🔎 Detailed Analysis - "Tanir Credit & Accounting Services Limited" Project (Maclear)

📄 Quick sheet

• Platform : Maclear
• Project Name : Tanir Credit & Accounting Services Limited
• Borrower : Tanir Credit & Accounting Services Limited
• Country / sector : Kenya / Digital lender (Fintech)
• Objective : Increase lending capacity to support growing demand, which is constrained by a lack of liquidity
• Amount of the envelope : €3,500,000
• Yield rate : 16.50% APR
• Duration : 4 months
• Repayment : Principal repaid at maturity, interest paid monthly
• Collateral : Company assets (loan portfolio, cash reserves, equipment, vehicle)
• Announced collateral value : 1,999,842 EUR
• Buyback / buyback guarantee : No
• Minimum ticket : 50 EUR via MacPay

📊 Financial performances

• The company started its operations in 2023
• Growth and Profitability : Total revenue increased from €1.38 million in 2021 to €2.45 million in 2024
• Net Profit : Net profit has nearly sextupled, reaching €602,925 in 2024
• Margin Improvement : The net margin is very high, reaching 27.02% for Q1-Q3 2025
• Default Rate (Portfolio) : The weighted default rate is 9.3%, with excellent rates in the SME and Factoring segments (2% and 1%)
• Financial leverage : The Debt/Equity ratio is 2.21, confirming a high leverage

🔒 Guarantees & Security: LTV and License

• Collateral Coverage (Nuance) : The LTV of 175% and the Debt/Equity ratio of 2.21 are expected figures for a Loan Originator that finances its operations through debt to lend. This means that the company is using high leverage for maximum return
• Tranche Security : For investors, security is doubly reinforced by :
  1. The ultra-short duration (4 months)
  2. The nominal value of the collateral (loan and cash portfolio) of nearly €2 million, which, even with an overall LTV of 175%, ensures the continuity of operations
• CBK License : Tanir is a fully licensed Digital Credit Provider (DCP) by the Central Bank of Kenya (CBK) since October 2024, reducing regulatory risk

🎯 Opportunities (investment thesis)

• Record Yield/Liquidity : An interest rate of 16.5% APR over a period of 4 months is one of the best combinations on the market, allowing for quick capital turnover
• Accelerated Growth : The loan is part of an ambitious growth plan constrained by liquidity. The capital injection must generate an exponential leverage effect on future revenues
• Market Expertise : The use of the M-Pesa ecosystem and the CBK license ensure a stable competitive advantage in Kenya

⚠️ Risk Analysis (home score)

This project has specific features that are crucial to note:

Financial leverage risk — High

• The company operates with a high leverage, and the LTV of 175% on the total amount of €3.5 million indicates that the liquidation value of the assets is less than the total debts. Success depends on the ability to generate profits quickly to offset this risk

Portfolio Default Risk — Moderate to High

• The default rate of individual microcredits (13%) is high but manageable thanks to significant gross margins

Liquidity Risk — Low to Moderate

• The reliance on the rapid roll-over of the loan portfolio to meet the bullet repayment is inherent to the model

🧪 Sensitivities & scenarios

• Base scenario : The borrowing plan (€400,000 monthly) is adhered to and the volume of loans increases. The margins of 27% generate sufficient cash flow. The loan is repaid with a return of 16.5%
• Shock scenario : A sudden increase in the portfolio's default rate beyond the current 13% would quickly erode margins, jeopardizing the repayment of the €3.5 million facility
• Default scenario : The liquidation of the collateral (loan portfolio, reserves) with a nominal value of nearly €2 million would primarily serve the creditors. The LTV of 175% means that the recovery of capital is not guaranteed

✅ Investor Check-list (Due Diligence) ​

• Analyze leverage risk : Are you comfortable with a high financial leverage (D/E 2.21) in an emerging market, even if the margins are very strong ?
• Evaluate the quality of default management : Success depends on the company's ability to maintain a low default rate in its profitable segments (SMEs, Factoring)
• Confirm the source of reimbursement : The reimbursement in fine relies entirely on the portfolio turnover and the cash accumulated over 4 months

🧾 Verdict IndexP2P

The Tanir Credit project offers an exceptional return/liquidity combination. The rate of 16.5% over 4 months is maximized for a minimum duration. The company is highly profitable and is based on a clear investment thesis: to lift liquidity constraints to accelerate already proven growth.

The risk is significant: the official LTV of 175% and the high leverage are the trade-off for this return, reflecting the aggressive strategy of the Loan Originator on the total facility of €3.5 million.

Verdict : A high-yield/high-turnover investment, intended for investors who understand and accept the high leverage risk of a digital lender, offset by the excellent liquidity and high margins of the business.