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TrustGro (Fin Kenya)
Kenya
TrustGro SCA Limited, trading as Fin Kenya, lends in Kenya against government payslips and against cars. Mintos investors lend it money and earn interest. Our memo scores it 50 out of 100 and grades it an E, and puts the chance it fails to pay within a year at 25% or more.
Nyckeltal
- Genomsnittlig ränta
- 11.7%
- genomsnitt, inte garanterad
- Låneportfölj
- €3,789,286
- Börja från
- €50
Ditt kapital är i riskzonen. Räntan är avtalad, inte garanterad: om en låntagare inte betalar kan du förlora en del av eller alla dina pengar.
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AI-analys
AILender memo · Kenya
TrustGro, trading as Fin Kenya: how likely is it to fail to pay its lenders?
TrustGro SCA Limited is a Kenyan lender, founded in 1993, that lends against government payslips and against cars. Investors on the Mintos platform lend money to it under the name Finclusion (KE). This memo asks one question: what is the chance it fails to pay those lenders back in the next 12 months, and why.
THIS IS NOT FINANCIAL ADVICE. This memo was prepared with the help of AI from publicly available documents. It is general information for education only — not a recommendation to buy, sell or hold anything, and it does not take account of your circumstances. Figures may contain errors; check them against the original documents. Investing through P2P platforms can result in the loss of all money invested.
Our score
50/ 100
E Veto
ABCDE
at least 25%chance it fails to pay in the next 12 months
at least 1 in 4the same number, put the other way round
Where that sits on our scale
Our framework caps this lender at 0% of a portfolio — nothing at all. That is not a view about the company’s future. It is what our scale does whenever one of the tests that override the score is triggered, and one is. Kenya as a country allows 15% for all its lenders added together, but the company limit is the one that binds, and here it is zero. These caps are a convention of our scale, applied to every lender we cover. They are not advice about your money.
Its own audited accounts say it has broken a promise to its bank — in two years running, with no waiver disclosed
Most of the findings in this series are ours: we read the accounts and work something out. This one is the company’s. PwC-audited note 2 of the 2025 accounts says, in terms, that TrustGro is outside a covenant in its loan from Ecobank Kenya — the covenant requires non-performing loans to stay below 15%, and they stood at 23%. The 2024 accounts said 21% against the same limit. Neither year discloses a waiver.
What the bank has done is nothing. The accounts say it “has not exercised any rights to demand early repayment”, and management says it is in discussions and expects no change to the facility’s terms. We take that at face value — but KES 146m of that loan is shown as due within a year, and a right not exercised is still a right.
We ask six questions about every lender. On those six alone this company scores 50 out of 100 — a C, about 1 in 17, or 6.0%, which would be among the better answers in this series. The breach overrides it, so the answer at the top of this page is at least 25%.
💶 Earnings and cushion D
about 7.0%It kept 0.73 of every 100 shillings in 2025. The business under it is improving; what moves the result is the euro debt.
📉 Are its loans being repaid? D
about 12.5%23% not performing by its own covenant test, up from 21%. Nearly half the car-secured book is more than 180 days late.
🇰🇪 How risky is Kenya? C
about 3.8%A shilling that fell 13% against the euro in 2025, heavy government debt — and a central bank that now licenses every digital lender, including this one.
⚖️ Trust and warning signs C
about 3.8%Three clean PwC audits and no dividends taken. Against that, the breach, and KES 102.3m owed to it by its own group.
This is the finding that overrides the score, and it is quoted from the company’s own audited accounts.The loan from Ecobank Kenya requires the company’s non-performing loan ratio to stay below 15%. Note 2 of the 2025 accounts, audited by PwC: “the NPL ratio stood at 23%, resulting in a non-compliance with this covenant”. The 2024 accounts reported 21% against the same limit, so this is the second year running. No waiver is disclosed in either year. What the accounts do say is that the bank “has not exercised any rights to demand early repayment”, and that “the Company is in discussions with the lender regarding the non-compliance, and no changes to the terms of the facility are expected”. We have no reason to doubt that, and the bank’s forbearance over two years is itself evidence of a working relationship. But KES 146m is shown as falling due within a year, and our method does not ask whether a lender has been forgiven a broken promise — only whether one was broken. On this company’s own account, one was.
It lends in shillings and borrows in euros, and does not hedge — so the exchange rate, not the lending, decides the result.At the end of 2025 TrustGro owed KES 660.8m — about €4.36m — in euros, against a loan book entirely in shillings. In 2025 the shilling’s move cost it 13.56 of every 100 shillings of income. In 2024 that same borrowing produced a gain of 30.22, which is what turned that year into a profit. Strip the currency out and the picture is steadier than either year suggests: interest cover was 1.67 times in 2025 before the currency loss and 1.17 after it. Every 5% move in the shilling against the euro is worth about KES 33m to this company — roughly seven times its entire 2025 profit. Nothing in the accounts describes a hedge.
Why this number matters
Every investment carries risk, and risk is not really a letter or a mark out of ten. It is two plain questions: how likely is it that this company fails, and how much of your money would you lose if it did. Put those together and you can see whether the reward is worth it.
For TrustGro: Mintos shows an average investor rate of 11.7% a year. On our reading the chance of this company failing in the next twelve months is at least 25%. If a quarter of lenders like this one fail and about 70% of the money is gone when they do, the risk costs about 17.5% a year — which is more than the rate pays. On those numbers the reward is about −5.8% once the risk is paid for. That is our arithmetic on our own scale, and you are entitled to disagree with the scale; what you should not do is read the 11.7% on its own.
Three things worth holding on to
1. A buyback is a promise from the borrower
TrustGro promises to take a loan back off you if it goes 60 days late, and it keeps 5% of each loan itself. Both are good features. Neither helps in the one case that matters, which is TrustGro itself being unable to pay.
2. A guarantee you cannot price is not a number
Two Mauritius parents guarantee this company’s obligations in writing. We could find no accounts and no rating for either, so we can tell you the promise exists and not what it is worth.
3. The platform’s view is not the book
Almost none of the loans on Mintos are late — because loans more than 60 days late are bought back off the platform. What is left there is the healthy part by construction.
The company at a glance
What it is
Licensed digital lenderHolds a Central Bank of Kenya digital credit provider licence granted 24 December 2025, entry 180 in the bank’s directory. Founded in 1993, 7 branches, 49 staff at the end of 2025.
What it sells
Payroll and logbook loansLoans repaid straight from government payslips, which are the core of the book, and loans to small firms secured on their vehicles.
How big
KES 1,150m gross bookAbout €7.59m, up 10% in 2025. Income of KES 642.9m and a profit of KES 4.7m.
Who owns it
The Finclusion groupFinclusion Group Limited 51% and Finclusion Africa Holdings Limited 49%, both of Mauritius, per the Mintos prospectus. Both guarantee this company’s obligations; neither is rated.
Where an investor can lend to it
Platform
MintosListed as “Finclusion (KE)”. You buy Notes; the money reaches TrustGro through a Mintos issuing company.
Amount and rate
€3.8m at 11.7%Mintos’s own figures, read on 9 November 2026. Platform data as published, not independently verified.
Buyback and score
60-day buybackPlus 5% of each loan kept by the company itself and the parent guarantee described above. Mintos Risk Score 5.3, updated 9 October 2026 (5.1 on 9 July 2026) — with a buyback-strength subscore of 1.5 out of 10.
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