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Financial risk management objectives and policies | 12 Months Ended
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Dec. 31, 2025
Financial risk management objectives and policies |
Financial risk management objectives and policies |
3 | Financial risk management objectives and policies
The Group’s activities expose it to a variety of financial risks: market risk (including currency risk, interest rate risk and other price risk), credit risk and liquidity risk. Management reviews and agrees on policies for managing each of these risks which are summarised below.
3.1 | Market risk
Market risk is the risk that changes in market prices such as foreign exchange rates, interest and equity prices will affect the Group’s income or the value of its holdings of financial instruments. The objective of market risk management is to manage and control market risk exposures within acceptable parameters, while optimising the return.
3.1.1 | Interest rate risk
Interest rate risk is the risk that the Group’s earnings will be affected as a result of fluctuations in the value of financial instruments due to changes in market interest rates. The Group’s cash flow exposure to the risk of changes in market interest rates relates primarily to the Group’s debt obligations. The Group has certain financial assets that generate interest income, however the Group is not exposed to material interest rate risk on these financial assets. Interest rate sensitivity ​
​ | ​ | ​
​ | ​ ​ ​ | Effect
​ |  | USD
31 December 2025 |  | ​
+/- 100 basis point increase |  | 15,455
31 December 2024 |  | ​
+/- 100 basis point increase |  | 894
31 December 2023 | ​ | ​
+/- 100 basis point increase | ​ | 12,935
​
3.1.2 | Currency risk
​ Currency risk is the risk that the value of a financial instrument will fluctuate because of changes in foreign exchange rates. The Group is not exposed in its transactions denominated in AED, SAR, as it is pegged against USD. The Group is exposed to currency risk because of the Group’s net investments in foreign subsidiaries. The Group’s significant exposure is from the point the cash flows of the transactions are forecasted up to the point of settlement of the resulting receivable or payable that is denominated in the foreign currency. The following are exchange rates applied during the years 2025 and 2024 in respect of currencies where the Group has exposures to currency risk: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Spot rate | ​ | Average rate
​ | ​ | As of 31 December | ​ | As of 31 December
​ | ​ | 2025 | ​ | 2024 | ​ | 2025 | ​ | 2024
EGP | ​ ​ ​ | 47.52 | ​ ​ ​ | 50.77 | ​ ​ ​ | 49.24 | ​ ​ ​ | 43.94
KES |  | 128.87 |  | 129.22 |  | 129.30 |  | 134.14
EUR |  | 0.85 |  | 0.96 |  | 0.89 |  | 1.08
MYR |  | 4.05 |  | 4.47 |  | 4.28 |  | 4.61
ARS |  | 1,480 |  | 1,030.05 |  | 1,244.17 |  | 1,014.90
​
3 | Financial risk management objectives and policies (continued)
3.1 | Market risk (continued)
3.1.2 Currency risk (continued) Sensitivity analysis A 10% strengthening/weakening of the following currency against USD currency as of 31 December would have increased/decreased financial instruments by USD equivalent amounts shown below: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | As of 31 December
​ | ​ ​ ​ | 2025 | ​ ​ ​ | 2024 | ​ ​ ​ | 2023
​ | ​ | USD | ​ | USD | ​ | USD
EGP to USD | ​ | 52,472 | ​ | 191,279 | ​ | 232,797
KES to USD | ​ | 47,968 | ​ | 52,186 | ​ | 43,250
EUR to USD | ​ | 223,646 | ​ | 227,204 | ​ | 241,043
