Fairmoney Microfinance Bank Aptitude Test Questions and Answers

Fairmoney Microfinance Bank Aptitude Test Questions and Answers

Here are 20 questions about Fairmoney Microfinance Bank, along with multiple-choice options and answers:

What is the primary focus of Fairmoney Microfinance Bank?

a) Personal loans

b) Business loans

c) Mortgage loans

d) Credit cards

Answer: a) Personal loans

In which country is Fairmoney Microfinance Bank headquartered?

a) United States

b) United Kingdom

c) Nigeria

d) South Africa

Answer: c) Nigeria

Which financial services does Fairmoney Microfinance Bank provide?

a) Savings accounts

b) Insurance

c) Investment advisory

d) All of the above

Answer: b) Insurance

What is the typical target audience for Fairmoney's financial services?

a) Large corporations

b) Small and medium-sized businesses

c) Individuals and households

d) Non-profit organizations

Answer: c) Individuals and households

Fairmoney Microfinance Bank primarily operates through what channel?

a) Brick-and-mortar branches

b) Online and mobile app

c) ATMs

d) Phone calls

Answer: b) Online and mobile app

What type of loans does Fairmoney typically offer to customers?

a) Car loans

b) Education loans

c) Payday loans

d) Home loans

Answer: c) Payday loans

How can customers access Fairmoney Microfinance Bank's services?

a) Only in person at their physical branches

b) Online through their website and mobile app

c) Via postal mail

d) Only through phone calls

Answer: b) Online through their website and mobile app

Which regulatory body oversees Fairmoney Microfinance Bank's operations in Nigeria?

a) SEC (Securities and Exchange Commission)

b) CBN (Central Bank of Nigeria)

c) NDIC (Nigeria Deposit Insurance Corporation)

d) NCC (Nigerian Communications Commission)

Answer: b) CBN (Central Bank of Nigeria)

What is Fairmoney's mission or vision statement?

a) "Providing financial freedom for all."

b) "Maximizing profits at any cost."

c) "Serving only the wealthy."

d) "No mission or vision statement."

Answer: a) "Providing financial freedom for all."

What types of insurance products does Fairmoney offer?

a) Health insurance

b) Life insurance

c) Auto insurance

d) All of the above

Answer: d) All of the above

Which of the following is not a typical feature of Fairmoney's mobile app?

a) Account balance checking

b) Bill payments

c) Flight bookings

d) Fund transfer

Answer: c) Flight bookings

Fairmoney Microfinance Bank is primarily known for providing:

a) High-interest savings accounts

b) Low-interest personal loans

c) Business consulting services

d) Real estate investments

Answer: b) Low-interest personal loans

In which year was Fairmoney Microfinance Bank founded?

a) 2005

b) 2017

c) 2020

d) 1990

Answer: b) 2017

What is Fairmoney's approach to customer service?

a) 24/7 automated chat support

b) In-person appointments only

c) Phone support during business hours

d) No customer service

Answer: a) 24/7 automated chat support

What is Fairmoney Microfinance Bank's stance on financial inclusion?

a) They prioritize serving only high-net-worth individuals.

b) They are committed to promoting financial inclusion for underserved communities.

c) They are indifferent to financial inclusion.

d) They actively discourage financial inclusion.

Answer: b) They are committed to promoting financial inclusion for underserved communities.

Which of the following is NOT a type of account offered by Fairmoney?

a) Savings account

b) Current account

c) Fixed deposit account

d) Business loan account

Answer: d) Business loan account

How does Fairmoney Microfinance Bank use technology in its operations?

a) They rely solely on traditional banking methods.

b) They leverage cutting-edge technology for online and mobile services.

c) They only use technology for internal record-keeping.

d) They have no technological presence.

Answer: b) They leverage cutting-edge technology for online and mobile services.

What is Fairmoney's interest rate on personal loans?

a) 0%

b) Varies depending on the loan amount and duration

c) 10%

d) 50%

Answer: b) Varies depending on the loan amount and duration

What is Fairmoney Microfinance Bank's stance on responsible lending and ethical practices?

a) They prioritize profit over ethical practices.

b) They are committed to responsible and ethical lending.

c) They have no stance on this matter.

d) They actively engage in unethical practices.

Answer: b) They are committed to responsible and ethical lending.

How can customers reach out to Fairmoney for inquiries or support?

a) Only through physical mail

b) Exclusively through email

c) Through their website, mobile app, phone, or email

d) Only through social media

Answer: c) Through their website, mobile app, phone, or email.