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MyCredit Investments Ltd. (Trading as “FairMoney”) has been assigned an investment grade issuer rating (BBB/A3/Stable) from GCR
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.
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.
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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 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.
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Fairmoney, very good platform and reliable.
Pls am owing you you and I want to pay how can I pay
Is fairmoney the same company as mycredit investment limited
I want to pay back how do I want to go about it pls
pls I want to pay my debt,how to pay?
What kind of loan company are you. I will make sure i bring you to law for debiting my company for no loan collected from your usless fraudulent company. Scammers
I have been trying to get their contact but no avail, they said IAM owing them as well
hi pls provide ur account numnber for payment
Good day Sir/Ma I am a customer of yours but I hadvbe admitted for some months but now back to redeem my debit gradually. My phone number is 08055835054 Mr Femi Adebayo can kindly send me account number to enable me pay. Thank you
How come nobody in this place answer me
Pls let someone answer me
You have registered my name as owing N48,000.00. Please explain how this debt came about
I want to pay my Loan were is off logated my Credit
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