MyCredit Investments Limited, the owner of FairMoney Microfinance Bank, has announced the successful 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, thereby fulfilling its obligations under the Series 6 Commercial Paper issuance.
According to FairMoney, the repayment underscores its commitment to meeting its financial obligations and maintaining the confidence of investors and funding partners.
The redemption also marks another milestone in the company’s participation in Nigeria’s debt capital markets, where investor relationships form an important part of its funding strategy.
Commenting on the development, Henry Obiekea, Managing Director, FairMoney Nigeria, said meeting its commitments to investors was 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.
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He appreciated investors for their confidence and continued support as FairMoney works to expand access to financial services in Nigeria.
Obiekea also thanked the FMDQ for providing a platform through which institutions such as FairMoney can access Nigeria’s debt capital markets.
The company said it remains focused on building a sustainable business that serves the financial needs of individuals and businesses, while maintaining disciplined financial management and long-term relationships with funding partners.
FairMoney also expressed appreciation to its investors and partners for their support throughout the issuance and redemption process.
FairMoney Microfinance Bank is a Central Bank of Nigeria (CBN)-licensed microfinance bank providing digital financial services to millions of customers in Nigeria.
The bank offers a range of financial products and services, including 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 bank said all its products are subject to applicable terms, conditions and eligibility requirements, while lending facilities remain subject to credit assessment, risk acceptance criteria and relevant regulatory requirements.
