Fairmoney Receives Investment Grade Rating from GCR
MyCredit Investments Limited also known as FairMoney Nigeria has been assigned an investment grade issuer rating (BBB/A3/Stable) from Global Credit Ratings (GCR).
FairMoney Nigeria, a digital bank, obtained the investment-grade ratings, BBB (NG) Long Term, and A3 (NG) Short Term, with a stable outlook from Global Credit Rating (GCR).
The company in a statement said 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, according to a statement by the company.
“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.
“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, “it stated.
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.
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.”
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 institution