Maclear Project Tanir
- Written by
- Just P2P
- •
- Updated October 21, 2025
Score B-
Tanir Credit & Accounting Services Limited, a Kenyan company licensed by the Central Bank in October 2024, operates in online lending. It issues short-term B2C micro-loans and B2B financing including working capital and factoring. The company processes over 85,000 loans annually via mobile payment.
The facility aims to accelerate loan origination and increase portfolio turnover. The funds finance customer acquisition and marketing. The objectives include over 250,000 repayments between Q4-2025 and 2026, a B2C repeat borrowing rate of 25%, and default reduction while maintaining portfolio quality.
Investment terms
Loan requested : 3,500,000€
Period : 5 months
Interest rate : 16.9%
Company contribution : 304,000 € (pledged cash reserves)
The loan represents 142.9% of 2024 revenue and 5.8 times 2024 net profit, reflecting significant growth ambition for a company of its size in the online lending sector. This loan will help multiply origination volume in a rapidly expanding Kenyan market (20-23% CAGR projected through 2028). The 304,000 € pledged cash contribution demonstrates the company’s commitment and strengthens debt coverage, constituting a positive factor for the project.
Risk metrics
Debt/Equity Ratio : 2.21 (High risk)
LTV (Loan to Value) : 175% (High risk)
Credit History Score : 8/10 (Good creditworthiness)
The debt-to-equity ratio of 2.21 stands above the 2.0 threshold, indicating high financial leverage and classifying the project in the high risk category for this indicator. The LTV of 175% is well above the 80% threshold, indicating insufficient collateral coverage relative to the borrowed amount and also classifying the project in the high risk category.
The credit history score of 8/10 reflects good creditworthiness and a satisfactory repayment history, constituting a positive mitigating factor. These metrics reveal a high-risk profile, mitigated by the revolving loan portfolio that generates regular cash flows and by the good credit score (8/10), which together partially offset the high leverage and coverage ratios.
Business profile
Geographic Location : Kenya
Industry Sector : Digital financial services
Collateral Type : Mixed (loan portfolio, cash reserves, office equipment, vehicle)
Kenya provides access to East Africa’s most mature digital market. The M-Pesa infrastructure reduces operational costs and accelerates disbursements. The recently obtained Digital Credit Provider license reinforces legitimacy. The sector shows strong demand with 11.4 million borrowers and projections reaching 670 million € by 2028.
The collateral combines an active loan portfolio generating continuous cash flows, cash reserves, office equipment, and a vehicle. The successful digital transition via chatbots and mobile application demonstrates their technological adaptability. Obtaining the Central Bank of Kenya (CBK) license after a 2.5-year process illustrates regulatory resilience in the face of emerging prudential standards.
Positive / Risk factors
Positive factors
- CBK license obtained in 2024
- Sustained revenue growth
- Continuously improving net margins
- Diversified and performing portfolio
- Low portfolio default (9.3% weighted)
- M-Pesa integration for transparent flows
- Founder-CEO sole owner
- Kenyan market in strong expansion
- Good credit score (8/10)
Risk factors
- High LTV at 175%
- High debt-to-equity ratio (2.21)
- Strong dependence on Kenyan market
- Volatile and regulated micro-credit sector
- Concentration of informal borrowers
Opinion Tanir
The B- rating is justified by strong operational growth and a proven business model in a growing market, which partially mitigate the high debt-to-equity ratio and concerning LTV. The good credit score, recently obtained CBK license, and cash flow control mechanisms provide additional comfort. The project presents an acceptable opportunity for investors with medium-high risk tolerance, subject to rigorous monitoring of portfolio quality.
