Agusto & Co. hereby maintains the ‘Bbb’ rating assigned to Fast Credit Limited
The rating expires on 30 June 2024.
Agusto & Co. hereby maintains the ‘Bbb’ rating assigned to Fast Credit Limited (“Fast Credit”, “FCL” or “the Company”). The rating reflects Fast Credit’s strong profitability, low level of non-performing loans to total loan ratio, good capitalisation, granular payroll-deductible or cash-backed loan book and competent and experienced management team. However, the rating is constrained by the FCL’s aggressive loan book growth, reliance on expensive purchased funds and concentration and mismatch in funding. We have also considered the challenges in the domestic economic landscape and the attendant impact on consumers.
Fast Credit is licensed as a finance company by Central Bank of Nigeria (CBN). The Company provides salary-backed micro-credit solutions to private and public sector employees leveraging technology. As at 31 December 2022, FCL had total assets of ₦13.9 billion.