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The Problem

Key challenges.

1. Financial Barriers.

Underbanked and unbanked MSMS, Small holder farmers,cooperatives lack collateral and can not access affordable credit,Upfront cost of solar Equipment block adoption despite long term savings.

2.Rural and Energy poverty.

Rural business lacks reliable, affordable power for cooling,irrigation and processing ,leading to low productivity and incone volatility.

3.High operation costs.

Diesel dependancy and unreliable grid power drives up operations costs and erode margins for MSME and farmers.

4.Low farm productivity..

Limited access to quality farm imputs leads to poor yields, food security and persistent rural poverty.

Challenges facing rural farmers in Kenya

Post-Harvest Losses

Dairy Value Lost

50-70% rural community are poor due to lack of access to financial services.

Financing Gap for MSME,Small holder farmers and solar for productive use.

20-50%

~30%

$700M+

of fruits & vegetables lost due to inadequate cooling.

Reduce this by 25% i

of milk production wasted without reliable cooling.

Reduce by 28%

Farmers lack access to quality farm inputs which result in poor harvest, food insecurity and poverty

Reduce the funding gap by 15% in 5 years

unmet need for solar financing in Kenya.

40-80% underbanked and unbanked MSME not accessing capital

Increase Market share of Rafode by 10% in 5 years

" MSME,Rural farmers particularly youth and women lack access to credit,reliable energy solutions, financial resources and business skills to transition to climate smart agriculture. and grow their enterprises."

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RAFODE Investment Thesis

“RAFODE combines an established rural lending platform with a clear transition toward digital productive-asset finance; the proposed $2M recapitalisation could remove its legacy capital constraint and fund technology-led growth, with the key investment transformation focus is to deliver sustainable improvements in credit quality, efficiency and ROE.”

RAFODE does not need to capture the $331B market. It needs to build a defensible $25–50M regional financing platform inside a very large structural funding gap.

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RAFODE Investment Thesis

Why Opportunity is interesting

Established rural network + existing borrower base + productive-asset financing + clean-energy exposure + digital transformation opportunity.

Key Investment Milestone

Successful $2M recapitalization followed by demonstrable improvement in portfolio quality, operating efficiency and ROA/ROE.

RAFODE Transformation with investment

Debt resolution → FX-risk reduction → Regulatory pathway → Digital transformation → Credit-risk management → Portfolio growth.

Srashtaa Solutions LLP, Strictly confidential

Scale – Important Points

Existing scale is credible: 40,000+ historical loan disbursements, approximately KES 700M cumulative disbursement value, and operations across approximately 12 counties provide a substantial foundation compared with an early-stage fintech starting from zero.
The real scale opportunity is platformisation: RAFODE could potentially move from a regional MFI(micro finance) into a rural productive-asset financing platform, where one customer can generate multiple financing cycles across energy, agriculture, MSME and healthcare assets. This has considerably greater scalability than simply expanding branch-based lending.

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Why Now?

$331B+ MSME finance gap in Sub-Saharan Africa — a persistent structural financing shortage.

Kenya: MSME finance gap estimated at ~21% of GDP; IFC is actively deploying catalytic first-loss structures for MSME, women-owned and climate-focused lending.

South Africa: only ~5% of formal MSMEs have access to credit; SMEs contribute ~34% of GDP and 60% of jobs.

Productive-use renewable energy: Kenya's 2026 market evidence identifies solar irrigation as relatively mature while cold storage, refrigeration and agro-processing remain underpenetrated because of upfront-cost and financing constraints.

Africa-wide expansion: digital channels, alternative data and innovative FSP models are increasingly enabling underserved MSME lending.

