MyCredit Investments Limited, (“FairMoney” or “the Company”) today announced the redemption of N3.7 Billion in aggregate principal amount of its 18% Series II Private Notes (the “Notes”) that fell due on November 03, 2022, to various reputable institutional & HNI investors.
The private note is the second tranche under the company’s N10 Billion Private Note Programme that was launched after a successful Series 1 Private Notes Issuance.

FairMoney Nigeria has continued to build confidence in the investing community through the development of innovative and attractive instruments thereby building a robust funding base in Nigeria. The Company has a strong track record of meeting its financial obligations to its varied investors. The funding base has helped the Company to responsibly grow its loan portfolio to retail consumers, working professionals, and digital natives as the company continues to improve access to finance to the underserved. FairMoney has a vision of building the financial home for the next 2 billion underbanked in emerging markets.

Commenting on this, Henry Obiekea; Managing Director, FairMoney Nigeria, affirmed that the redemption of the notes reflects FairMoney’s resilient business model and ability to ensure optimal performance and sustainable returns to its stakeholders and partners.

Henry further stated that FairMoney is building strong access to the Nigeria Capital Markets to deepen its funding pool. To this end, the company plans to launch a public debt note.

Laurin Hainy, Co-Founder and CEO FairMoney Group said, we are one step closer towards achieving our vision of improving financial access to the underserved with a professional management team, a resilient business framework, and the right funding mix. The Group will continue to focus on these levers to drive growth and service excellence.

Beneficial holders with any questions about the redemption should contact investorrelations@fairmoney.io or their respective brokerage firm or financial institution.

ABOUT FAIRMONEY

FairMoney is a mobile bank for emerging markets and provides financial services in Nigeria. The company is focused on serving underserved consumers in large emerging markets.

FairMoney is a full-service digital bank and currently the #1 digital lender in Nigeria.

The company offers a range of digital financial products including, investments, savings, payments, and cards. The company additionally offers near-instant digital loans 24/7 directly via its mobile app. The digital lending product offering covers loans in tenor from 15-days to 24 months to MSMEs and consumers. The end-to-end application to loan offer process takes 5 minutes and is fully digital with no physical touchpoints. Of the company’s over 6 million digital bank users, 3 million are unique bank account holders. The company aspires for its customers to have a wholesome banking experience from P2P transfers and lending to debit cards, current accounts, investment products amongst other products.

Additional information can be found on the company’s website at www.fairmoney.io

https://www.google.com/amp/s/punchng.com/mycredit-investments-announces-repayment-of-n3-7-billion-to-private-note-investors/%3famp

This is a good development

Good loan systems are very good for any developing societies

Nice one. But where una dey see these money?

Wow that's a huge one

The way they mention money this days can make somebody faint.

Fear money

Ftc

Why are they celebrating... Are they supposed to abscond with the money

AnonPoet:
https://www.google.com/amp/s/punchng.com/mycredit-investments-announces-repayment-of-n3-7-billion-to-private-note-investors/%3famp

In a sane clime. All these guys would have been behind bars.

it now Tinubu and APC that has been in power for 7yrs can, anyone that falls for APC foolishne.ss this time is a confirmed mutula, if you aren't getting financial gains from APC and if you're not a tribalist or Muslim supremacist there's no single reason to vote APC




Atiku is coming

profit from their loan business

Profit from loan shark business. Imagine charging someone up to 70% interest rate for 6 months spread loan

Online loan bank.

Their interest rate now is out of this world


One would think it will get cheaper as they get bigger

I could remember few years back, all these loan sharks are not rampant, but bcs of APC hardship, loan sharks hv taken over in d financial system. APC taught people how to borrow and keep borrowing to survive. On weekly bases I do receive SMS from different loan company that one Mr. Or Mrs. Adetutu or Bola collected loan and has refused to pay back and I hv never come across such name or picture before.
D embarrassment is outta of dis world, they will even tag some scammer which I don't know such people.
Right now, some useless idiots are still mentioning APC and it's flag bearer to contest again after what they hv done to Nigerians and d economy. Some idiots are even supporting d loan APC govt borrowed without any prove to show what they hv done with d said borrowed money. People that hv never managed a business before all those that hv failed in their businesses.
D little humanity in me died few years ago, if anybody wey wan commit suicide bcs of hardship, I go help that person to join his ancestors.
Just imagine human being wey wan contest election when we hv able human beings na baba quarter to go wan contest

Good one

This Fairmoney people just get blood for eyes dem no dey fear God....


