Rating Release
Agusto & Co. assigns an “SR 3” rating to Renmoney Microfinance Bank Limited.
The rating expires on 11 September 2024.
Agusto & Co. assigns an “SR 3” rating to Renmoney Microfinance Bank Limited (“Renmoney”, “the MFB” or “the Servicer”), reflecting adequate servicing capacity. The servicer rating of Renmoney is supported by the microfinance bank’s established systems, policies and procedures; fully digital workflow, experienced and qualified management, good business continuity framework, good risk management reporting and the sizeable portfolio of internally originated loans serviced. However, the Servicer’s rating is constrained by Nigeria’s fragile economic environment and the weak credit risk profile of microfinance obligors which typically results in a high rate of delinquent loans in microfinance banks.
