Agusto & Co. hereby assigns a “Bbb” rating to Fast Credit Limited
The rating expires on 30 June 2023.
Agusto & Co. hereby assigns a “Bbb” rating to Fast Credit Limited (“Fast Credit”, “FCL” or “the Company”). The rating is supported by Fast Credit’s good profitability, adequate capitalisation, competent and experienced management team and granular payroll-deductible or cash-backed loan book. However, the rating is constrained by the concentration in the loan book to the public sector, aggressive loan book growth, concentration in funding, funding mismatch and reliance on expensive purchased funds. We have also considered the impact of the weak macroeconomic fundamentals on FCL’s business
Fast Credit provides salary-based micro-credit to private and public sector employees on cash-backed or payroll deductible basis. The Company also provides high-yield investment products to individuals and institutional investors. As at 31 December 2021, Fast Credit had total assets of ₦11.9 billion.