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AFRICA MARKET OPPORTUNITY — TAM–SAM–SOM 2026

A $331B+ financing gap creates a large runway for rural MSME & productive-asset finance

Market Layer	2026 Opportunity	RAFODE Relevance
TAM — Sub-Saharan Africa MSME Finance Gap	$331B+	Structural unmet financing demand across MSMEs; includes working capital, business expansion and productive assets
SAM — Kenya + South Africa + selected East/Southern African markets	$50B+*	Targetable segment where RAFODE's model can address underserved MSMEs, agriculture, rural businesses and productive-use assets
SOM — RAFODE initial scalable opportunity	$25–50M financing portfolio potential	Realistic multi-country expansion target through digital underwriting, OEM partnerships, local-currency/blended finance and repeat customer financing

RAFODE's Addressable Sweet Spot:

MSME Finance + Agriculture + Productive-Use Solar + Rural Asset Finance
Kenya → South Africa → East/Southern Africa → broader Sub-Saharan Africa

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Market Opportunity

Kenya's Dominance in East Africa's Solar Market

Kenya's Market

Expanding Market

MSME in Kenya accounts for 75% of Kenyan population of 55million

East Africa renewable energy growing from $4.1B to $6.8B

This is a strong market Rafode taping into.

Projected growth 2024-2033

High-ROI Applications

MSME,Small holder farmers,Solar dairy cooling & irrigation systems

20-40% income increase, waste reduction

Market Size.

Total addressable Market: $1.9 Billion +

Serviceable available Market :$527M

Serviceable Obtainable Market:$ 12.6M

Kenya's Solar Market Dominance

Market Growth Projection

Untapped Opportunity in Productive-Use Solar for Agriculture

Data sources: IMARC Group, ESI-Africa/GOGLA, MarketDataForecast

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Our Solution

Integrated approach to agrisolar adoption

Rafode's 4 Pillars for Success

FINANCE

Provide working capital and asset backed loan to Msme,Small holder farmers,Cooperatives & repayment via mobile money

TECHNOLOGY

Finance access to productive use solar(Irrigation,milk chilling ,cold storage and other income generating assets)through vetted OEMs partners.

CAPACITY

Train clients on business skills,operations and basic maintenance to improve repayment, capacity and ensure sustainable adoption.

MARKET

Connect producers to buyers and premium value chains so increased production actually translates into higher stable income.

Key Outcomes

Lower Energy Costs

Reduced Spoilage

Higher Quality Yields

Increased Incomes

Lower CO₂ Emissions

Solar-powered milk cooling system installed at a rural Kenyan cooperative

Reducing post-harvest losses while cutting energy costs by 60-70%

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How It Works

Simple 6-step process

Identify

Technology

Credit Underwriting

Clients to benefit from Rafode services

Data-driven scoring

Mobile app and E-commerce to drive growth

Training and capacity building

For Rafode clients

Mobile disbursement Repayments&

Distursement,setting up Equipment&training

Enhancing transaction

End-to-end solution from identification to long-term support

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RAFODE KEY VALUE CREATION LEVERS

1. Lower cost-to-serve

Digital origination, servicing and collections.

2. Better credit quality

Alternative-data underwriting and early-warning systems.

3. Higher portfolio velocity

Shorter-duration lending and digital repayment.

4. Higher customer lifetime value

Repeat financing and customer graduation.

5. Lower capital risk

Legacy debt settlement and better-aligned funding currencies.

6. Higher ROA / ROE

Greater portfolio efficiency combined with lower funding and operating costs.

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Customer profile

Solar solutions for agriculture value chains

1. Financier

For MSME,Business expansion,increased income, create employment

2. Small holder farmers farm input financing.

improved production, increased income and enhances food security.

3. Technology,equipment

Solar Milk cooling tanks,(1000 -5000l) reduce milk spoliage,preserve quality and enable evening collection.

4. Solar for production use for SME(Fridge,incubators etc)

Increased income, and to store perishable good and meet clients needs

Horticulture Value Chain

Solar Irrigation Pumps + Dryers

Increases crop yields and enables value addition through solar-powered processing

20-40% increase in yields

Year-round production

Solar solutions for Kenyan farmers

Reducing costs while increasing productivity and income

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Traction

Key metrics and growth

Revenue Growth

Client Growth

2022

2023

2024

$521519

$668142

12,104

Total clients who have accessed our services as at December 2025 is 14,576

Portfolio quality:

PAR 30: 4% Write of rate:1%

Increase in MSME, rural homes accessing Rafode services.

