FairMoney has secured upgraded Credit Ratings from GCR as revenue hits ₦112.3 billion in FY 2024.
NewsOnline Nigeria reports that MyCredit Investments Limited (“FairMoney”), one of Nigeria’s leading microfinance banks, has received an upgraded national scale issuer rating from Global Credit Ratings (GCR), Africa’s foremost credit rating agency.
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 rating outlook remains Stable.
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According to GCR, the upgrade reflects sustained improvements in the Nigerian microfinance sector and reaffirms FairMoney’s strong competitive position, driven by its scale, advanced technology infrastructure, and operational efficiency. The agency highlighted FairMoney’s robust earnings, strong cash flow generation, and flexible funding structure supported by its parent company, Predictus SAS.
FairMoney posted operating revenue of ₦112.3 billion in FY 2024, maintaining an impressive Net Interest Margin (NIM) of 82.9%.
Henry Obiekea, Director at FairMoney Nigeria, said the rating upgrade validates the institution’s disciplined credit risk strategy.
“Over the last three years, we have consistently managed portfolio credit risk downwards without hurting margins,” he noted. He added that FairMoney continues to rank as a top earner in the microlending market, driven by strong customer demand, high-volume loan disbursement, and new offerings for SMEs.
GCR also pointed out that despite competitive pressure on portfolio quality, FairMoney remains a leading player in Nigeria’s microlending industry. The bank processes over 10,000 daily loan requests and disbursements, leveraging proprietary technology and strong brand recognition to broaden financial access nationwide.
The Stable Outlook reflects GCR’s expectation that FairMoney will continue to strengthen portfolio quality over the next 12 to 18 months. This will be driven by enhanced data-led customer risk assessment, expansion into secured lending, and improving macroeconomic conditions. GCR anticipates FairMoney will grow market share, diversify earnings, maintain NIM below 80%, and sustain its current levels of cash flow and leverage.
“GCR’s decision to upgrade our ratings is a strong endorsement of the FairMoney platform,” Obiekea said. “It underscores the strength of our business model, our solid financial performance, and our commitment to effective credit risk management.”
