Directors' Meeting

March 10, 2026
Confidential

Agenda

01
Highs & Lows
Key wins and challenges
02
Feb BVA Summary
Revenue, L0, loanbook, NPL
03
Business Updates
SA, Zambia, Uganda
04
CX & Collections
Tickets, collection activity
05
Product & R&D
Sprint 78/79, roadmap
06
Next 2 Weeks
Priorities & focus areas
07
Corporate Goals 2026
Strategic targets reiteration

Highs & Lows

01

Highs & Lows

Highlights

  • GH loanbook grew MoM to 468M GHS (Jan: 464M)
  • GH NPL30+ improved to 15.4% (Jan: 16.2%)
  • UG Personal loanbook growing (4.36B → 4.63B UGX)
  • SA KYC and auth flows progressing through QA
  • Repayment incentive features shipped (Sprint 78)

Lowlights

  • GH L0 acquisition 74% of budget (19.1K vs 26K)
  • GH revenue 86% of Feb budget (36.0M vs 41.7M GHS)
  • UG total loanbook declining (7.05B → 6.70B UGX) — FidoBiz shrinking
  • UG L0 at 69% of budget; revenue gap widening
  • Zambia still pre-launch; licensing/partnerships pending

Feb BVA Summary

02

Ghana — February BVA

Revenue
36.0M
GHS | Budget: 41.7M
86%
New Customers (L0)
19,139
Budget: 26,026
74%
Loanbook EOM
468M
GHS | Budget: 551M
85%
NPL 30+
15.4%
Jan: 16.2% | Target: <10%
Improving
Disbursements
255M
GHS | 131.7K loans
75% of budget
L0 Disbursed
19,139
4.9M GHS | Avg: 258 GHS
74%
Repeat Disbursed
112,586
250M GHS | Avg: 2,222 GHS
Core engine
PAR 31-60
4.8%
Jan: 6.3% | Improved
-1.5pp
Commentary: Revenue gap driven primarily by L0 acquisition miss (74% of target) which constrains the disbursement funnel. Loanbook at 468M (85% of budget) — the gap compounds as missed L0s reduce repeat lending pipeline. Positive: NPL30+ improved to 15.4% (from 16.2% Jan) and PAR31-60 down sharply. Repeat engine (112.6K loans, 250M GHS) remains healthy.

Uganda — February BVA

Revenue
346M
UGX | Budget: 500M
69%
New Customers (L0)
2,707
Budget: 3,928
69%
Loanbook EOM
6.70B
UGX | Budget: 7.5B | Dec: 7.05B
89% | Declining
NPL 30+
41.6%
Jan: 41.8% | Target: <10%
Elevated
Disbursements
2.9B
UGX | 11.4K loans
63% of budget
L0 Disbursed
2,707
121M UGX
69%
Repeat Disbursed
8,716
2.8B UGX
Moderate
Portfolio Mix
69 / 31
Personal 4.63B | FidoBiz 2.08B
B2B shrinking
Commentary: UG total loanbook declining (7.05B Dec → 6.70B Feb) — FidoBiz shrinking fast (3.03B → 2.08B) outpacing Personal growth (4.02B → 4.63B). NPL30+ at 41.6% (flat vs 41.8% Jan) — far above 10% target, reflecting legacy portfolio drag. L0 acquisition at 69% of budget; revenue at 69%. EasySave partnership with RTB (see Business Updates) could help activation and diversify beyond credit.

