Emmanuel Addeh in Abuja
Fast Credit Limited, one of Nigeria’s leading finance institutions has earned a long-term investment grade rating of ‘Bbb’ from Agusto & Co with a stable outlook as well as a ‘BBB+’ long- term with an A2 stable outlook for 2023/2024 from DataPro, respectively.
According to DataPro and Agusto & Co, the investment grade ratings reflect the company’s good profitability, adequate capitalisation, competent and experienced management team and an array of innovative products.
The rating committees approved the ratings after an assessment of the company’s financial performance, corporate governance and risk management, regulatory environment, risk factors, and outlook of its current healthy profile in the medium to long-term period.
It was learnt that the development signals that Fast Credit has a very strong credit profile, ample liquidity, and a minimal default risk.
“Fast Credit is delighted at the credit ratings from both agencies which resulted in investment grade ratings of the company and a further testament of our consistent growth and success over the years,” said the Managing Director and Chief Executive of the company, Emeka Iloelunachi.
He noted that the company’s key strengths were taken into consideration and the rating agencies placed emphasis on its strong profitability, good capitalisation, experienced management team, asset quality and a variety of innovative products.
“We at FCL are excited at the credit rating from both rating agencies, which is a next step towards other strategic initiatives that will continue to provide the company with a competitive advantage,” Iloelunachi said.
He explained that the company provides assorted and innovative types of credit products such as payroll lending, consumer products, small and medium enterprises, and corporate lending products to private and public sector employees and institutions.
The company, he said, also provides high-yielding investment products and target savings to individuals and institutional investors.
Fast Credit commenced its operations in August 2014 and has significantly evolved with the main priority being the provision of exceptional services to its customers. Its head office is in Lagos with operating branches across five states in Nigeria.