Agusto & Co. affirms the “Bbb-” rating assigned to Mainstreet Microfinance Bank Limited.
The rating expires on 30 June 2020.
Mainstreet Microfinance Bank Limited’s (“Mainstreet” or “the MFB”) rating is underpinned by satisfactory asset quality, improved liquidity profile, adequate capitalization and a stable management team. The rating is tempered by weak profitability, funding constraints and inadequate investment risk management practices.
Mainstreet holds a state microfinance banking licence. The MFB provides banking services to individuals, groups and SMEs in Lagos State. Mainstreet has implemented e-channels; providing its customers with card services, instant money transfer, internet banking, USSD banking and mobile banking.
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