Accelerex Gets Investment Grade Credit Ratings from GCR

Global Accelerex, the Nigerian subsidiary of Accelerex Holdings Mauritius (Accelerex) has been assigned A-Credit rating by Agusto & Co and A2NG (short term, stable outlook) credit rating by Global Credit Ratings (GCR).

In its ratings announcement, Agusto & Co noted that the assigned ratings reflect Global Accelerex’s good financial condition evidenced by good profitability, good cash flow, satisfactory working capital, and low leverage.

Agusto & Co. also took into cognisance the company’s qualified and experienced management team, market leadership position in the payments space and in the fintech industry in Nigeria.

GCR, in its ratings announcement, said the ratings reflect the company’s relatively strong credit risk profile, strong alliance with Nigerian financial institutions and other industry players, as well as technical support from its main supplier.

Accelerex is a fintech player in Africa with operations in Nigeria, Ghana and Kenya.

Its Ghanaian subsidiary, AccelerexGhana, recently obtained an enhanced Payment Service Provider (PSP) licence from the Bank of Ghana (BoG).

The strategic decision to invest in the development of a suite of fintech products and solutions that facilitate payments and improve business processes not only positioned Global Accelerex for financial success during the lockdown but also provided its customers with an array of e-payment options.

Rexpay, its online payment gateway, helps e-commerce companies and other corporations receive online payments in a fast, convenient and secure manner. This product provided businesses with a critical competitive advantage during the restriction of movement created by the COVID-19 crisis.

In a similar vein, retail business owners enjoyed seamless inventory management, accurate accounting and reconciliation with Rexretail, an all-in-one retail automation solution.

Commenting on the credit rating, Tunde Ogungbade, group CEO of Accelerex, stated that “the investment grade ratings by the two foremost African ratings agencies is a testament to the resilience of our business model, the strength of our balance sheet and the unwavering support of our partner banks, merchants, agents, suppliers and shareholders. I am proud of this positive development despite the pandemic that characterized the period under review. GCR’s acknowledgement that Global Accelerex earned this credit rating as a result of our very strong revenue progression over the review period, supported by ongoing business expansion, and solid gross margin, is cheery news”.