LAPO Microfinance Bank Limited (Feb 2025)

LAPO’s activities are largely funded by core customer deposits, which accounted for 77.8% of the total funding base as of June 2024 (December 2023: 74.5%; December 2022: 69.6%). This also translates to relatively low funding costs as deposits are largely current and savings deposits comprising 86.5% in 2023 (December 2022: 92.8%), comparing favourably with peers. Additionally, depositor concentration is relatively low and well diversified.

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TrustBanc Holdings Limited (Jan 2025)

Funding and liquidity assessment is positive to the ratings underpinned by moderately diversified funding base and adequate liquidity. The group is largely funded by managed funds, customer deposits and commercial papers issued in the debt capital market. The group’s funding base increased by 21.0% to NGN50.0 billion at October 2024 (December 2023: NGN28.0 billion), reflecting growth in managed funds and new commercial papers issuance. The group’s funding structure coupled with high-interest rate environment led to high cost of funds, registering 15.8% as of October 2024 (December 2023: 11.2%) and expected to remain high, barring immediate access to inexpensive and long dated fundings.

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DLM Capital Group Limited (Jan 2025)

DLM is largely funded by purchased deposits and commercial papers issued in the debt capital market. The group’s funding base increased by 16.4% to NGN32.6 billion (USD20.2 million) as of July 2024 (December 2023: NGN28.0 billion; December 2022: NGN15.2 billion), reflecting the growth in purchased deposits and commercial papers issued. However, concentration in the depositors’ base is noted as the top 20 depositors accounted for 45.8% of total funding as of 31 December 2023 (December 2022: 50.5%).

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Payaza Africa Limited (Jan 2025)

Payaza Africa Limited (Payaza or the company) was incorporated in Nigeria in March 2022 and is licensed as a payment solution service provider and international…

Fidelity Bank Plc (Jan 2025)

Fidelity Bank Plc (Fidelity bank or the group) began operations in June 1988, initially with a merchant banking license and subsequently transitioned to a commercial…

United Bank for Africa Plc (Dec 2024)

UBA’s operations are funded by customer deposits from retail and corporate depositors coupled with short- and long-term borrowings from a range of reputable international financial…