MyCredit Investments Limited (FairMoney) Receives Investment Grade Ratings from GCR

Proshare

Monday, October 18, 2021 / 08:48 AM / Release by FairMoney /Image Header Credit: FairMoney


FairMoney Nigeria, a digital bank, has obtained investment-grade ratings, BBB (NG) Long Term, and A3 (NG) Short Term with a stable outlook by Global Credit Rating (GCR). The assigned ratings were driven by FairMoney's ungeared position, robust liquidity, resilient balance sheet, sound underwriting practices, and a strong growth trajectory since its inception.

 

This stable outlook rating reflects GCR's expectation that MyCredit Investments Ltd. is evolving and will show strong overall performance metrics over the medium term. GCR further noted that cash flow and leverage was a positive rating factor and business growth is expected to remain steady over the next 12 - 18 months.


Proshare Nigeria Pvt. Ltd.


Over time, FairMoney Nigeria has significantly grown its loan book whilst showing strong profitability. Non-performing loans have been maintained at a stable yet declining rate over the last year of operations. This is a testament to the company's advanced underwriting practices which has positioned it as the leading digital lender in Nigeria.

 

Commenting on the ratings, Co-Founder & CEO of FairMoney, Laurin Hainy, affirmed that the ratings reflect FairMoney's resilient business model, international best practices, strong management team and a diversified employee base.

 

"The milestones achieved since our incorporation within the digital banking space indicates that the Group is on track to achieving its vision of building the leading Neo-bank in emerging markets", he stated.


 Proshare Nigeria Pvt. Ltd.


Laurin added that the company is focused on superior customer satisfaction and ensuring enhanced value for investors.

 

"As a customer-first organisation we are proud that this rating will create yet another win-win situation in the Nigerian market. FairMoney will be able to further serve our customers while providing a solid and secure investment target to institutional investors in our home market Nigeria".


Proshare Nigeria Pvt. Ltd.


FairMoney was incorporated in 2017 and has wholly-owned subsidiaries in Nigeria (FairMoney Nigeria) and India (FairMoney India). Both companies are owned by the Paris-based parent company Predictus SAS. Recently, FairMoney raised a $42 million Series B round with international participation. The Company also launched a N10 Billion local currency Private Note programme. The first series of the Private Note was launched successfully earlier this year and saw participation from a number of the leading reputable institutional investors in Nigeria.

 

The Investment-Grade rating places FairMoney in a favourable position to access funding from the Nigerian Capital Markets to finance its strong loan book growth. The Company plans on launching the second series of the Private Note shortly.

 

FairMoney Nigeria is a digital consumer and SME lender, and provider of digital financial services in Nigeria. The company recently obtained its Microfinance Bank License from the Central Bank of Nigeria. FairMoney has created a product that offers near-instant digital loans 24/7 directly via its mobile app. Additionally, FairMoney offers transfer and payments solutions, including bill-pay and airtime purchase, debit cards and other digital banking services. .

 

FairMoney is currently the #1 digital lender and a leading digital bank in Nigeria.


Proshare Nigeria Pvt. Ltd.


Related News

1.       FairMoney debuts Investment Offering, host Investors at Champagne and Cocktail Event

2.      Fairmoney Debuts Investment Offering With 21% Return on Investment Offer

3.      Planning Towards Your Child's Future - What You Need to Know About Education Trust

4.      Three (3) Factors that Affect your ability to Achieve Financial Freedom

5.      Investing Across Generations

6.      How to Give Cheerfully and Still Achieve Financial Freedom

7.      Overcoming Challenging Investment Realities in Uncertain Times

8.     Making Money as a Short-Term Investor

9.      Planning Your Happily Ever After - Savings and Investments For Couples

10.  Short-Term Vs Long Term Investing - The More Sure Path to Financial Freedom

11.   How To Make Your Financial Freedom Dreams Come Through In Half The Time

12.  How to Build an Investment Portfolio

13.  Middle-Class Poverty and How to Escape the Rich dad, Poor dad, Same Dad Syndrome

14.  How to Maintain Your Current Quality of Life in Retirement

15.  How to Boost Your Income above your Financial Goals

 

 Proshare Nigeria Pvt. Ltd.

 Proshare Nigeria Pvt. Ltd. 

READ MORE:
Related News
SCROLL TO TOP