Global Credit Rating (GCR) has once again affirmed its ratings for financial services company, afb Ghana Plc at BBB with a stable outlook.
The ratings reflect the developing or diversifying lending model and strong risk and operational management structures of AFB Ghana.
This year’s rating also considered the growth prospects of the financial services company within the context of financial inclusion and use of mobile and related technologies.
Commenting on the current rating, the Managing Director of AFB Ghana, Arnold Parker said, “this is significant for the company as it reaffirms investor confidence because the strong rating reduces the risk in AFB bonds.”
Mr. Parker added,“the company will continue to pay attention to its core business in order to end the year on a good note for shareholders.”
AFB Ghana is a subsidiary of Jumo World Limited (“Jumo World”), formerly AFB (Mauritius) Limited, a parent company from which AFB Ghana currently obtains significant capital/funding, strategic and systems support.
AFB (Ghana) Plc provides innovative financial services products to the public and private sector salaried workers through its 24 branches nationwide.
In 2015, AFB Ghana received approval to raise up to GH¢100 million in corporate bonds on the Ghana Alternative Market (GAX).
The first tranche of GH¢30 million was heavily oversubscribed.
A year down the line, it reported improvement in its profit before tax by 100% as a result of the listing.