FairMoney fully redeems N5.86 billion series 6 commercial paper

MyCredit Investments Limited has announced the successful redemption of its ₦5.86 billion Series 6 Commercial Paper issued under its ₦10 billion Commercial Paper Issuance Programme. According to a statement by the company, MyCredit, which is the owner of FairMoney Microfinance Bank, has repaid the amount of ₦5,860,319,000 to investors, fulfilling its obligations under the issuance.

According to it, the repayment reinforces FairMoney’s commitment to honouring its financial obligations and maintaining the trust of its investors. It also marks another milestone in the Company’s participation in Nigeria’s debt capital markets, where investor relationships remain an important part of its funding strategy.

Commenting on the redemption, Henry Obiekea, Managing Director, FairMoney Nigeria, said:

“Meeting our commitments to investors is fundamental to how we build and sustain trust. The full redemption of our Series 6 Commercial Paper reflects this commitment and our focus on responsible financial management. We appreciate the confidence our investors have placed in FairMoney and their continued support as we work to expand access to financial services in Nigeria. We wish to thank the FMDQ for providing a strong platform for institutions such as ours to access the Nigeria Debt Capital Markets.”

Henry Obiekea, Managing Director, FairMoney Microfinance Bank

The company restated its commitment to building a sustainable business that serves the financial needs of individuals and businesses. As the Company continues to grow, maintaining disciplined financial management and long-term relationships with funding partners remains a priority.

The Company, which recently announced that its registered user base in Nigeria has passed 30 million, also appreciated its investors and partners for their support throughout the process.

The number marks a rise from figures FairMoney has disclosed at earlier stages of its expansion. The company said it had 1.3 million KYC-verified users in Nigeria in 2021, around the time of its US$42 million Series B round led by Tiger Global Management, and later cited a base of roughly five to six million users in company materials as it scaled its lending and savings products.

Measured against those self-reported figures, the user base has grown roughly fivefold in under two years.

The company, founded in 2017, started out offering instant loans and bill payments before obtaining its microfinance banking licence from the CBN, which allowed it to expand into savings accounts, cards and asset financing.

Read more: FairMoney crosses 30 million registered users in Nigeria