Inicjator pożyczki (Copy)

• Funding cost. The ≈20.7% per annum blended cost is material; it is addressed through KPI-gated drawdown, the debt-service reserve and retention of earnings.
• Credit-loss volatility. Managed through scorecard adjustments, early-warning triggers and intensified collections; the rising share of secured asset finance structurally lowers blended losses.
• Acquisition-cost inflation. Countered by leaning into referrals and owned channels, strict ROI gating on campaigns and continuous funnel optimisation.
• Competition in asset finance. Watu, Mogo and M-KOPA are large, well-capitalised incumbents; Tanir’s differentiation rests on its CBK licence, M-Pesa rails, existing borrower base for cross-sell, proprietary scoring and selective dealer partnerships.
• Funding profile. The facility’s seven-month tenor is shorter than the 12–24 month amortisation of asset-finance receivables, so the asset-backed book is funded on a rolling basis; this is managed through laddered maturities, reserve build-up and the partially self-amortising nature of asset-finance instalments, with longer-tenor funding to be pursued as the asset book matures.
• Currency. Hard-currency funding against shilling-denominated revenue is monitored, with pricing discipline and reserve buffers, and hedging considered as the book scales.

The track record under external debt is short, covering a single facility drawn from late 2025; the asset-finance line is at an early stage and its unit economics are consolidated within the individual-loan line; the segment is contested by larger, better-capitalised incumbents; and the first facility’s principal repayments are concentrated in the August–October 2026 window, part of which the new facility is intended to refinance. On balance, execution to date and the calibration of the request are consistent with the plan, provided unit economics and collections performance hold as the portfolio scales and the near-term maturities are managed.

Between 2021 and 2024 total revenue rose from €1,381,277 to €2,449,452 and net profit from €109,216 to €602,925, as net margin widened from 7.9% to 24.6%. In 2025 the company generated €3,061,377 in revenue and €939,106 in net profit, lifting net margin to 30.7%; over January–May 2026 it generated a further €2,899,025 in revenue and €1,060,039 in net profit. The trajectory reflects disciplined cost control, stable unit economics and a re-lending-driven model, with growth constrained by liquidity rather than demand. Throughout, revenue denotes interest and fee income actually paid by borrowers (including late, processing and factoring fees) and excludes loan principal.

Income statement, EUR (2021–2026 YTD)

2026 YTD denotes January–May 2026. Gross profit is stated after direct costs and provisions for expected defaults; operating profit is gross profit less operating expenses; net profit is stated after funding costs and corporate income tax. The asset-finance line launched in late 2025 and is reported within the individual-loan line.

Individual borrowers remain the core profitability driver, supported by scale, risk-based pricing and re-lending dynamics. Factoring, though smaller in loan count, offers larger loan sizes and the lowest default rates, indicating strong growth potential as liquidity constraints are lifted. Asset finance combines a materially higher average ticket with a secured risk profile; its volumes are consolidated within the individual-loan line.

Tanir completed its first external debt round between October 2025 and May 2026. The facility was drawn in monthly tranches totalling €5,126,275, at a blended rate of approximately 21.6% per annum (individual tranches priced at 22.9% and 16.9%), with monthly interest and bullet principal at maturity. €852,269 of principal has matured and been repaid on schedule (as of end-May 2026), with €4,274,006 outstanding — its peak, reached when the facility was fully drawn.

Deployment accelerated through the round: monthly drawdown rose from roughly €0.25 million in the early months to above €1.0 million by spring 2026 (€1.34 million in May 2026). Over October 2025 – May 2026 the company originated ≈67,100 loans for a total of ≈€27.5 million disbursed, with a value-weighted default rate of ≈3.8% of disbursements.

Strategy and scope. Over the financing horizon the plan is Kenya-only and execution-focused: deepen penetration in the B2C consumer book, selectively grow B2B and factoring, and scale the secured asset-finance line without compromising portfolio quality or unit economics. No regional expansion is contemplated; capital and management attention stay on models already operating.

