MyCredit Investments Limited, trading as FairMoney Microfinance Bank, has received a significant boost after Global Credit Ratings (GCR) upgraded its national scale issuer ratings, reflecting improved sector conditions and the company’s growing strength in Nigeria’s microlending market.
In its latest assessment, 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). The outlook was affirmed as Stable, indicating the agency’s confidence in FairMoney’s financial and operational trajectory.
Okay News reports that GCR attributed the upgrade to broad improvements across the Nigerian microfinance sector and FairMoney’s solid market positioning built on scale, technology-driven processes, and cost-efficient operations.
The agency highlighted FairMoney’s consistent earnings, strong cash flow generation, and flexible funding structure, reinforced by the backing of its parent company, Predictus SAS.
FairMoney delivered a robust financial year in 2024, posting NGN 112.3 billion in operating revenue, a performance that strengthened its industry lead.
Speaking on the development, Henry Obiekea, Director of FairMoney Nigeria, said the upgraded rating validates the company’s strategic approach to managing risk without sacrificing profitability. “Over the last three years, we have consistently managed portfolio credit risk downwards without hurting margins,” he said, noting that high customer demand and strong disbursement volumes have kept FairMoney among the top earners in Nigeria’s microlending space.
The company has also expanded beyond consumer lending, increasing its offering of loans to small and medium-scale enterprises, a move that GCR says will help diversify its revenue streams.
According to the rating agency, FairMoney continues to benefit from proprietary technology powering its underwriting model, more than 10,000 daily loan requests and disbursements, and a growing brand presence that supports financial inclusion across the country. Its stable deposit base, modest debt levels, and strong operating cash flow further strengthened its credit profile.
GCR’s Stable Outlook reflects expectations that FairMoney will continue to improve its portfolio quality over the next 12 to 18 months. This projection is supported by the company’s increasing reliance on internal and external data for risk assessment, expansion into secured lending, and a gradually stabilizing Nigerian macroeconomic environment.
The agency anticipates that FairMoney will increase its market share, further diversify its earnings, maintain its net interest margin below 80%, and uphold strong cash generation and low leverage.
Obiekea added that the upgrade underscores confidence in FairMoney’s long-term vision. “GCR’s decision to upgrade our ratings is a strong endorsement of the FairMoney platform. It highlights the strength of our business model, our solid financial performance, and our commitment to effective credit risk management,” he said.
