Nigeria’s first credit Rating Agency and a pan African leader in credit reports, Agusto & Co. limited whose strong credibility presence and ratings are globally accepted in Nigeria and across the globe has just assigned a ‘Bbb-‘ rating to Nova Merchant Bank Limited.
The rating assigned to Nova Merchant Bank Limited (‘NovaMBL’ or ‘the Bank’) reflects its strong capitalisation ratios, acceptable asset quality and strong liquidity profile. The rating takes into cognisance the Bank’s limited financial track record, though it is led by an experienced management team. The subdued macroeconomic environment and its attendant impact on the banking industry is also a rating concern.
The Nigerian banking industry continues to display resilience despite various headwinds that militate against its performance. To protect margins and remain profitable, operators are leveraging technology to boost electronic banking services, thereby increasing inflow…
