CapitalSage Technology Enjoys Strengthened Financial Position with Successful Repayment of N2.5 Billion CP and Credit Rating Upgrade

April 23, 2024
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3 min read

CapitalSage Technology Limited, an integrated digital financial services group and owner of CBN-licensed Kolomoni Microfinance Bank and ERCAS, announced another successful repayment of its fourth commercial paper valued at  N2.5 Billion following a rating upgrade to BBB+ byAgusto & Co.

This repayment builds on its strong financial performance from last year, where CapitalSage successfully redeemed N3.8 billion in obligations by fulfilling N2.5 billion commercial paper repayment under its N15 billion Commercial Paper Programme. Additionally, the rating upgrade further demonstrates CapitalSage’s commitment to fiscal responsibility and steady business growth.

According to Agusto & Co, “The rating upgrade is upheld by the sustained improvements in the Company’s net earnings and cash flows on the back of the sturdy demand for its service offerings and its expanded operating scale.”

Commenting on these achievements, John Alamu, Group Managing Director of CapitalSage Holdings, the holdings company for CapitalSage Technology Limited said: “We are incredibly proud of these achievements, which showcase our commitment to financial responsibility and sustainable growth. Our subsidiaries' successful repayment, rating upgrade, and performance demonstrate our business model's strength and dedication to empowering individuals and building global businesses across Africa.”

"As part of our efforts to empower businesses of all sizes, ERCAS, our PSSP-licensed company under the CapitalSage Technology subsidiary, is set to launch ERCASPay, a payment platform that allows businesses to seamlessly receive payments from over eight currencies, facilitating smooth international transactions and robust business support. The launch of ERCASPay represents a significant step forward for international trade, empowering any business to reach new markets and expand its reach.”

“Kolomoni Microfinance Bank, the second subsidiary, is about to embark on a groundbreaking rebranding initiative following the significant growth it has experienced and recent name change approval by the Central Bank of Nigeria from Cintrust Microfinance Bank to Kolomoni Microfinance Bank. Some of these initiatives include the relaunch of our advanced, user-friendly digital banking app and an expanded business banking offering to help small and medium-sized businesses.” He concluded.

ABOUT CAPITALSAGE TECHNOLOGY LIMITED

CapitalSage Technology is a group of integrated digital financial service providers that offers inclusive solutions and people-driven empowerment for people and businesses in Africa. Their impressive portfolio of services includes loans, agency banking, digital banking, business payment, and payment gateway.

These subsidiaries include:

Kolomoni Microfinance Bank has received approval from the Central Bank of Nigeria (CBN) to undergo a significant transformation. Cintrust MFB has now become Kolomoni Microfinance Bank (Kolomoni MFB). This name change aligns us more closely with our existing products, notably the Kolomoni digital banking app, Business banking, Rural banking and Loans. for savings. Kolomoni is intended to reach the rural and underserved urban populations. Kolomoni Microfinance Gambia – is a Gambia-based microfinance organisation licensed by the Central Bank of Gambia. Its product offerings are directly correlated with the country’s national development plan’s goal of financial inclusion. Kolomoni Agent Banking and Kolomoni Digital Banking are the services offered.

ERCAS Integrated Payment improves business operations and income in the emerging digital economy by offering digital payment and business solutions. Offerings include Payment Gateway, Collections Platforms and an API hub offer FAAS. It flagship payment gateway solution overs payments in over eight currencies, facilitating smooth international transactions and robust business support.

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