Demand and deployment capacity. Operational capacity and qualified demand are not the binding constraint; liquidity is. Online cohorts show lower acquisition cost and stronger repayment behaviour than legacy offline channels, and retention tools that gradually raise credit limits lift customer lifetime value. The company issued approximately 85,000 loans in 2024 and around 68,000 in the first three quarters of 2025; following the first facility, run-rate origination has risen to approximately 112,000 loans annualised (January–May 2026). The requested €800,000 monthly pace sits below the absorption capacity already proven under the first facility rather than assuming an untested step-change.

Production targets and portfolio quality. Given sufficient liquidity, the company targets approximately 193,000 loans (≈€91 million disbursed) over the twelve-month drawdown period (June 2026 – May 2027). The mix remains B2C-led, with the consumer share of disbursements rising from ≈58% toward ≈63% in 2027, while business lending and factoring grow in absolute terms (≈€25.5 million and ≈€10.9 million disbursed over the period). Management aims to raise the consumer repeat-borrowing rate to approximately 80% on average in 2027 (≈82% by December 2027) from ≈73%, and to reduce the consumer default rate toward approximately 4.9% (from ≈5.4%), while business and factoring defaults remain at approximately 1.7–1.9% and 0–1%. Issuance is scaled in step with realised unit economics and collections performance rather than to a fixed schedule.

Operating model for scale. Re-lending to on-time cohorts; collections across DPD 1–30, 31–90 and beyond 90 days, with external agencies as needed; daily PAR 30/60/90 and vintage monitoring; antifraud controls covering multi-account behaviour, SIM-swap and identity theft; daily M-Pesa and bank reconciliations; and reserve build-up ahead of tranche maturities. Asset finance adds dealer relationships, pre-disbursement asset inspection, logbook administration, GPS telematics, comprehensive insurance and a repossession and remarketing capability. Hiring in collections, customer support, fraud and asset operations scales with active-borrower and active-asset growth.

The base case covers the facility period. It includes interest on both the first and the new facility and the servicing of the first facility’s bullet maturities, assumes the new facility is drawn as planned at €800,000 per month, and holds unit economics broadly at current levels with the consumer default rate improving modestly. The 2026 figures incorporate January–May 2026 actuals.

Under the base case the company maintains full coverage of interest and principal across both facilities throughout the period.

KPI thresholds and liquidity safeguards

• Portfolio quality: PAR30 below approximately 8%, PAR60 at or below approximately 5%, with write-off policy enforced and cure rates stable.
• Unit economics: acquisition cost within approximately ±15% of plan; consumer repeat-borrowing rate at or above 70%.
• Liquidity and coverage: a debt-service reserve of approximately three months of interest across outstanding debt; interest coverage at or above approximately 2.0x at quarter-end.
• Transparency: monthly vintage analyses, asset-finance recovery statistics and CRB reporting, with lender dashboards on collections and cash.

East Africa and MEA

The East African lending market has expanded rapidly over the last decade, with digital credit a central tool of financial inclusion. Within the Middle East & Africa region, the alternative lending market is projected to exceed ~€10.5 billion annually by 2028 (from about €3.7–€3.9 billion in 2023), implying a ~20–25% CAGR. East Africa is a primary growth driver, supported by deep mobile-money ecosystems and rising investor participation. MEA figures are annual, whereas the Kenya 2019–2023 figures below are multi-year cumulative.

• High mobile-money penetration: real-time disbursement and repayment via products integrated with M-Pesa.
• Unmet demand: underbanked and informal-sector workers lack access to bank credit.
• Telecom and fintech innovation: wallet overdrafts and digital-first lenders, with Kenya’s wallet-overdraft system disbursing ~€15.2 million per day.
• Capital inflows: sustained venture and strategic interest across fintech.
• Regulatory evolution: licensing regimes in Kenya, Uganda and Tanzania improve consumer protection and legitimise providers.

Regional challenges: high effective APRs on short-tenor unsecured loans, risks of borrower debt-cycling, and fragmented regulatory rules across countries.

Kenya

Kenya is the region’s most advanced digital lending market. Between 2019 and 2023 Kenyan lenders disbursed a cumulative ~€10.0 billion across ~270 million digital loans (≈ KSh 1.512 trillion); over the same period ~8 million non-digital loans totalled ~€54.9 billion (≈ KSh 8.282 trillion). By number of loans digital channels dominate (>97%); by value, banks still account for well over 90% due to larger tickets. The five-year total implies average annual digital disbursement of ~€2.0 billion.

