Rating Release

Agusto & Co. hereby maintains the “Bbb” rating assigned to Infinity Microfinance Bank Limited

The rating expires on 30 June 2024.

Agusto & Co. hereby maintains the “Bbb” rating assigned to Infinity Microfinance Bank Limited (“Infinity MFB”, “the MFB” or “the Bank”). The rating reflects Infinity MFB’s good capitalisation, low leverage, good deposit mix and experienced management team. However, the rating is constrained by the MFB’s high cost of borrowings, elevated non-performing loans (NPLs) ratio and concentration in borrowed funds. We have also considered the impact of the adverse macro environment on the Bank’s operations.

Infinity MFB is licensed by the Central Bank of Nigeria (CBN) as a state microfinance bank operating in Lagos State. The MFB provides micro banking services including short-term micro loans, leases, savings and deposits with a focus on lending to micro businesses in the trade & commerce sector.