BusinessDay

FairMoney earns investment-grade rating from DataPro

MyCredit Investments Limited (FairMoney) has earned a long-term investment grade rating of “BBB+” from DataPro with a positive outlook for the year 2021/2022.

DataPro assigned the rating in its latest report according to a statement signed by Kehinde Rasheed, the organisation’s client services manager.

FairMoney Nigeria is a digital consumer and SME lender, and provider of digital financial services in Nigeria. The “BBB+” indicates slight risk, the credit-rating agency notes.

The rating shows a fair financial strength, operating performance, and business profile when compared to the standard established by DataPro.

“This company, in our opinion, has the ability to meet its ongoing obligations, but its financial strength is vulnerable to adverse changes in economic conditions,” DataPro said.

Read also: Leadway Assurance gets GCR financial strength rating AA

It was learnt that DataPro’s rating committee approved the Rating after assessment of the company’s financial performance, capital adequacy, asset quality, liquidity, profitability, corporate governance and risk management, risk factors, and future outlook of its current healthy profile in the medium to long-term period.

The rating of MyCredit Investments Limited is supported by the company’s very good liquidity position, good profitability, and asset quality.

MyCredit Investments Limited had a Short-Term Rating of “A2” which indicates fair credit quality and adequate capacity for timely payment of financial commitments, according to DataPro.

While the rating carries a maximum shelf life of 12 calendar months, which is in line with international best practice, “the rating is therefore not an offer to trade in securities nor a substitute for the user’s judgement. It is meant for reference purposes,” the agency said.

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