We make last-mile credit work
Credit problems build long before they surface. By the time they show up in your reporting, the window to act has closed.
We give investors and last-mile distributors the full picture, the early warning, and — when it matters — the intervention team.
diagnosed
through our analytics
due diligence & monitoring
of operation
What we find when we look.
Across more than 40 companies diagnosed, the same patterns appear.
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01
Overstated repayment
Reported rates overstate true collection by 15 to 30 percentage points on average, because late payments are counted as current.
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02
Mispriced loan books
Valuations rarely account for the funding cost of slow payers or the true cost of collection — meaning the book on the balance sheet is worth less than it appears.
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03
Credit follows sales
Credit decisions are downstream of sales targets in the majority of companies, which means the quality of the loan book is structurally linked to growth pressure.
These aren’t exceptions. They’re the industry baseline — and the starting point for everything we do.
Why it breaks — and how we fix it.
Every finding above traces to one structural flaw.
PAYGo bundled a distribution business and a lending business into a single P&L — and let sales set the rules for both. Separating the two is the thesis behind everything we do.
Restructure credit as a peer function
Separate KPIs, separate leadership, end-to-end loan ownership. Most of our technical assistance starts here.
Distributor + financial institution
A last-mile distributor sells and services. A regulated bank, MFI or asset-finance intermediary underwrites and holds the book.
Three problems. Three answers.
Investors in last-mile distributors face three recurring problems. We have built a practice around each one.
You cannot see what is really in the book.
Operators use different CRMs, different definitions, different reporting cycles. What you receive as an investor is rarely comparable — across companies, across periods, or against industry benchmarks. We reconstruct contract-level repayment from raw transaction data, standardise it across your portfolio, and give you metrics a credit committee can actually act on. Including an early-warning signal after just three months of payment history.
- CRM-agnostic data pipelineOnboards Angaza, PaygOps, Paygee, Atlas, Pulse, Upya and more
- Standardised credit computationRepayment rates, cohort curves, book valuation — identical methodology across companies
- Predictive early signalsUltimate repayment rate forecast after 3 months of payment history
By the time it shows up in the numbers, it is too late.
A repayment problem visible in quarterly reporting was usually predictable six months earlier — in onboarding quality, incentive design, collection protocols, and the gap between reported and real default rates. We go in before you commit, and we go in when something feels off. Contract-level analysis, operational audit, book valuation, receivables review. The full picture, not the curated one.
- Portfolio healthContract-level analysis, cohort tracking, risk segmentation, book valuation
- Operational auditCredit team structure, incentive design, KPI frameworks, governance
- Onboarding & underwritingCustomer screening, product-income matching, approval process review
- Receivables & structured financeForensic analysis, pricing assessment, SPV monitoring
Knowing the problem is not the same as fixing it.
When our diagnostics find structural gaps, we do not hand over a report and leave. We embed — redesigning onboarding, rebuilding underwriting, installing collection routines, coaching team leads. Twelve operators have gone through a full intervention. Across those, 90-day repayment improved by an average of 6.75 percentage points, with the strongest gains reaching 14 to 17 points. That is the difference between a loan book that works and one that does not.
- Customer onboarding redesignCustomer journey mapping, screening frameworks, centralising credit decisions
- Credit team restructuringOrg consolidation, end-to-end loan ownership, repayment-based KPIs, incentive alignment
- Recovery & delinquencyNon-performing book segmentation, 90-day escalation protocols, field coaching
- Operational coachingBi-weekly check-ins, monthly analytics, team leader mentoring
How we fit.
You are financing a loan book you did not underwrite, held by a company whose credit team reports to a sales director. We give you independent eyes on that book — before you commit, at regular intervals, and when something moves in the wrong direction. Comparable metrics, honest book valuation, early warnings. And if the company needs to change how it operates, we can make that happen.
Independent diagnostics from raw transaction data — not what your CRM shows, what the contracts actually say. Where there are structural gaps, we embed to fix them: onboarding redesign, underwriting frameworks, collection routines that stick. We have done this across 40+ companies in 20 markets.
Grant and TA programmes need to know whether their portfolio companies are improving — not just whether they are reporting on time. We provide cross-company, cross-market monitoring that goes beyond repayment rates: who was over-sold, where early warning signs are building, which interventions are working. Monthly, comparable, and actionable.
Experiences across twenty markets.
Selected work
across the group
13 months embedded
training programme
multi-country DD
redesign
Team of practitioners.
Operators turned advisors. Former CEOs, credit heads and data specialists who’ve run the businesses we now help.
