Source: Business Insider Africa
MyCredit Investments Limited (FairMoney Nigeria) is thrilled to announce the resounding success of its debut N2.5 billion Series 1 Commercial Paper (“CP”) Issuance. FairMoney’s Commercial Paper Issuance (the “Offer” or the “Programme”) garnered overwhelming interest from an extensive array of qualified institutional investors with total demand exceeding the issue size by nearly 100%.
The performance of the Offer attests to investors’ confidence in the Company’s operations and strategic direction. The Notes were issued as a 270-day paper offering investors a yield of 16.00%.
Laurin Hainy, CEO & Co-founder of FairMoney, hailed the establishment of the Programme and subsequent CP Issuance as a remarkable milestone, presenting the Company with a golden opportunity to continually access funding from the dynamic debt capital market. This achievement highlights FairMoney’s commitment to sustainable growth and unwavering dedication to meeting the financial needs of its diverse customer base.
Henry Obiekea, Managing Director of FairMoney Nigeria, emphasized that the first public issuance by FairMoney Nigeria follows its recent double investment grade credit ratings received from GCR and DataPro. It also presents an avenue to deepen the Nigerian financial markets, offering investors with a new attractive asset class. The Commercial Paper also establishes FairMoney’s reputation among debt investors as a category leader.
The CP Issuance will support the Company’s short-term liquidity needs and finance the growth in its loan book. United Capital Plc, Renaissance Capital Africa, FBNQuest Merchant Bank and Stanbic IBTC Capital Limited acted as financial advisers on the transaction. This collaboration of distinguished institutions underscores the widespread recognition and support for FairMoney’s innovative financial instruments as well as the Company’s commitment to building a robust funding base in Nigeria.
FairMoney has consistently delivered on its financial obligations to a diverse range of investors, fostering trust within the investing community. This strong funding base has empowered the Company to responsibly expand its banking operations, catering to the financial needs of its diverse customers.
With a vision to become the financial home for the next 2 billion underbanked individuals in emerging markets, FairMoney continues to enhance access to quality finance products.
Source: Business Insider Africa
