fixed deposit interest rates in Nigeria😁.

FairLock is a fixed deposit savings account that supports people to achieve their goals faster. With its lock up feature, it helps you keep temptation away, helps you actively achieve your goal without getting sidetracked and gives you interest that can either be reinvested toward that same goal or used to reward yourself for achieving your goal.

Features and advantages of FairLock

  1. FairLock offers both short term and long term FD options. You can lock for as little as 7 days and for as long as 2 years.
  2. Fairlock has exceptional interest rates. Interest rates go up to 18% which is currently the highest fixed deposit interest rate in Nigeria. That’s a big boost as compared to the FD industry standard.
  3. Using FairLock increases your chances of getting a loan with us as it shows us you potentially have the ability to pay back.
  4. FairLock is a low risk investment as your earnings are assured and secured. It’s the sort of investment you can plan with since the money is sure.

So, how does FairLock work and how can you use it?

How to FairLock

  • Login to your FairMoney MFB app or download the FairMoney MFB app and sign up
  • Make sure your FairSave is funded
  • Click “Access FairSave”
  • Click “Save with FairLock”
  • Click “start saving”
  • Put in the amount you’d like to save
  • Pick a tenure ie 7 days, 30 days etc
  • Name your FairLock
  • Finish

How to withdraw from FairLock

Your locked funds will be automatically paid into your FairSave once the tenure is over. You can only get your funds once your tenure is over.

How to check interest accrued?

Just like with your FairSave, you can check your interest when you click “Access FairSave”.

And that’s everything you need to know to make the most of your money with no risk.


  1. What is the difference between FairSave & FairLock?
    FairSave is a savings wallet that gives you 10% interest P.A. It also allows you withdraw your money anytime with no penalties .FairLock on the other hand works like a fixed deposit where you save an amount for an agreed upon time and get an agreed interest. The interest is proportional to the saving tenure.

    In short, the difference is FairSave gives you 10% interest P.A and, you can withdraw your money anytime while with Fairlock you can’t withdraw your money till the due date and it gives you up to 18%.
  1. Can I have multiple Fixed deposits with FairLock?
    Yes you can. You can create as many as you like.
  1. Can I withdraw early from FairLock?
    No you cannot. You can only withdraw at the due date.