FairMoney has redeemed ₦5.86bn Series 6 Commercial Paper in Full.
NewsOnline Nigeria reports that MyCredit Investments Limited, the parent company of FairMoney Microfinance Bank, has announced the full redemption of its ₦5.86 billion Series 6 Commercial Paper issued under its ₦10 billion Commercial Paper Issuance Programme.
The company said it repaid ₦5,860,319,000 to investors, fulfilling its obligations under the Series 6 issuance.
The successful redemption marks another milestone for FairMoney in Nigeria’s debt capital market and underscores the company’s focus on meeting its financial obligations and maintaining strong relationships with investors and funding partners.
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Commenting on the development, Henry Obiekea, Managing Director, FairMoney Nigeria, said meeting commitments to investors remained fundamental to building and sustaining trust.
“Meeting our commitments to investors is fundamental to how we build and sustain trust. The full redemption of our Series 6 Commercial Paper reflects this commitment and our focus on responsible financial management,” Obiekea said.
He appreciated investors for their confidence and continued support as FairMoney expands access to financial services in Nigeria.
Obiekea also thanked the FMDQ for providing a platform that enables institutions to access the Nigerian debt capital markets.
The company said it remains focused on building a sustainable financial services business serving individuals and businesses, while maintaining disciplined financial management and long-term relationships with funding partners.
NewsOnline Nigeria reports that FairMoney Microfinance Bank is a Central Bank of Nigeria (CBN)-licensed microfinance bank providing digital financial services to customers across Nigeria.
Its offerings include loans, savings, transfers, bill payments, cards and asset financing. Eligible customer deposits are insured by the Nigeria Deposit Insurance Corporation (NDIC), subject to applicable coverage limits and regulatory requirements.
The company said its products remain subject to applicable terms, conditions and eligibility requirements, while lending facilities are subject to credit assessment and the bank’s risk acceptance criteria.
The latest commercial paper redemption comes as FairMoney continues to leverage Nigeria’s debt capital market as part of its broader funding strategy and expansion of financial services.
The company expressed appreciation to its investors and partners for their support throughout the issuance and redemption process.