• Users: ~11.4 million unique borrowers in 2023, up from 7.5 million in 2019.
• Purpose: over 80% of digital loans fund household consumption (food, rent, emergencies), with business credit a smaller but growing share.
• Competition: approximately 153 licensed Digital Credit Providers, alongside telco–bank partnerships (M-Shwari, KCB M-Pesa), wallet overdrafts (e.g. Fuliza), independent fintech lenders (Tala, Branch, Zenka), and microfinance institutions and SACCOs with digital channels.
• Regulation: all digital lenders require a CBK licence, with prudential and consumer-protection standards including a minimum capital requirement of ~€0.13 million (≈ KSh 20 million).

Independent estimates value Kenya’s digital and alternative lending market at roughly ~€246 million in 2023, with projections reaching ~€670 million by 2028 (≈ 20–23% CAGR), as licensing deepens trust, analytics improve, and SME and asset-backed use-cases expand beyond consumption lending.

Asset finance and the boda-boda economy

Motorcycle and smartphone asset finance is among the fastest-growing and most defensible segments of Kenyan inclusive lending. Over two million licensed boda-boda riders are active in Kenya, and the sector generates over KSh 660 billion annually — at least 4.4 per cent of GDP. Adoption has been supported by policy since 2008, when import duty on motorcycles was zero-rated.

The defining shift is from renting to financed ownership. Under the legacy model riders paid the owner roughly KSh 300 per day and retained no asset; with asset finance a rider builds equity with each payment and ends up owning an income-generating asset. Self-owned, asset-financed riders earn on average about KSh 1,100 per day (around KSh 316,000 per year), and 67 per cent report that ownership gives them stronger financial security.

The model is scaled by specialist non-bank lenders. In 2025 Mogo financed more than 72,000 mobility assets and 100,000 smartphones across 36 counties; M-KOPA has financed smartphones for millions of customers since 2010 and has more than 5,000 electric motorbikes on the road, alongside Watu Credit and others. Watu requires a deposit of around KSh 15,000 for a new motorcycle or KSh 23,000 for a used one, repaid over 12 to 18 months, while Mogo offers terms from a 22% down payment over 52 to 78 weeks.

Client segments

• Individual borrowers: informally employed workers, small traders, casual labourers and underbanked salaried clients seeking short-term liquidity.
• Micro and small businesses: working capital for inventory, contract execution and cash-flow smoothing.
• SMEs with factoring needs: financing against contracts or invoices, or for urgent transactions, under enhanced due diligence.
• Asset-finance customers: boda-boda riders and operators acquiring income-generating motorcycles, and micro-entrepreneurs financing smartphones, on a secured instalment basis.

The €9,000,000 facility is secured primarily by the company’s working assets, supplemented by fixed assets and a personal guarantee from the director. Coverage is assessed against the facility’s peak outstanding balance of approximately €4.8 million rather than the €9.0 million cumulative commitment: because the facility is drawn at €800,000 per month with each tranche repaid seven months after drawdown, earlier tranches are repaid before later ones are drawn, and outstanding principal peaks at seven concurrent monthly drawdowns (≈€4.8 million, November 2026 – April 2027).

Dynamic assets

• Loan book — ≈€8.70 million as of end-May 2026: the active portfolio (€9.04 million gross) net of expected credit losses of ≈3.8%. It revolves continuously through scheduled repayments, and a growing share comprises secured asset-finance receivables backed by retained logbooks, GPS telematics and comprehensive insurance.
• Cash reserves — €500,000 of liquidity held in company accounts, pledged as part of the package.

Combined, these working assets total ≈€9.20 million and are monitored monthly. The loan book is projected to grow as proceeds are deployed, so coverage at peak outstanding is expected to be higher than stated here.

Fixed assets

• Office equipment: €90,000 — desks, chairs, computers, monitors and kitchen equipment.
• Toyota Land Cruiser 300 3.5 AT (2023): €78,360, pledged; the director provides a separate personal guarantee.

