An indigenous financial technology (FinTech) firm, One Finance Limited (OneFi), said it has been assigned a “BB” rating with a stable outlook, by Global Credit Rating Co.

By this rating, the firm, which is the technology behind Paylater, Nigeria’s leading digital financial services platform that specialises in consumer lending, becomes Africa’s first FinTech firm to secure a rating, as it looks to increase transparency around its credit and lending service.

Global Credit Rating Co. is Africa’s leading ratings agency, accounting for the majority of all ratings accorded on the African continent. The report analysed key financial and operational factors, including risk management, liquidity positioning, borrowings and capital under management. In arriving at this rating of “BB” with a Stable outlook, Global Credit Rating Co’s analysis found that OneFi is well capitalised vis-a-vis its current risk level, and also highlighted the fact that the company currently has a low liquidity risk.