MyCredit Investments Limited, (“FairMoney” or “the Company”) today announced the redemption of N3.7 Billion in aggregate principal amount of its 18% Series II Private Notes (the “Notes”) that fell due on November 03, 2022, to various reputable institutional & HNI investors.
The private note is the second tranche under the company’s N10 Billion Private Note Programme which was launched after a successful Series 1 Private Notes Issuance.
FairMoney Nigeria has continued to build confidence in the investing community through the development of innovative and attractive instruments thereby building a robust funding base in Nigeria. The Company has a strong track record of meeting its financial obligations to its varied investors. The funding base has helped the Company to responsibly grow its loan portfolio to retail consumers, working professionals, and digital natives as the company continue to improve access to finance for the underserved. FairMoney has a vision of building the financial home for the next 2 billion underbanked in emerging markets.
Commenting on this, Henry Obiekea; Managing Director, FairMoney Nigeria, affirmed that the redemption of the notes reflects FairMoney’s resilient business model and ability to ensure optimal performance and sustainable returns to its stakeholders and partners.
Henry further stated that FairMoney is building strong access to the Nigeria Capital Markets to deepen its funding pool. To this end, the company plans to launch a public debt note.
Laurin Hainy, Co-Founder and CEO FairMoney Group said, we are one step closer towards achieving our vision of improving financial access to the underserved with a professional management team, a resilient business framework, and the right funding mix. The Group will continue to focus on these levers to drive growth and service excellence.
Beneficial holders with any questions about the redemption should contact firstname.lastname@example.org their respective brokerage firm or financial institution.
FairMoney is a mobile bank for emerging markets and provides financial services in Nigeria. The company is focused on serving underserved consumers in large emerging markets.
FairMoney is a full-service digital bank and is currently the #1 digital lender in Nigeria.
The company offers a range of digital financial products including, investments, savings, payments, and cards. The company additionally offers near-instant digital loans 24/7 directly via its mobile app. The digital lending product offering covers loans in tenors from 15-days to 24 months to MSMEs and consumers. The end-to-end application to loan offer process takes 5 minutes and is fully digital with no physical touchpoints. Of the company’s over 6 million digital bank users, 3 million are unique bank account holders. The company aspires for its customers to have a wholesome banking experience from P2P transfers and lending to debit cards, current accounts, and investment products amongst other products.
Additional information can be found on the company’s website at www.fairmoney.io