Collateral summary, EUR

Cash flow and reserve mechanisms

All disbursements and repayments run through dedicated mobile-money paybill and bank accounts, giving the lender clear visibility over daily cash generation. The loan book is expected to revolve multiple times during the term, and the company accumulates repayment reserves ahead of tranche maturities. For the asset-finance book, recoverability is further supported by the ability to repossess and remarket financed assets on default.

Measured against peak outstanding of ≈€4.8 million, total collateral of ≈€9.36 million implies a loan-to-value ratio of ≈51% and coverage of ≈1.95x. The structure relies substantially on the revolving loan book rather than on fixed assets; the increasing share of secured receivables, daily cash-flow monitoring and reserve accumulation ahead of bullet maturities support the security available to the lender.

Tanir is seeking a €9,000,000 facility to scale lending capacity in Kenya across its consumer, business, factoring and asset-finance lines. Disbursement runs at €800,000 per month from June 2026 for eleven months, with a final €200,000 tranche in the twelfth month. Each monthly drawdown is structured as two tranches — €500,000 at 22.9% per annum and €300,000 at 16.9% per annum, a blended cost of approximately 20.7% — each with a fixed seven-month tenor, monthly interest and a single bullet principal payment. Each tranche revolves on a seven-month cycle, with borrower repayments recycled into new lending; the facility is fully repaid by November 2027.

Loan terms

Tranche structure, EUR

Figures assume each tranche is held to maturity; monthly interest is calculated on the outstanding principal of each tranche at its contractual rate. Total repayment: principal €9,000,000 plus interest of ~€931,500, ~€9,931,500 in all.

• Loan-issuance liquidity across all four product lines, with emphasis on the higher-ticket asset-finance book, enabling faster origination and higher portfolio turnover.
• Rollover capital tracking the first facility’s August–October 2026 maturities as they fall due, so that maturing principal is refinanced rather than withdrawn from the working portfolio.
• A measured allocation to customer acquisition while acquisition costs remain competitive.
• The operational build-out for asset finance: dealer relationships, pre-disbursement asset inspection, logbook administration, GPS telematics and insurance.

After refinancing maturing first-round tranches, the balance funds incremental issuance and portfolio growth, and the company builds liquidity reserves ahead of each maturity. The facility includes the following safeguards:

• Segregated paybill and bank accounts for disbursements and collections.
• A minimum cash reserve equal to three months of interest on outstanding debt.
• No dividends or bonuses during the term without lender consent.
• Lender monitoring rights, including daily collections visibility and assignment of receivables upon default.
• Security over financed assets, including retained logbooks, active GPS telematics and comprehensive insurance on the asset-finance book.

The new facility runs alongside the first facility drawn between October 2025 and May 2026. The first facility’s principal repayments are concentrated in August–October 2026 (approximately €3.55 million, ≈83% of its outstanding balance at end-May 2026), and part of the new facility’s drawdown over that period refinances those maturities. Combined outstanding across the two facilities peaks at approximately €5.15 million in July 2026; thereafter the new facility’s seven-month tranches form a laddered maturity profile of their own, with peak outstanding of approximately €4.8 million.

While the ≈20.7% blended cost is material, it is mitigated by risk-based pricing, the revolving deployment of capital across several lending cycles, reserves built ahead of bullet maturities and the lower duration risk of a seven-month tenor.

Tanir Credit & Accounting Services Limited is a Kenyan digital credit provider, licensed by the Central Bank of Kenya (CBK) as a Digital Credit Provider (DCP). Founded in 2018, the company provides short-tenor consumer and business credit, with M-Pesa used for both disbursement and repayment and origination consolidating on its website ahead of a planned native mobile app. Following its first external debt round, drawn between October 2025 and May 2026, Tanir has both scaled its core lending and launched a secured asset-finance line for income-generating motorcycles (boda-boda) and smartphones.

Origins and evolution. Tanir’s entry into asset finance is a return to its origins. The company began with vehicle-related lending — auto finance for transport operators — before broadening into general short-tenor lending to individuals and businesses, building underwriting and collections around borrower cash flow. As digital channels matured, it tested online applications through chatbots and automated tools while retaining limited offline support for exceptional cases, and progressively consolidated origination on its website. In parallel it expanded into SME credit, offering working-capital loans (30–120 days) and factoring (30–180 days) under enhanced due diligence. Financing boda-boda motorcycles and smartphones therefore extends a capability the company has held since inception — secured lending against a productive asset — now applied to Kenya’s largest informal-employment sector.