Kenya Climate Ventures Funding

Impact Highlights

$123,000

Portfolio growth financing

Reduced spoilage by 30%

Improved milk collection by 40%

450+ dairy farmers supported

Increase in MSME access to credit by 35%

Increase of rural homes accessing renewable energy by 40%.

Decrease in revenue in 2025 was due to a 95% decrease in sales of renewable energy products. We are raising additional funding to scale our lease-to-own model, meet growing demand, and drive sales and revenue growth of the solar for productive use assets.

100% diesel replacement

2025

2024

$348,361

$516,511

2025

2022

13,767

13,210

14,576

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Competitive Landscape

Key market players and Rafode's unique position

M-KOPA

Household Solar PAYGo

SunCulture

Irrigation OEM

Strong consumer financing

Limited agriculture focus

General Financial Services

Premium irrigation products

Traditional MFIs/SACCOs/Digital lenders

Vendor-specific solutions

Rural customer base

No tech validation

Rafode

Specialized msme and Agrisolar Financing

Productive-use finance

Technology + capacity

Rafode's Advantage: Finance + Technology + Capacity + Market Linkages

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Competitive Landscape

Key market players and Rafode's unique position

Rafode's Advantage: Finance + Technology + Capacity + Market Linkages

Capability	Traditional MFI	Solar OEM	Digital lender	RAFODE
Rural lending	✓		✓	✓
Productive-use solar		✓		✓
Agriculture	✓	✓		✓
Asset financing		✓		✓
Customer training	✓			✓
Market linkage				✓
Alternative-data credit			✓	planned

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Financial Projections

3-Year Growth Trajectory

Key Milestones

2026

$445k Revenue

10-15% EBITDA margin

2027

$635k Revenue

18-22% EBITDA margin

2028

$754k Revenue

25-27% EBITDA margin

Project Growth

Mobile app Ensures 24/7 client access and localized transactions.E-Commerce expands market reach by symplyfying product browsing and checkout.Meanwhile ,AI automates customers support and personalises recommendations. Together they reduce operational costs and boost retention to double growth in three years.

%	2026	2027	2028
Yield	18%	24%	26%
Loss rate	5%	5%	5%
Operating cost	44%	38%	37%
ROA	3%	5%	7%
ROE	6%	9%	13%

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The Team

Expert Leadership in Rural Finance & Development

Antony Mayodi

Managing Director

21+ yrs livelihoods experience (Mercy Corps, ARC, CARE)

Florence Odida

CFO

11+ yrs finance experience(CPA Graduate, CFFE candidate)

Elizabeth Owuor

Operations Director

20+ yrs credit operations experience (K-REP Bank, Rafikin Microfinance Bank)

Sylvia Jelagat

HR Manager

12+ yrs. HR experience ,Strategic development specialist (B.Com, Masters)

"Building dignified communities through renewable energy solutions"

50+ years combined experience in rural development

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The Ask: $2.0M

Scaling climate-smart agribusiness

Use of Funds

Key Milestones

Instruments: Blended finance.($2m)

$800K — Legacy debt settlement / restructuring
$1.2M — Portfolio growth + digital transformation + operating scale

6,000+ Systems Financed/10,000 MSME funded

2-3x Revenue Growth

Blended finance secured

Deploy solar assets to dairy and horticulture cooperatives across Kenya

Micro, small and medium enterprises funded across Kenya

Scale from $348361 to $696733M-$1,045083 annual revenue

Catalytic capital/DFI/IMPACT DEBT FUND funding to extend runway and scale operations.

Equity/Quasi Equity secures to digitize Rafode platform, tech /data improvement, balance sheet support, governance, compliance and runaway support.

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