Business Updates

03

Business Updates by Market

🇿🇦 South Africa

🇿🇲 Zambia

🇺🇬 Uganda

CX & Collections

04

CX & Collections — February

Support / CX

  • WhatsApp repayment bot expansion in review (Sprint 79)
  • Repay-without-login bugs fixed — drop-off banner now shows correctly
  • "Bigger Loans" flow hotfixes shipped (upload docs + promo banner)
  • Loan postponement feature being removed from app (simplification)

Collections

  • GH PAR31-60 improved sharply: 4.8% vs 6.3% in Jan
  • GH NPL30+ improved: 16.2% → 15.4% MoM (-0.8pp)
  • UG NPL30+ flat at 41.6% (vs 41.8% Jan) — legacy portfolio drag
  • Repayment incentive features shipped — banners, reward campaigns, progress displays
  • Early repayment discounts in development (A/B test, UI, events)

Product & R&D

05

Sprint 78 & 79 Highlights

50 items across both sprints
21 Merged/Done
9 In Review/QA
8 In Progress

🇿🇦 South Africa (13 items)

  • Registration & login — merged
  • KYC ID verification master task — in progress
  • ID advanced validation — merged
  • Wrong country / verification failed states — merged
  • Remote config, Lokalise, currency — in QA
  • Firebase remote config — in review

💰 Repayment & Incentives (15 items)

  • Repayment incentive banners & reward UI — merged
  • Progress display on repayment success — merged
  • Reward campaign push events — merged
  • Repayment success screen redesign — merged
  • Early repayment discounts — in review (API, UI, events)
  • WA repayment bot expansion — in review

📱 Releases & Mobile

  • v4.39 released
  • v4.40 release in progress
  • Onboarding source tracking — merged
  • Default deposit amount in Savings — merged
  • Savings EOD reconciliation fix — merged
  • Telecel statement upload (GH) — in progress

🔧 Infrastructure & DevOps

  • "Want more money" promo — merged
  • Bigger Loan hotfixes — merged
  • Figma + JIRA MCP setup — in progress
  • Maestro test + JIRA skill — in progress
  • GitHub Actions ARM64 migration — to do
  • Convention plugins extraction — to do

Next 2 Weeks

06

Priorities — March 10–24

🏢 Business & Corp Dev

  • SA: Complete PSP selection & begin integration
  • SA: Affordability engine finalization
  • ZM: Advance Access Bank partnership terms
  • ZM: Goodfellows partnership agreement
  • UG: RTB EasySave partnership launch prep

🔧 Product & R&D

  • SA KYC flows: complete QA, move to staging
  • Early repayment discounts: ship A/B test
  • WA repayment bot: complete review & deploy
  • v4.40 release to production
  • Telecel statement upload (GH)

📊 Finance & Operations

  • GH L0 gap investigation — identify root cause of 26% miss
  • UG NPL action plan — isolate B2B vs B2C contribution
  • Collections: early repayment campaign readiness

Corporate Goals — 2026

Financial Targets
Revenue~$60M
PBT~$5M
PBT Margin8-10%
Revenue Growth~50% YoY
Growth Targets
MAU600K
GH L0 (annual)313,800
Non-GH Markets2+ active
Strategic Priorities
  • 1 Build significant presence outside Ghana
  • 2 Scale non-credit revenue (EasySave, POS)
  • 3 ~50% revenue growth with 8-10% PBT margin
  • 4 Strengthen Africa-first management team
  • 5 Position Fido as industry leader
Key Initiatives
  • • Zambia launch + M&A
  • • South Africa readiness
  • • POS & Payment Business launch
  • • New country single-digit DR in 18 months

Appendix

YTD Summary — Jan-Feb 2026

Metric Ghana (GHS) Uganda (UGX)
Budget YTD Actual YTD % Budget YTD Actual YTD %
Revenue 83.4M 73.9M 89% 0.9B 0.6B 69%
L0 Customers 47,875 40,039 84% 7,152 5,457 76%
Disbursements 668M 529M 79% 9.1B 5.4B 59%
Loanbook EOM 551M 468M 85% 7.5B 6.70B 89%
NPL 30+ — 15.4% Target: <10% — 41.6% Target: <10%
Data sources: GH Revenue: FIN004 (36.0M). GH Loanbook/NPL30+: MTR007 (468M, 15.4%). GH/UG L0 & Disbursements: FIN002. UG Loanbook: MTR005-UG (6.70B). UG NPL30+: MTR007-UG (41.6%). Budget: BVA Sheet (1xlMDINd...).