In its press release published on Monday, October 18, the South African financial rating agency, Global Credit Rating (GCR), announces that it has assigned quality issuer ratings (BBB/A3/Stable) to the digital bank FairMoney Nigeria.

FairMoney Nigeria noted that it has obtained quality ratings, BBB (NG) Long term and A3 (NG) short term with a stable outlook. The assigned ratings were driven by FairMoney's non-indexed position, strong liquidity, resilient balance sheet, good underwriting practices and strong growth trajectory since inception. Commenting on the ratings, FairMoney Co-Founder and CEO Laurin Hainy asserted that "the ratings reflect FairMoney's resilient business model, international best practices, a strong management team and a diverse employee base." The Investment-Grade rating places FairMoney in a favorable position to access funding from the Nigerian capital markets to finance the strong growth of its loan portfolio.