In line with the November 2018 regulation by the Central Bank of Nigeria (CBN) requiring all Financial Technology companies (fintechs) to maintain a minimum shareholding capacity of $275,000 to $14 million, we obtained a “BB” credit rating from the Global Credit Rating Company – making us the first African Fintech startup to do this.
What does this mean for our users and the business?
One Finance and Investments is big on transparency – being assigned a credit rating means One Finance and Investments will be held to the same levels of transparency and scrutiny as other leading financial institutions in Nigeria. We recognize that the transparency demanded of individuals who transact One Finance, and other financial institutions, is also required of them.
As a company, we look to innovate more and being in accordance with regulatory requirements allows us to do this. Also, we look towards local funding opportunities, and being rigorously tested and given a credit rating makes it easier to claim these opportunities.