MyCredit Investments Limited (“FAIRMONEY”) Maintains Investment Grade Credit Ratings From GCR, Successfully Redeems N4.8bn To Private Note Investors

December 21, 2023
2 min read

GCR Ratings (“GCR”) has affirmed MyCredit Investments Limited’s (trading as ‘FairMoney’) Nigerian national scale long-term and short-term issuer ratings of BBB(NG) and A3(NG) respectively.

The rating agency explained that FairMoney was rated on the basis of its strong cash flow generation and liquidity coverage, specifically noting that “The assigned ratings are supported by FairMoney’s strong cash flow generation and liquidity coverage, as well as modest gearing”.

FairMoney maintains a diversified funding base and adequate liquidity. According to GCR, “The company’s funding sources are diversified and include retail, corporate and high net worth individuals”. GCR also added “Overall, we think improved access to diverse sources of funding is beneficial to the liquidity assessment of the company”.

FairMoney’s Managing Director, Henry Obiekea, who commented on the ratings said, “GCR’s affirmation of FairMoney’s investment grade rating is a testament of the company’s business model, strong financial performance, effective credit risk management, improved governance and management.” He also reiterated the company’s commitment to maintain its position as the leading consumer lender in Nigeria whilst driving innovative products across its banking and wealth management offerings. The investment grade ratings is a strong enabler of the Company's strategy to attract funding from the Nigerian Debt Capital markets.

Furthermore, FairMoney has recently redeemed N4.8 billion to investors under its N10 billion Private Note Programme. This highlights the Company’s commitment to continue to meet its obligations to investors and build confidence in the Nigerian Capital Markets.

CEO & Co-founder, FairMoney, Laurin Hainy, affirmed that the redemption of the notes reflects FairMoney’s resilient business model and ability to ensure optimal performance and sustainable returns to its stakeholders and partners.

In June 2023, FairMoney launched its debut Commercial Paper Programme with strong demand as the first issuance was oversubscribed by nearly 2 times.  


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. The digital lending product offering covers loans in tenor up to 24 months to MSMEs and consumers. The end-to-end application to loan offer process takes 5 minutes and is fully digital with no physical touchpoints.

Additional information can be found on the company’s website at

For more information contact

Investor Relations and Capital Markets:

[email protected]

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