FairMoney gets investment grade ratings (BBB/A3/Stable) from Global Credit Ratings

FairMoney gets investment grade ratings (BBB/A3/Stable) from Global Credit Ratings

FairMoney Nigeria, a quick loan digital bank with incorporated name: MyCredit Investments Ltd has obtained investment-grade ratings, BBB (NG) Long Term, and A3 (NG) Short Term with a stable outlook by Global Credit Rating (GCR).

The assigned ratings were apparently driven by FairMoney’s ungeared position, robust liquidity, resilient balance sheet, sound underwriting practices, and a strong growth trajectory since its inception.

This stable outlook rating reflects GCR’s expectation that MyCredit Investments Ltd. is evolving and will show strong overall performance metrics over the medium term. GCR further noted that cash flow and leverage was a positive rating factor and business growth is expected to remain steady over the next 12 – 18 months.

Over time, FairMoney Nigeria has significantly grown its quick loan book whilst showing strong profitability. Non-performing loans have been maintained at a stable yet declining rate over the last year of operations. This is a testament to the company’s advanced underwriting practices which has positioned it as the leading digital lender in Nigeria.

Commenting on the ratings, Co-Founder & CEO of FairMoney, Laurin Hainy, affirmed that the ratings reflect FairMoney’s resilient business model, international best practices, strong management team and a diversified employee base.

“The milestones achieved since our incorporation within the digital banking space indicates that the Group is on track to achieving its vision of building the leading Neo-bank in emerging markets,” he stated.

Laurin added that the company is focused on superior customer satisfaction and ensuring enhanced value for investors.

“As a customer-first organisation we are proud that this rating will create yet another win-win situation in the Nigerian market. FairMoney will be able to further serve our customers while providing a solid and secure investment target to institutional investors in our home market Nigeria.”

FairMoney was incorporated in 2017 and has wholly-owned subsidiaries in Nigeria (FairMoney Nigeria) and India (FairMoney India). Both companies are owned by the Paris-based parent company Predictus SAS. Recently, FairMoney raised a $42 million Series B round with international participation.

The Company also launched a N10 Billion local currency Private Note programme. The first series of the Private Note was launched successfully earlier this year and saw participation from a number of the leading reputable institutional investors in Nigeria.

The Investment-Grade rating places FairMoney in a favourable position to access funding from the Nigerian Capital Markets to finance its strong quick loan book growth. The Company plans on launching the second series of the Private Note shortly.

FairMoney Nigeria is a digital consumer and SME quick loan lender, and provider of digital financial services in Nigeria. The company recently obtained its Microfinance Bank License from the Central Bank of Nigeria.

FairMoney has created a product that offers near-instant digital loans 24/7 directly via its mobile app. Additionally, FairMoney offers transfer and payments solutions, including bill-pay and airtime purchase, debit cards and other digital banking services.

Loan amounts range between ₦1,500 to ₦1,000,000 with repayment periods from 61 days to 18 months at monthly interest rates that range from 2.5% to 30% (APRs from 30% to 260%)

Loan characteristics
Loan amount from ₦1,500 to ₦1,000,000
Repayment periods from 61 days to 18 months
APR from 30% to 260% per annum
Interest discounts of up to 90% for early repayments
No hidden fees

An example of a FairMoney loan
Borrow ₦100,000 over 3 months
Interest (total cost of the loan): ₦30,000 (30% rate)
Three monthly repayments: ₦43,333
Total amount payable: ₦130,000
Representative: 120% APR

With the FairMoney app, you can:
– Get an account number and use it to receive money from anyone in Nigeria
– Add money to your account
– Send money to any bank account for FREE
– Apply for loan and receive it instantly
– Pay your bills

To apply for a loan, Download FAIRMONEY APP ON GOOGLE PLAY STOREBY CLICKING HERE.

REVIEWS

Shuan Jacob
24 September 2021
It is tested and trusted . It paid me out twice when I needed cash and I instantly I was given to me. My challenge is the interest rate . It too high. At least they should have made it 2 per cent of the money borrowed by a client, instead is 3perent of the loan given to client. Something should be done quickly especially considering existing customer’s on this platform. I personally am already going for something new. Thanks.

FairMoney Loan App24 September 2021
Hello Shuan We regret the inconvenience and sorry to know that the interest rate to be enjoyed wasn’t as expected. For better assistance, please share your information with help@fairmoney.ng. We will be happy to assist you. Thank you! Glory.

Esther Okafor
27 September 2021
Seriously, i love this app but right now am having issues with it. I have gone a long way with it and have paid my loans on time but my problem is that i applied for a loan on Saturday and they just attended to me as a beginner. The offer was so poor that am still confused up till now. I really want to know what my offense is. I need this loan for today for my business.

FairMoney Loan App27 September 2021
Dear Esther, We really appreciate you bringing this to our attention. We would like to investigate your issue. Please share your contact details with us at help@fairmoney.ng so that we can assist accordingly. Thank you. Olabisi

Adekunle Mary
15 October 2021
FairMoney app is so easy and so reliable, the comfort in paying back your loan is top-notch!!! Not like other loan app, me I enjoyed this app so much very stress free and quick to understand. I just got to know FairMoney has a loan top-up again with whatever months you want to pay within!!! I just discovered it this week and I’m happy…….. download this app, stop going here and there…..

FairMoney Loan App31 August 2021
Dear Mary, thank you for the 5 Star rating! We are delighted to have you as one of our customers. Please do recommend FairMoney to your friends & Family! Abiola.

Sourav Kumar
7 October 2021
Worst experience with this app. It was good app when I used it for the first time now it has has become one of the worst I’ve ever come across. I paid my all EMI’s on time just 1 emi I delayed for a couple of days due to bad circumstances, throughout the experience i would recommend you all don’t trust on any app bcoz You guys don’t know, they will reject your loan application without any reason when you need the money most. There’s is no customer support as well. They are not providing me loan.


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About the Author: Femi Adeoya

Mr Femi Adeoya is a Chartered Forensic Accountant and a Certified Fraud Examiner. He has over 20 years professional work experience in accounting, finance and business management processes. As an Accounting Software Expert, he has implemented and supervised accounting solution set up of over 50 small and medium businesses in Nigeria. As a passionate blogger, Mr Adeoya is an ardent writer and communicationist. He is the CEO of QUICK LOAN ARENA (quickloanarena.com), the number 1 loan apps review website in Nigeria. He is very passionate about the quick and instant loan industry in Nigeria and has written over 200 reviews on different loan apps and digital banks in Nigeria, USA, Canada and UK.

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