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FairMoney MFB Credit Rating Upgraded by GCR

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GCR upgrades FairMoney MFB’s long-term rating to BBB+(NG), citing strong earnings, cash flow, and operational efficiency with a stable outlook.

Global Credit Ratings (GCR) has upgraded the national scale issuer ratings of FairMoney Microfinance Bank, reflecting the institution’s strong market position and operational performance.

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Also read: FCMB Microfinance Officer Accused of Diverting N11.6m

FairMoney’s long-term rating was raised from BBB(NG) to BBB+(NG), while its short-term rating moved from A3(NG) to A2(NG), with the outlook remaining stable.

The upgrade highlights improvements in Nigeria’s microfinance sector and FairMoney’s robust position within it, underpinned by its advanced technology, operational efficiency, and scale.

GCR cited the bank’s consistent earnings, strong cash flow generation, and flexible funding structure, further supported by its parent company, Predictus SAS.

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Henry Obiekea, Director of FairMoney Nigeria, said, “Over the last three years, we have consistently managed portfolio credit risk downwards without hurting margins.”

He emphasized the bank’s strong market performance, high customer demand, and expansion into loans for small- and medium-scale businesses.

GCR noted that despite competitive challenges, FairMoney remains a top player in Nigeria’s microlending sector, leveraging proprietary technology, high transaction volumes—more than 10,000 daily loan requests and disbursements—and strong brand recognition to expand financial access nationwide.

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The stable outlook reflects expectations that FairMoney will continue improving portfolio quality over the next 12–18 months, aided by increasing use of internal and external data for risk assessment, gradual expansion into secured lending, and a more stable macroeconomic environment.

GCR anticipates that FairMoney will strengthen market share, diversify its earnings base, maintain net interest margins below 80 per cent, and sustain operational cash flow and leverage.

Obiekea described the rating upgrade as a “strong endorsement of the FairMoney platform,” highlighting the company’s business model, financial performance, and commitment to credit risk management.

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Also read: Nigerian Equities Market Gains ₦963bn Amid Bullish Run

FairMoney MFB, licensed by the Central Bank of Nigeria, provides instant loans, savings accounts, credit lines, and payment services through its mobile app.

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Rest of World to Shut Down as Search for New Home Continues

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Rest of World

Rest of World shutdown plans point to January 2027 as leaders seek a new institutional home for the nonprofit technology newsroom

Rest of World, the international nonprofit digital publication known for reporting on technology’s impact beyond Western markets, is preparing to end operations as an independent organisation in January 2027 while its leadership searches for a new institutional home.

Also read: Flamingos Target Quarter-Finals in Mexico Clash

Deputy Editor Rina Chandran confirmed the development in a LinkedIn post on Monday, October 26, 2026, saying the newsroom would continue publishing until the end of January as efforts to secure a future for the publication continued.

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“Yes, it’s true: Rest of World is shutting down. After six years of award-winning reporting, our leadership is searching for a new home for the publication that was launched to cover innovation outside the West,” Chandran wrote.

She recalled joining the publication as its Southeast Asia editor in Bangkok before moving to San Francisco, where she became a deputy editor covering how technology developed in Silicon Valley affects people in other parts of the world.

Chandran described working with the publication’s reporters, editors, freelancers and columnists as a privilege, expressing appreciation for the people who contributed to its journalism.

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She also reassured contributors that work already commissioned would still be published and that existing journalism would be preserved and remain accessible.

“If you are a freelancer or columnist who has already been commissioned, you’re good! Your work will be preserved and continue to be accessible,” she wrote, thanking readers, donors and supporters.

The announcement follows a report by Semafor on Sunday that Rest of World founder and principal financial backer Sophie Schmidt had held discussions with several large institutions about potentially taking over the newsroom.

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According to Semafor, two people familiar with the plans said a late-January wind-down date had been set to give employees time to receive exit packages and seek new jobs if efforts to find a new institutional home failed.

Schmidt reportedly told donors that the publication would stop operating as a standalone entity at the end of January.

The proposed closure comes amid a reported decline in traffic from web searches and social media referrals over the preceding 18 months.

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The publication had attempted to retain readers by placing greater emphasis on Western audiences and requiring visitors to register before accessing articles.

Founded in 2020, Rest of World sought to broaden technology journalism beyond the traditional focus on Silicon Valley and other Western technology centres.

Its reporting examined how digital products, platforms and infrastructure shape everyday life, work and economies in emerging markets and other underreported regions.

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Schmidt pledged $60m to establish the project as a nonprofit newsroom.

Over the years, its coverage has explored technology-driven changes in labour markets, digital infrastructure, artificial intelligence and the influence of major technology companies.

The publication’s 2025 annual report said it reached more than 753,000 readers monthly across platforms and channels, with reporting spanning nearly 40 countries during the year.

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Those figures illustrate the scale of its international reporting, even as the organisation faces difficulties sustaining its current operating model.

The planned end of independent operations does not necessarily mean the publication’s journalism will disappear.

Its leadership is seeking an institution that could provide a future for the newsroom, while Chandran has said its existing work will remain accessible.

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Also read: Flamingos Target Quarter-Finals in Mexico Clash

Whether a suitable organisation will take over the publication, and what form Rest of World might take under new ownership or institutional support, remains unresolved.

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