CapitalSage Technology Limited, an integrated digital financial service group and owner of Kolomoni Microfinance Bank and ERCAS is pleased to announce the redemption of its obligation of the N3.8 billion Series 1 & 2 commercial paper notes issued in November and December 2022, respectively.
CapitalSage’s transformation since incorporation in 2016 has been marked by the superlative growth of its revenues from N100 million in 2019 to N24.56 billion in 2022, as well as the expansion of its offerings from an informal small-scale business to a formally incorporated business in Africa.
This exceptional growth facilitated the successful registration of a N15 billion Commercial Paper Programme in October 2022. Shortly after, the company raised N3.8 billion via its Series 1 & 2 Commercial Paper Issuance to meet its working capital requirements.
Mr. John Alamu, Group Managing Director of CapitalSage Technology Limited Group, said, ” We have demonstrated our unwavering commitment to achieving our strategic growth objectives and are well on our way to becoming the preferred fintech partner in Africa. With our offerings housed under the Kolomoni Microfinance Bank and ERCAS brands, we are poised to be Africa’s Money Partner. through the successful redemption of. Our journey takes another significant step forward as we are able to successfully redeem the N3.8 billion in commercial paper notes”
The Managing Director, of Investment Banking at United Capital Plc, Dr. Gbadebo Adenrele stated that: “United Capital Plc is delighted to have served as Lead Arranger for CapitalSage Technology Limited during its successful capital raising processes and the repayment of N3.8 billion, which represents the first and second series of its N15 billion Commercial Paper Issuance Programme. This feat is a demonstration of the company’s commitment towards achieving its strategic growth goals, and we will continue to use our in-depth knowledge and expertise to enable CapitalSage, as well as other SMEs and medium-sized businesses, to access the Capital markets to finance their growth and expansion plans”.
CapitalSage is rated BBB by GCR Ratings Limited and Augusto & Co. The ratings reflect good corporate governance, a low-risk level, and a low-geared position, which support good liquidity and business performance.
CapitalSage is a group of integrated digital financial service providers that offers inclusive solutions and people-driven empowerment for people and businesses in Africa. Their impressive portfolio of services includes agency banking, digital savings and investments, value-added services (VAS), an e-payment system, multi-level networking, point-of-sale devices (MPOS/POS), and allied services.
With the goal of empowering market women through loans, the organization initially operated as an informal business in 2014. After four (4) years of effective operation, the company integrated all its offerings in 2018, and after expanding throughout Nigeria, it was formally established as CreditAssist Investment Limited.
CapitalSage operates a group structure, with three subsidiaries committed to driving sustainable growth across the entire digital financial services industry.
These subsidiaries include:
Banking malware attacks rise by 8% in 2023 in Nigeria – Kaspersky
FG to resume repair work on Third Mainland Bridge on Thursday
Senate to probe surge in cement prices
LASG plans to revert Ikeja’s Computer Village to residential zone
Ogun state shuts down Harvarde College’s Nursing department for lack of accreditation
Africa Finance Corp commits $40 million equity investment in African Medical Centre of Excellence Abuja
World Food Program (WFP) to stop buying food in Nigeria until prices become stable
- News6 months ago
British Council Hikes IELTS Fees in Nigeria: Here’s Why
- Politics4 months ago
Why I want to be the next governor of Kogi State – ADC’s Abejide
- Politics5 months ago
“Should Atiku Call Tinubu to Remove Wike as FCT Minister, He Will be Sacked” – Bwala Reveals
- News5 months ago
It’ll take Nigeria 20 years to produce enough doctors, pharmacists, others – Stakeholders
- News6 months ago
DS Kalu – We Will provide legal framework to boost direct foreign investments
- Investigation6 months ago
NDLEA chiefs accused of N3.7m bribery
- Business6 months ago
FG to Fast-Track AfDB’s SAPZ Project to Boost Agricultural Growth
- News6 months ago
Woman killed in Benin after overhead water tank collapses