Nigerian finance institution, Fast Credit Limited, has said it has received a long-term investment grade ratings of “Bbb” from Agusto & Co with a stable outlook, and “BBB+” long- term with an A2 stable outlook for 2023/2024 from DataPro, respectively.
In a statement on Thursday, the Credit Rating Agencies DataPro and Agusto & Co, said Fast Credit’s investment grade ratings indicated the company’s laudable profitability, adequate capitalisation, competent and experienced management team, and an array of innovative products.
The Managing Director and Chief Executive Officer, Fast Credit, Emeka Iloelunachi, expressed his delight on receiving the rating.
Iloelunachi said the company’s key strengths were taken into consideration, and the rating agencies placed emphasis on its strong profitability, good capitalisation, experienced management team, asset quality and a variety of innovative products.
“We at FCL are excited at the credit rating from both rating agencies, which is a next step towards other strategic initiatives that will continue to provide the company with a competitive advantage,” Iloelunachi said.
He added that the company provided several innovative types of credit products such as payroll lending, consumer products, SME, and corporate lending products to private and public sector employees and institutions.
“The company also provides high-yielding investment products and target savings to individuals and institutional investors,” he said.
According to the statement, based on findings, the rating committees validated the ratings after an appraisal of the company’s financial performance, corporate governance & risk management, regulatory environment, risk factors, and outlook of its current healthy profile in the medium to long-term period.