FairMoney, a leading fintech company in Nigeria, has successfully raised $1 million (N1.69 billion) through the issuance of commercial paper (CP) under its expanded N10 billion ($6.2 million) program. This marks a significant milestone for the company as it seeks to bolster its liquidity and fuel business growth.

The issuance, which garnered strong interest from institutional investors, comes on the heels of the FMDQ Exchange’s approval to increase FairMoney’s CP program size from N8 billion to N10 billion. The company secured approval for the quotation of the N1.69 billion Series 2 CP on August 9, 2024.

Laurin Hainy, CEO and Co-founder of FairMoney, expressed enthusiasm about the achievement, stating, “The upward revision of our CP program to N10 billion is a testament to our financial strength and market confidence. This increased access to capital will enable us to continue expanding our services and empowering more Nigerians.”

Henry Obiekea, Managing Director of FairMoney Nigeria, added that the CP issuance aligns with the company’s strategic focus on building a robust debt capital market presence. “By consistently tapping into this market, we demonstrate our commitment to financial discipline and sustainable growth,” he said.

Ogochukwu Odum, Head of Capital Markets at FairMoney, acknowledged the contributions of FMDQ Securities Exchange and the dealer managers in the successful issuance. “Despite challenging market conditions, the strong investor interest in our CP reflects the confidence in FairMoney’s business model and growth prospects,” Odum noted.

The proceeds from the CP issuance will be used to support FairMoney’s short-term liquidity requirements and fund the expansion of its loan book. The company aims to increase access to financial services for the underbanked population in Nigeria and beyond, aligning with its vision of becoming the financial home for two billion people in emerging markets.

FairMoney is a leading financial services company and the largest digital lender in Nigeria. With a mission to rebuild Africa’s money story, the company offers a range of digital financial products, including loans, savings, investments, and payment services. Since its inception six years ago, FairMoney has served millions of Nigerians and is committed to empowering individuals and businesses through innovative financial solutions.