Rating Release 

Agusto & Co. hereby upgrades the rating assigned to Addosser Microfinance Bank Limited  to “Bbb” (long term) and “A2” (short term) ratings with a stable outlook 

The rating expires on 30 June 2026 

Agusto & Co. hereby upgrades the rating assigned to Addosser Microfinance Bank Limited (“Addosser MFB” or “the MFB”) to “Bbb” (long term) and “A2” (short term) ratings. The upgrade reflects Addosser MFB’s improving profitability metrics and asset quality relative to peers in the microfinance bank industry. The rating is also supported by the MFB’s good liquidity profile, adequate capitalisation metrics and experienced management staff. However, the rating is constrained by Addosser MFB’s aggressive loan book growth in the review year, high leverage and sizeable concentration in the borrowed funds, deposit liabilities and ownership. We have also considered the MFB’s ability to manage the high cost of operations given the elevated inflation in the operating environment.

Addosser MFB is a state microfinance bank licensed by the Central Bank of Nigeria, with operational base in Lagos.