Accelerex receives Augusto, GCR investment grade credit ratings

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

Agusto & Co said the assigned ratings were based on Global Accelerex’s good financial condition evidenced by good profitability, good cash flow, satisfactory working capital, and low leverage.

Agusto & Co explained that it took into cognisance the company’s qualified and experienced management team, a market leadership position.

GCR, in its ratings declaration, said the ratings reflected 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 suppliers.

Group Chief Executive Officer, Accelerex, Tunde Ogungbade, said the investment-grade ratings by the two African rating agencies were a testament to the resilience of the company’s business model, the strength of its balance sheet, and the support of its partner banks, merchants, agents, suppliers, and shareholders.

He said: “I am proud of this positive development despite the pandemic that characterised the period under review.

The statement added that Accelerex Ghana also obtained an enhanced payment service provider licence from the Bank of Ghana.

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