• Monday, April 22, 2024
businessday logo

BusinessDay

Mycredit investments Limited (“FairMoney”) successfully redeems debut Series 1 Commercial Paper

Mycredit investments Limited (“FairMoney”) successfully redeems debut Series 1 Commercial Paper

FairMoney, a leading provider of innovative financial services and digital lender in Nigeria, has announced the successful redemption of its debut N2.5 billion Series 1 Commercial Paper (CP) Issuance which matured on the 3rd of March 2024.

FairMoney accessed the market for the first-time mid-last year, in a bid to diversify its funding structure, support the Company’s short-term liquidity needs and finance the growth of its loan book. The issuance was arranged by reputable Investment banks namely, United Capital Plc, Renaissance Capital Africa, FBNQuest Merchant Bank, and Stanbic IBTC Capital Limited and was oversubscribed to by a wide range of institutional investors.

Expressing his satisfaction with the achievement and emphasizing the significance of the redemption, Henry Obiekea, MD FairMoney Nigeria remarked, “The repayment to investors in the Commercial Paper demonstrates the Company’s resilient business model and our unwavering commitment to maintaining investor confidence within the Nigerian Capital Markets. As we continue to scale the business and provide innovative financial services in Nigeria, creating unfettered access to the Capital Markets remains a strong funding pillar for FairMoney”.

CEO & Co-founder, FairMoney, Laurin Hainy, expressed his gratitude to all investors for their trust and confidence in the company, assuring them of the continued delivery of substantial value to stakeholders and unwavering dedication to meeting the financial needs of its diverse customer base. The redemption of the Commercial Paper underscores FairMoney’s dedication to its stakeholders and reflects its ability to navigate through recent macre-economic challenges while delivering on promises. This further solidifies FairMoney’s position as a reliable partner in the Nigeria Financial Markets.

ABOUT FAIRMONEY

FairMoney is the leading financial services company and currently the #1 digital lender in Nigeria. Over the last six years, the company has impacted the lives of millions of Nigerians, with the goal to rebuild Africa’s money story by offering Tier 1 digital financial services to merchants and consumers alike.

The company offers a range of digital financial products including Investments, high-interest savings, payment services and cards. The company additionally offers near-instant digital loans 24/7 directly via its mobile app.

Additional information can be found on the company’s website at www.fairmoney.io

For more information contact
Investor Relations and Capital Markets:
[email protected]