Fast Credit Completes N3bn CP Issuance

Fast Credit Limited has successfully completed  its N3billion Commercial Paper (CP)Series 1, 2 & 3  issuance. According to the company, this landmark achievement demonstrates the trust and confidence investors have placed in innovative business model and strategic vision.

Fast Credit explained that  the CP issuance attracted demand from a wide range of investors including pension fund administrators, asset managers, and insurance companies. The CP, which was the company’s debut issuance comprised  three tenors, a 91-day Series 1 issuance, which was priced at a15.00 per cent yield; a 182-day Series 2 issuance which was priced at a 16.00 per cent yield, and a 270-day

Series 3 issuance, which was priced at a 17. 25 per  cent yield.

Stanbic IBTC Capital Limited acted as Lead Arranger/Issuing and Placing Agent (IPA)  while FSL Securities Limited, Planet Capital Limited, and United Capital PLC acted as Joint Arrangers/IPAs.

Commenting, the Managing Director/Chief Executive Officer, Fast Credit, Mr. Emeka Iloelunachi said: “This was the first attempt of the company to raise fund from the capital market and its oversubscription was a clear re-affirmation of the confidence of our investors and stakeholders in the unique value we are creating in the financial industry. The additional capital will definitely see Fast Credit deepen its footprint in the market, through the launch of innovative products and services to the delight of our clients and investors.”

It is worth noting that this issuance follows Fast Credit’s recent attainment of a long-term investment grade rating of ‘Bbb’ from Agusto & Co with a stable outlook as well as a ‘BBB+’ long-term grade rating with an A2 stable outlook from DataPro, respectively.

Fast Credit said it  remains committed to revolutionising the financial landscape by leveraging technology to drive efficiency, enhance accessibility and promote financial inclusion.

The company utilizes artificial intelligence and advanced data analytics, to improve operational efficiencies for a positive customer experience.