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By Chinenye Anuforo
MyCredit Investments Limited, popularly known as FairMoney, has received an upgraded national scale issuer rating from Global Credit Ratings (GCR), reflecting its strengthened financial performance and growing position in Nigeria’s microfinance industry.
GCR raised FairMoney’s long-term rating from BBB(NG) to BBB+(NG) and upgraded its short-term rating from A3(NG) to A2(NG), maintaining a Stable Outlook. The agency said the upgrade was driven by improvements in the Nigerian microfinance sector and FairMoney’s scale, technology-driven operations, and consistent earnings.
FairMoney reported an operating revenue of ₦112.3 billion for the 2024 financial year, supported by a Net Interest Margin of 82.9%. GCR noted that the institution continues to benefit from strong cash flow generation, a flexible funding structure, and backing from its parent company, Predictus SAS.
Henry Obiekea, Director of FairMoney Nigeria, said the rating upgrade reflects the company’s disciplined management over the past three years. “We have consistently managed portfolio credit risk downwards without hurting margins,” he said. Obiekea added that FairMoney remains among the top earners in Nigeria’s microlending market, driven by high customer demand and large-volume loan disbursement, including an expanded focus on loans to small and medium-scale businesses.
GCR also highlighted FairMoney’s strong brand recognition and high daily loan activity, with over 10,000 loan requests and disbursements processed each day. The firm’s modest debt levels and stable, low-cost customer deposit base were cited as factors supporting its overall credit profile.
According to GCR, the Stable Outlook reflects expectations that FairMoney will continue strengthening its portfolio quality over the next 12 to 18 months. The agency said this will be supported by enhanced use of data for risk assessment, gradual expansion into secured lending, and a more stable operating environment. FairMoney is projected to grow its market share, diversify earnings, and maintain strong operational cash flow.
“GCR’s decision to upgrade our ratings is a strong endorsement of the FairMoney platform,” Obiekea said, describing it as recognition of the company’s business model, financial performance, and commitment to sound credit risk management.
