Kaleidofin and Apollo Agriculture closed a KES 276M local currency securitisation in Kenya, turning smallholder farmer loans into investable assets.
Kaleidofin and Apollo Agriculture have closed a KES 276 million securitisation deal in Kenya’s smallholder agriculture sector. Securitisation means bundling many small loans and selling the expected repayments to investors, like turning many small IOUs into a tradable product.
Apollo Agriculture originates loans for farmers to buy inputs such as seeds and fertiliser, often via a buy-now-pay-later model, where costs are paid back after harvest. Instead of waiting months for repayments, Apollo can sell the receivables, the money it expects to collect, to investors and receive cash upfront.
The transaction used Kaleidofin’s platform, Kaleidofin, to package a portfolio of loans valued at KES 370 million. The portfolio covers 23,839 farmers. The companies said 51% of borrowers are women, and about 22% are first-time borrowers.
The issuance received a BBB- investment-grade credit rating from Agusto. A credit rating is a risk label for investors, and “investment-grade” generally signals a lower default risk than speculative debt.
The parties did not disclose the interest rate or full pricing to farmers. Public reporting on the deal says the interest costs are priced into the upfront input package, which can make it harder to compare with a standard loan.
Agriculture lending is often seen as risky by banks and large investors. If this structure performs well, it could make smallholder farmer receivables easier to finance at scale, and potentially cheaper to fund over time.
It also adds another example of African fintech infrastructure moving beyond payments into debt capital markets, where institutional capital can reach real economy sectors like farming.
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