Corporate identifiers: registration number PVT-Y2U3BX7; established 11 April 2018; registered address 2nd South Avenue, Gilgil Road, Kahawa Sukari, Ruiru, Kiambu, Kenya.

Historically Tanir has issued 85,000+ loans per year across B2C and B2B customers through primarily digital channels; in FY2025 it issued ≈88,100 loans, and over January–May 2026 origination reached ≈46,800 loans.

• Consumer micro-loans — 7–30 days at an average of ≈0.65% per day (≈240% p.a., simple interest), typical loan sizes of KSh 3,000–60,000 (average ≈€252 over January–May 2026, reflecting the growing asset-finance contribution), an average term of ≈29 days and a ≈73% repeat-borrowing rate driven by progressive credit limits.
• Business working-capital loans — tenors of 30–120 days at ≈40% p.a., typical tickets of KSh 300,000–2,000,000 (average ≈€8,667) under manual underwriting.
• SME factoring — short-term financing against verified invoices or contracts, repaid from the debtor’s settlement of the underlying invoice. It bridges a supplier’s cash-flow gap before the buyer pays and carries tenors of 30–180 days at ≈29% p.a., with tickets of KSh 300,000–6,000,000 (average ≈€30,667) under enhanced due diligence (contract, invoice and counterparty verification).

In FY2025 the value-weighted portfolio default rate was ≈4.0% of disbursements (Individuals ≈5.3%, Business ≈2.0%, Factoring ≈0–1%), on a disbursement mix of ≈66% / 23% / 11% (Individual / Business / Factoring). Over January–May 2026 the blended default rate was ≈3.7% (Individuals ≈5.4%, Business ≈1.9%, Factoring ≈0–1%), on a mix of ≈58% / 29% / 13%. Disbursements and repayments run via M-Pesa (with bank transfers supported), and underwriting uses CRB-integrated scoring and behavioural analytics.

The asset-finance line provides credit for income-generating motorcycles and smartphones, secured by the financed asset. A financed motorcycle is a materially larger ticket than a consumer micro-loan — a new boda-boda typically retails at roughly KSh 130,000–200,000 — with borrower deposits of approximately 10–22%, tenors of 12–24 months, and daily or weekly repayments aligned to rider cash flow.

Asset-level controls distinguish this line from the unsecured products: retention of the logbook (ownership title) until full repayment, GPS tracking on motorcycles, remote device locking on smartphones, and bundled comprehensive insurance. Asset-finance volumes are originated and reported within the individual-loan line, where they are the principal driver of the rising average consumer ticket (≈€252 over January–May 2026, up from ≈€160 in early 2025); standalone unit economics for the line are not reported separately.

Tanir is licensed as a Digital Credit Provider by the Central Bank of Kenya — CBK/DCP/2024/82, dated 7 October 2024. The licence is in good standing, and the company pays all applicable licence and supervisory fees on time. Digital lending in Kenya operated for an extended period with limited direct regulation; when the CBK introduced the DCP licensing regime, all providers were required to apply for authorisation, and compliant applicants could continue operating pending a final decision. Tanir applied in due course and continued serving the domestic market until formal licence issuance.

Tanir is fully owned by its founder and Chief Executive Officer, Leah Muthoni Nganga. This alignment of ownership and leadership supports long-term decisions and capital discipline, including a conservative dividend and bonus policy focused on reinvestment. As CEO, she defines strategy, oversees credit policy and key partnerships, and leads engagement with investors and the Central Bank of Kenya.

The executive team also includes a Chief Financial Officer, responsible for financial planning, treasury, taxation, audits, funding management and unit economics, and a Chief Operating Officer, who coordinates day-to-day operations across risk, scoring, collections and customer support. Risk, Scoring & Legal; Collections; Customer Support; IT & Development; and Marketing & Growth are each led by a dedicated manager. The structure reduces key-person dependence and supports scalable execution as the company adds the capabilities asset finance requires — asset inspection, repossession, telematics and insurance administration.