Rating Release

Agusto & Co. hereby affirms the “A-” rating assigned to Global Accelerex Limited with a stable outlook

The rating expires on 30-06-23

Agusto & Co. hereby affirms the “A-” rating assigned to Global Accelerex Limited (“Global Accelerex”, “GAL” or “the Company”). The rating reflects the Company’s good profitability, adequate working capital, moderate leverage, a qualified and experienced management team and a leading position in the payment terminals space in the financial technology industry in Nigeria. However, the Company’s financial condition is tempered by a cash flow position which requires improvement as well as rising trade receivables and intercompany transactions. In addition, GAL’s overall performance was impacted by the weakened macroeconomic environment with elevated pressures on margins on account of the inability to completely transfer increases in direct and operating costs arising from the depreciation of the local currency and higher inflationary pressures to customers.

Global Accelerex is one of the leading electronic payment solution providers in Nigeria licensed by the Central Bank of Nigeria (CBN) as a Payment Terminal Service Provider (PTSP) and Payment Solution Service Provider (PSSP). The Company is involved in the marketing and distribution of hardware terminal point of sale (POS) machines and the development of software payment solutions for financial institutions and retail merchants across Nigeria. Global Accelerex has over 112,000 active POS terminals as at end of 2021 and plans to distribute circa 302,000 terminals to banks, merchants and other financial institutions across Africa within the next five years.

The opinions expressed in this rating release do not represent investment or other advice and should therefore not be construed as such. Visit www.agusto.com for further information.