I no know where dem dey see dere rate from imagine dem say dem wan borrow 1m for a year use am return 2m which kain loan be that.....

is that not rebranded slave trade.....

Henix:
Profit from loan shark business. Imagine charging someone up to 70% interest rate for 6 months spread loan

It's way more than that.

This should not be news. They borrowed from people and made profit on it. Why should it be news that they are paying back.

I actually thought it's a Ponzi group paying back people's money that they swallowed

Henix:
Profit from loan shark business. Imagine charging someone up to 70% interest rate for 6 months spread loan

It is because they offer loans without collateral.

That is why their interest is so high.

ok

inoki247:
This Fairmoney people just get blood for eyes dem no dey fear God....


I no know where dem dey see dere rate from imagine dem say dem wan borrow 1m for a year use am return 2m which kain loan be that.....

is that not rebranded slave trade.....

When you are offering loans without collateral....your rates need to be high to cover the heightened risk.

everythinggirly:
Nice one. But where una dey see these money?

Or : What is the Lending Rate on Money Borrowed From this Digital Banking?
You will be shocked,as high as the Roofing Top, unless they are trading on Foreign Currencies! Everything is in the shadow!
Although,the Challenges of businesses in Nigeria is killi- no Light,no Roads,no Railways,no Infrastructures- every businesman is a Local Government,providing their own thing in order to survive but that is not enough to exploit Nigerians Population,which is a better advantage for Business Owners for breakthroughs- Nigeria is the Market!
The Masses needs to know,as many of these Banks are just glamorous on the surfaces,yet very terrible to assist the Public Population in their Businesses!
Lending is the major Sources of Banking businesses and when your Interest rates are high,the Debts in your records or Debt Portfolios are mostly high ,even where those who borrowed have repaid the Principal, the High Interest Rates keep the borrowers down and it goes on and on until they becomes bad debts in most Banks books!
So,we want to know from all these New Digital Banks- what are your interest rates?
Also,any double - digits - Interest Rates to Nigerians is a killer to the Business, unless we are deceiving ourselves! The govt and Financially Institutions know this as a bad arrangements for Nigeria economy to Grow but are non-challant !
So,the Masses are poor,we remained Poor and so the economy is poor!
Truth has no further Investigation!

[quote author=everythinggirly post=118133868]Nice one. But where una dey see these money?[/quote]

same question i asked a guy yesterday inside eco bank...

i jst dey line dey wait for my turn,make i withdraw my last 6k,wen dis guy came in with 2 bags of money....

i no knw wen i open mouth ask am"bros abeg were una take dey see dis money?

Fairmoney is one of the best and most convenient loan apps out there, just that they have outrageous interest rates.

Okay

inoki247:
This Fairmoney people just get blood for eyes dem no dey fear God....


I no know where dem dey see dere rate from imagine dem say dem wan borrow 1m for a year use am return 2m which kain loan be that.....

is that not rebranded slave trade.....

2M to get back 4.5 million in a year. Real thieves.

Neduzze5:


2M to get back 4.5 million in a year. Real thieves.

My limit too is like 2m buh as I see the 1m interest rate i just ran back to my Bank overdraft at least doz one still dey du me well...

And the worst part if you've like some huge money with u and u feel like you want to keep it with them....


if u see what dey pay as intrest on ur money u will fear God after ripping people taking loan u no fit pay people investing well....


Imagine make 10m no fit guarantee you 100k monthly as an investor in dere app

Their interest on loans isn't fair. Run o