Digital lender MyCredit Investments Limited (FairMoney) has received an upgraded national scale issuer rating from Global Credit Ratings (GCR), following a year of strong financial performance that saw the microfinance bank post N112.3 billion in operating revenue for full year 2024.
GCR raised FairMoney’s long-term issuer rating from BBB(NG) to BBB+(NG) and upgraded its short-term rating from A3(NG) to A2(NG), maintaining a stable outlook. The rating agency cited the company’s sustained earnings, robust cash flow generation, and efficient funding structure as key factors behind the decision.
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FairMoney, one of Nigeria’s fastest-growing digital lenders, has continued to distinguish itself in the competitive microlending space through high transaction volumes and a technology-led approach to credit risk management. The lender processes more than 10,000 loan requests and disbursements daily, leveraging proprietary data models to assess customer behaviour, enhance loan recovery, and reduce portfolio risk.
GCR said its decision reflects not only FairMoney’s resilience in a challenging macroeconomic environment but also broader improvements within Nigeria’s microfinance banking sector. According to the agency, FairMoney’s flexible funding structure, supported by its parent company, Predictus SAS, has created a stable liquidity position that strengthens its overall credit profile.
Henry Obiekea, director of FairMoney Nigeria, said the rating upgrade validates the company’s disciplined approach to risk and operational efficiency. “Over the last three years, we have consistently managed portfolio credit risk downwards without hurting margins. This recognition reinforces our position as one of the top earners in the microlending market,” he said.
Obiekea added that FairMoney’s rapid growth has been driven by high customer demand and aggressive loan disbursement, as well as the diversification of its lending products. Beyond consumer credit, the bank has expanded into small and medium-scale business loans, an area it sees as crucial for deepening financial inclusion and strengthening its earnings base.
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Despite competitive pressures and the inherent risks associated with unsecured lending, GCR noted that FairMoney remains one of the strongest performers in the sector. Its combination of high-volume lending, brand recognition, and cost-efficient customer deposits continues to support cash generation and keep debt levels modest.
The stable outlook indicates GCR’s expectation that FairMoney will improve its portfolio quality and broaden its market share over the next 12 to 18 months. The agency anticipates further gains as the lender deploys more internal and external data sources for risk assessment, scales secured lending, and operates within a gradually stabilising macroeconomic climate.
Obiekea said the upgrade underscores the strength of the FairMoney platform. “It highlights our solid financial performance and our commitment to effective credit risk management,” he said.
