Agusto & Co. hereby assigns ‘A-’ rating to NPF Microfinance Bank Plc.
The rating expires 30 June 2023
Agusto & Co. hereby assigns an ‘A-’ rating to NPF Microfinance Bank Plc (“NPF MFB” or “the MFB”). The rating is supported by NPF MFB’s good asset quality, adequate capitalisation, good funding and liquidity profile and competent and experienced management team. The rating is further supported by the MFB’s dominant position in the microfinance industry, good parental support and strong relationship with the Nigerian Police Force community. The rating is, however, constrained by deficiencies in the risk management process, a high degree of concentration to the public sector and an elevated cost profile.
NPF Microfinance Bank Plc (“NPF MFB” or “the MFB”) was incorporated as a private limited liability company in 1993 and commenced operations as a community bank after obtaining a provisional licence from the Central Bank of Nigeria (CBN). NPF MFB was registered as a public limited liability company in 2006 and acquired a national microfinance bank licence from CBN in 2007. The MFB subsequently had its shares listed on the Nigerian Exchange (NGX) in 2010.