MyCredit Investments Limited, the owner of FairMoney Microfinance Bank, has announced the full redemption of its ₦5.86 billion Series 6 Commercial Paper, issued under its ₦10 billion Commercial Paper Issuance Programme. Commercial paper is a short-term debt instrument that companies use to raise funds directly from investors, and structuring it under a programme allows an issuer to bring successive series to the market within a single overall ceiling.

According to a company statement, MyCredit repaid ₦5,860,319,000 to investors, fulfilling all of its obligations under the issuance. The repayment, the company said, reinforces FairMoney's commitment to honouring its financial obligations and maintaining the trust of its investors. It also marks another milestone in the company's participation in Nigeria's debt capital markets, where investor relationships remain an important part of its funding strategy. Completed redemptions contribute to the repayment track record an issuer carries across successive series, and for a digital lender such as FairMoney the channel complements deposits gathered through the savings products offered under its banking licence.

Commenting on the redemption, Henry Obiekea, Managing Director of FairMoney Nigeria, said:

“Meeting our commitments to investors is fundamental to how we build and sustain trust. The full redemption of our Series 6 Commercial Paper reflects this commitment and our focus on responsible financial management. We appreciate the confidence our investors have placed in FairMoney and their continued support as we work to expand access to financial services in Nigeria. We wish to thank the FMDQ for providing a strong platform for institutions such as ours to access the Nigeria Debt Capital Markets.”

The FMDQ, referenced in his remarks, is the Nigerian securities exchange that provides a platform for quoting debt instruments, including commercial paper programmes.

The company restated its commitment to building a sustainable business that serves the financial needs of individuals and businesses, adding that maintaining disciplined financial management and long-term relationships with funding partners remains a priority as it continues to grow. It also expressed appreciation to its investors and partners for their support throughout the redemption process.

The announcement follows FairMoney's recent disclosure that its registered user base in Nigeria has surpassed 30 million. That figure marks rise from numbers the company reported at earlier stages of its expansion. FairMoney said it had 1.3 million KYC-verified users in Nigeria in 2021, around the time of its US$42 million Series B funding round led by Tiger Global Management, and later cited a base of roughly five to six million users in company materials as it scaled its lending and savings products. Measured against those self-reported figures, the user base has grown roughly fivefold in under two years.

Founded in 2017, the company began by offering instant loans and bill payments before obtaining a microfinance banking licence from the Central Bank of Nigeria (CBN), which allowed it to expand into savings accounts, cards, and asset financing.