Credit Direct Finance Company Limited (Credit Direct), a key player in Nigeria’s digital-first non-bank financial services sector and a subsidiary of FCMB Group Plc, has announced an upgrade in its credit rating to BBB+ by Agusto & Co.
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This upgrade highlights Credit Direct’s strong position in the consumer finance industry and its consistent profitability, even in challenging economic conditions.
Chukwuma Nwanze, the Managing Director/CEO of Credit Direct, expressed pride in the rating upgrade, attributing it to the company’s robust financial health, strategic agility, and resilient business model focused on financial inclusion. He also emphasized the importance of the trust built with customers and stakeholders.
Additionally, Credit Direct successfully completed the payout of its N6.9 billion Series I and II commercial papers, issued in November 2023 on the FMDQ Securities Exchange
. Nwanze thanked the investors for their confidence and support, which he said reaffirms the company’s position as a leading digital-first financial services provider in Nigeria.
Kolawole Omoniyi, Chief Financial Officer of Credit Direct, highlighted the company’s strong financial performance in the first half of 2024, noting a 105% year-on-year growth in interest income and a 154% increase in profitability. The company also saw improvements in cost efficiency, asset quality, and returns on equity and assets.
Credit Direct has made significant progress in its digital transformation, with 95% of its loans now being processed through digital channels. This shift has enhanced operational efficiency, improved customer experience, and boosted employee productivity.
Looking ahead to the second half of 2024, Credit Direct plans to continue building on its success by further driving financial inclusion and offering innovative financial solutions to meet the evolving needs of its customers.
