MyCredit Investments Limited (MIL), the operator of FairMoney Microfinance Bank, has received an upgraded national scale issuer rating from Global Credit Ratings (GCR), further solidifying its standing in Nigeria’s fast-growing digital lending and microfinance banking sector.
GCR raised FairMoney’s long-term issuer rating from BBB(NG) to BBB+(NG) and its short-term rating from A3(NG) to A2(NG). The Stable Outlook was affirmed.
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According to GCR, the upgrade reflects improving conditions in the Nigerian microfinance sector and FairMoney’s strong competitive positioning, driven by its market scale, advanced proprietary technology, high transaction volumes, and operational efficiency. The rating agency also highlighted the company’s consistent earnings, strong cash flow generation, and a flexible funding structure supported by its parent company, Predictus SAS.
Robust FY 2024 Performance
FairMoney reported ₦112.3 billion in operating revenue for the 2024 fiscal year, maintaining an impressive Net Interest Margin (NIM) of 82.9%, one of the highest in the Nigerian digital microlending landscape.
Henry Obiekea, Director of FairMoney Nigeria, said the rating upgrade validates the company’s disciplined approach to credit risk management:
“Over the last three years, we have consistently managed portfolio credit risk downward without hurting margins. Customer demand remains strong, and our high-volume loan disbursement model continues to position us as one of the top earners in Nigeria’s microlending market.”
He added that FairMoney is expanding beyond consumer lending by offering credit to small and medium-scale enterprises (SMEs), supporting Nigeria’s broader financial inclusion agenda.
Sustained Growth and Portfolio Quality
Despite rising competition and portfolio-quality pressures across the sector, GCR noted that FairMoney remains a top digital lending player, processing more than 10,000 daily loan requests and disbursements. Its strong cash generation, modest leverage, and stable, low-cost customer deposit base continue to strengthen its overall credit profile.
Stable Outlook for the Next 12–18 Months
GCR expects FairMoney to further improve portfolio quality as it increases the use of internal and external data for better credit scoring, gradually expands into secured lending, and benefits from a stabilizing macroeconomic environment.
The rating agency anticipates that FairMoney will:
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continue to grow its market share
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diversify its earnings base
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maintain its NIM below 80%
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sustain strong operating cash flows and leverage levels
Obiekea concluded:
“GCR’s decision to upgrade our ratings is a strong endorsement of the FairMoney platform. It highlights the strength of our business model, our solid financial performance, and our commitment to effective credit risk management.”
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