FairMoney’s Investment Grade Ratings Affirmed by GCR, Outlook Upgraded to Stable
By People’s Voice Nigeria | News
GCR Ratings (“GCR”) has affirmed the Nigerian national scale long-term and short-term issuer investment grade ratings of BBB(NG) and A3(NG) for MyCredit Investments Limited, trading as ‘FairMoney’. Additionally, the Ratings Agency revised the outlook to “stable”.
The affirmation of FairMoney’s ratings reflects its sustained market position as a digital micro-lender in Nigeria, along with strong cashflows and liquidity. GCR noted, “The ratings continue to be supported by the company’s strong cash generation and an increasingly conservative debt profile due to strong shareholder support.”
FairMoney has maintained a diversified funding base and adequate liquidity. According to GCR, “FairMoney’s diverse earnings base and funding sources are competitive strengths relative to other microlenders.” The company has also achieved significant profitability growth through strong earnings, improved credit risk management, and cost savings.
Henry Obiekea, FairMoney’s Managing Director, commented on the ratings: “GCR’s affirmation of FairMoney’s investment grade rating with a stable outlook is a testament to the company’s strong earnings and profitability, solid balance sheet and liquidity position, effective credit risk management, and deep debt management capabilities.”
Laurin Hainy, Group CEO & Co-founder of FairMoney, reiterated the company’s commitment to maintaining its position as the leading microfinance bank in Nigeria while driving innovative products across its banking, lending, and wealth management offerings.
Overall, the investment grade rating with a stable outlook strengthens the company’s strategy to attract funding from the Nigerian Debt Capital markets.
