Nigeria’s MyCredit Investments Limited (MIL), also known as FairMoney, has received upgraded national scale issuer ratings from Global Credit Ratings (GCR), one of Africa’s leading credit rating agencies.
Mr. Henry Obiekea, Director of FairMoney Nigeria, disclosed the development in a statement on Thursday. He said the bank’s long-term rating was raised from BBB(NG) to BBB+(NG), while its short-term rating was upgraded from A3(NG) to A2(NG), with a stable outlook.
Obiekea described the upgrade as a strong endorsement of FairMoney’s business model, financial performance, and commitment to effective credit risk management.
“The rating reflects improvements in Nigeria’s microfinance sector and reinforces FairMoney’s strong industry position, supported by its scale, advanced technology, and operational efficiency,” he said.
GCR specifically highlighted FairMoney’s consistent earnings, robust cash flow, and flexible funding structure, strengthened by support from its parent company, Predictus SAS.
FairMoney reported operating revenue of NGN 112.3 billion in 2024, maintaining a Net Interest Margin (NIM) of 82.9 per cent. Over the past three years, the bank has successfully managed portfolio credit risk without compromising margins.
Obiekea emphasized that FairMoney remains a top performer in Nigeria’s microlending sector, driven by high customer demand and large-volume loan disbursements. The bank has also expanded its offerings to include loans for small and medium-sized enterprises (SMEs).
Despite competitive pressures, GCR acknowledged FairMoney’s continued leadership in the microfinance market, leveraging proprietary technology to process over 10,000 daily loan requests and disbursements, while benefiting from strong brand recognition across Nigeria.
“FairMoney’s strong cash generation, modest debt levels, and stable, low-cost customer deposit base continue to support its overall credit profile,” the rating agency noted.
Obiekea said the Stable Outlook reflects GCR’s expectation that FairMoney will continue improving portfolio quality over the next 12 to 18 months, aided by enhanced customer risk assessment, expansion into secured lending, and a gradually stabilizing macroeconomic environment.
