Fast Credit’s N5bn commercial paper issuance oversubscribed

Fast Credit Limited, a finance company in Nigeria, has achieved an oversubscription of its Series 5 & 6 Commercial Paper issuance, reaffirming its strong position in the financial sector.

This development is supported by recent positive ratings from two prominent credit agencies. Agusto & Co. assigned the company a “Bbb” rating with a stable outlook, while DataPro gave it a “BBB+” rating and an A2 stable outlook for the 2024/2025.

These ratings reflect Fast Credit’s strong profitability, robust capital base, experienced management team, and a range of financial products designed to meet the needs of its customers.

The ratings are based on a detailed evaluation of the company’s financial performance, governance practices, risk management, regulatory compliance, and long-term business prospects.

They underline Fast Credit’s strong creditworthiness, adequate liquidity, and low default risk.

Commenting on the development, Emeka Iloelunachi, managing director and CEO of Fast Credit Limited, expressed satisfaction with the recognition from the rating agencies.

He said, “Fast Credit is delighted with the investment-grade ratings from both agencies, which underscore our consistent growth and success over the years.” He added that the company’s key strengths include strong profitability, solid capitalisation, high asset quality, and a diverse range of innovative financial solutions.

One notable offering from the company is the KiddiesSwag account, a digital savings product designed for children and young adults aged 0–18. It promotes early saving habits and provides additional benefits, such as coverage for government-approved exam fees.

Looking ahead, Iloelunachi described the ratings as a significant milestone in the company’s journey towards achieving its strategic objectives and maintaining a competitive edge.

“Our commitment to delivering innovative solutions and maintaining strong financial health continues to be the driving force behind our success,” he said.