Monday, October 18, 2021 / 08:48 AM / Release by FairMoney /Image Header Credit: FairMoney

FairMoney Nigeria, adigital bank, has obtained investment-grade ratings, BBB (NG) Long Term, and A3(NG) Short Term with a stable outlook by Global Credit Rating (GCR). Theassigned ratings were driven by FairMoney's ungeared position, robustliquidity, resilient balance sheet, sound underwriting practices, and a stronggrowth trajectory since its inception.

This stable outlook ratingreflects GCR's expectation that MyCredit Investments Ltd. is evolving and willshow strong overall performance metrics over the medium term. GCR further notedthat cash flow and leverage was a positive rating factor and business growth isexpected to remain steady over the next 12 - 18 months.

Over time, FairMoneyNigeria has significantly grown its loan book whilst showing strong profitability.Non-performing loans have been maintained at a stable yet declining rate overthe last year of operations. This is a testament to the company's advancedunderwriting practices which has positioned it as the leading digital lender inNigeria.

Commenting on the ratings,Co-Founder & CEO of FairMoney, Laurin Hainy, affirmed that the ratingsreflect FairMoney's resilient business model, international best practices,strong management team and a diversified employee base.

"The milestones achieved since our incorporation within the digitalbanking space indicates that the Group is on track to achieving its vision ofbuilding the leading Neo-bank in emerging markets", he stated.

Laurin added that thecompany is focused on superior customer satisfaction and ensuring enhancedvalue for investors.

"As a customer-firstorganisation we are proud that this rating will create yet another win-winsituation in the Nigerian market. FairMoney will be able to further serve ourcustomers while providing a solid and secure investment target to institutionalinvestors in our home market Nigeria".

FairMoney was incorporatedin 2017 and has wholly-owned subsidiaries in Nigeria (FairMoney Nigeria) andIndia (FairMoney India). Both companies are owned by the Paris-based parentcompany Predictus SAS. Recently, FairMoney raised a $42 million Series B roundwith international participation. The Company also launched a N10 Billion localcurrency Private Note programme. The first series of the Private Note waslaunched successfully earlier this year and saw participation from a number of the leading reputableinstitutional investors in Nigeria.

The Investment-Graderating places FairMoney in a favourable position to access funding from theNigerian Capital Markets to finance its strong loan book growth. The Companyplans on launching the second series of the Private Note shortly.

FairMoney Nigeria is adigital consumer and SME lender, and provider of digital financial services inNigeria. The company recently obtained its Microfinance Bank License from theCentral Bank of Nigeria. FairMoney has created a product that offersnear-instant digital loans 24/7 directly via its mobile app. Additionally,FairMoney offers transfer and payments solutions, including bill-pay andairtime 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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