Banking
FairMoney Gets BBB/A3/Stable Ratings from GCR
By Adedapo Adesanya
MyCredit Investments Limited, which trades as FairMoney, has been assigned an investment grade issuer rating (BBB/A3/Stable) from Global Credit Rating (GCR).
The digital bank obtained investment-grade ratings, BBB (NG) Long Term, and A3 (NG) Short Term with a stable outlook driven by its ungeared position, robust liquidity, resilient balance sheet, sound underwriting practices, and a strong growth trajectory since its inception.
According to the agency, this stable outlook rating reflects expectations that MyCredit Investments Limited 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 (NPLs) 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.
Commenting on the ratings, co-founder/CEO of FairMoney, Mr 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.
Mr Laurin added that the company was 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,” he said.
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 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 also 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 (CBN).
FairMoney has created a product that offers near-instant digital loans 24/7 directly via its mobile app. It offers transfer and payments solutions, including bill-pay and airtime purchase, debit cards and other digital banking services.
By Modupe Gbadeyanka
About N3.6 trillion has been repaid to the Central Bank of Nigeria (CBN) by the Asset Management Corporation of Nigeria (AMCON) since its inception in 2010.
This information was revealed by the chief executive of AMCON, Mr Gbenga Alade, during a media parley to update the press on the activities of the agency.
Mr Alade said at the moment, the organisation still owes the central bank about N3 trillion for toxic assets of banks in the country.
He praised the organisation for its asset recovery drive, stressing that when compared with others across the world, Nigeria has done well.
“It is important to stress that the corporation has done tremendously well, especially when compared to other notable government-owned Asset Management Corporations around the world.
“Based on the balance at purchase, AMCON outperformed other Asset Management Corporations all over the world by achieving over 87 per cent in recoveries despite the unique challenges associated with debt recovery in Nigeria.
“The Malaysian Danaharta, which is adjudged one of the best performing Asset Management Corporation’s, only achieved 58 per cent. The Chinese Asset Management Corporation, despite its stricter laws, achieved just 33 per cent.
“Only the Korean Asset Management Corporation (KAMCO), South Korea, has achieved more recoveries than AMCON, with about 100 per cent. This was due to their brute force with which they chased the obligors.
“Despite KAMCO’s recovery records, the agency is still operational to date with slight realignments in its mandate.
“Other noted Asset Management Corporations that have transitioned into a perpetual institution of the various governments include, China Asset Management Company, Federal Deposit Insurance Corporation (FDIC) USA, and KFW Germany.
“So, gentlemen, without sounding immodest, AMCON has done well, and we will not relent until all the outstanding debts are fully realized,” Mr Alade stated.
On the financial performance of AMCON, he said last year, the firm posted a revenue of N156.25 billion and operating expenses of N29.04 billion, while for the 2025 fiscal year should be a revenue of N215.15 billion and operating expenses of N29.06 billion.
By Modupe Gbadeyanka
One of the non-interest banks in Nigeria, The Alternative Bank (AltBank), has opened a new branch in Effurun, Delta State.
The new office will serve the Edo-Delta region and provide purposeful banking and real financial empowerment for individuals, entrepreneurs, and businesses, a statement from the firm stated.
The lender disclosed that the Effurun branch is a bold move in its mission to reshape banking in Nigeria.
The launch was graced by key dignitaries, including the Ovie of Uvwie Kingdom, Emmanuel Ekemejewa Sideso Abe I; the Chairman of Uvwie Local Government, Anthony O. Ofoni, represented his vice, Andrew Agagbo; and the Special Adviser to the Governor of Delta State on Community Development, Mr Ernest Airoboyi; amongst others.
The Divisional Head for South at The Alternative Bank, Mr Chukwuemeka Agada, emphasised the institution’s commitment to Warri and its surrounding communities.
“By establishing a presence here, we are initiating a transformation in the way banking serves the people of Delta. Our purpose-driven approach ensures that customers’ financial goals are not just met but exceeded,” he stated.
“This branch represents our pledge to empower Warri’s dynamic businesses and families, providing them with the tools to grow without compromise,” Mr Agada added.
“We understand the heartbeat of this community, and we are excited to integrate our bank into the fabric of this dynamic region,” he stated further.
On his part, the representative of the Ovie, Mr Samuel Eshenake, challenged the bank to facilitate development and employment within the Effurun community.
The Regional Head for Edo/Delta at The Alternative Bank, Mr Akanni Owolabi, embraced this challenge, pledging that the bank will work sustainably to drive local commerce.
“At The Alternative Bank, we are committed to being an active partner in the development of Effurun. We see this branch as a catalyst for creating opportunities, driving employment, and supporting the growth of local businesses.
“Our mission is to empower this community, ensuring that every step forward is one of progress, prosperity, and shared success.”
By Aduragbemi Omiyale
A partnership aimed to enable seamless, real-time and secure transactions for cardholders across Africa and the rest of the world has been entered into by Payattitude and PAPSSCARD, the card scheme initiative of the Pan-African Payment & Settlement System (PAPSS).
The collaboration will allow Payattitude cards issued by banks and other deposit-taking institutions to be co-branded with PAPSSCARD, Discover, Diners and Pulse for acceptance across their networks in Nigeria, Africa and worldwide.
As an initiative of the African Export-Import Bank (Afreximbank) and a key financial infrastructure supporting the African Continental Free Trade Area (AfCFTA), the PAPSSCARD scheme will facilitate instant cross-border payments in local currencies.
“This partnership reflects our commitment to cross-enterprise alliances and enabling inclusive, efficient, and borderless payments across Africa and the world
“With Payattitude, Nigerian cardholders and financial institutions can now enjoy the benefits of a Nigerian card that can be used worldwide,” a director at Payattitude, Dr Agada Apochi, said.
The acting chief executive of PAPSSCARD, Mr John Bosco Sebabi, said the aim is “to connect African payment ecosystems, reduce the cost and inefficiencies of cross-border payments, and strengthen African sovereignty over payments infrastructure.
“Collaborating with Payattitude, a key innovator in Nigeria’s payment space, represents a significant step towards a more unified African payment landscape.”
The chief executive of PAPSS, Mr Mike Ogbalu, said, “By bringing together PAPSSCARD’s robust cross-border payment capabilities with Payattitude’s leadership in the Nigerian digital payments, we are taking tangible steps toward building a single African market where individuals and businesses can transact easily and securely, both within and beyond Africa.”
Payattitude is the first-in-kind Nigerian Payment Scheme to pioneer multibank App and USSD Code *569#.
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