MYR to USD | ​ | 1,204 | ​ | 1,269 | ​ | 1,235
ARS to USD | ​ | 49,418 | ​ | 65,688 | ​ | 101,488
Pre-tax impact | ​ | 374,709 | ​ | 537,626 | ​ | 619,813
​
3.2 | Credit risk
Credit risk is a risk of financial loss to the Group if a customer or counterparty to a financial instrument fails to meet its contractual obligations and arises principally from the Group’s trade and other receivables and cash and cash equivalents held with banks. The Groups’ exposure to credit risk is influenced mainly by the individual characteristics of each counterparty. However, Management also considers the factors that may influence the credit risk of its counterparties, including the default risk of the industry and the country in which counterparties operate. The carrying value of the financial assets represents the maximum credit exposure, which is as follows: Exposure to credit risk ​
​ | ​ | ​ | ​ | ​
​ | ​ | As of 31 December
​ | ​ ​ ​ | 2025 | ​ ​ ​ | 2024
​ | ​ | USD | ​ | USD
Trade and other receivables | ​ | 6,256,738 | ​ | 4,009,282
Cash and cash equivalents |  | 4,414,456 |  | 4,958,983
​ |  | 10,671,194 |  | 8,968,265
​
(i) | Expected credit losses on trade receivables
As of 31 December 2025
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Days outstanding | ​ ​ ​ | Current | ​ ​ ​ | 0 – 30 | ​ ​ ​ | 31 – 60 | ​ ​ ​ | 61 – 90 | ​ ​ ​ | 90+ | ​ ​ ​ | Total | ​
Exposure at default |  | 1,860,201 | ​ | 845,413 | ​ | 167,551 | ​ | 70,491 | ​ | 936,198 | ​ | 3,879,853 | ​
Loss rate |  | 0.17 | % | 0.51 | % | 7.01 | % | 17.15 | % | 54.43 | % | 13.94 | %
Expected credit losses |  | 3,097 | ​ | 4,285 | ​ | 11,753 | ​ | 12,089 | ​ | 509,591 | ​ | 540,814 | ​
​ ​
3 | Financial risk management objectives and policies (continued)
3.2 | Credit risk (continued)
(i) | Expected credit losses on trade receivables (continued)
As of 31 December 2024
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Days outstanding | ​ ​ ​ | Current | ​ ​ ​ | 0 – 30 | ​ ​ ​ | 31 – 60 | ​ ​ ​ | 61 – 90 | ​ ​ ​ | 91 – 120 | ​ ​ ​ | 121 – 150 | ​ ​ ​ | 151 – 180 | ​ ​ ​ | 180+ | ​ ​ ​ | Total |
Exposure at default |  | 1,514,964 |  | 265,026 |  | 217,930 |  | 104,129 |  | 20,471 |  | 8,878 |  | 40,878 |  | 442,669 |  | 2,614,945 | ​
Loss rate |  | 6 | % | 11 | % | 15 | % | 18 | % | 44 | % | 48 | % | 52 | % | 100 | % | 25 | %
Expected credit losses |  | 94,851 |  | 29,454 |  | 32,637 |  | 18,959 |  | 9,061 |  | 4,278 |  | 21,062 |  | 442,669 |  | 652,971 | ​
​
- | Totals of expected credit losses as a percentage of the exposure may not tie due to percentage rounding.
- | Payment terms are typically 30-60 days.
- | Following the portfolio optimization plans (Note 30), there has been significant focus on improving liquidity through collections from corporate accounts with high outstanding receivables.
(ii) | Expected credit losses on customer wallet receivables
As of 31 December 2025 ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Days outstanding | ​ ​ ​ | Current | ​ ​ ​ | 0 – 30 | ​ ​ ​ | 31 – 60 | ​ ​ ​ | 61 – 90 | ​ ​ ​ | 91 – 120 | ​ ​ ​ | 121 – 150 | ​ ​ ​ | 151+ | ​ ​ ​ | Total | ​
Exposure at default |  | 20,362 | ​ | 22,895 | ​ | 24,448 | ​ | 31,877 | ​ | 57,430 | ​ | 58,837 | ​ | 1,845,299 | ​ | 2,061,148 | ​
Loss rate |  | 2.02 | % | 2.03 | % | 6.07 | % | 10.13 | % | 14.18 | % | 18.22 | % | 83.65 | % | 76.08 | %
Expected credit losses |  | 412 | ​ | 464 | ​ | 1,485 | ​ | 3,228 | ​ | 8,141 | ​ | 10,723 | ​ | 1,543,677 | ​ | 1,568,130 | ​
​ ​ As of 31 December 2024
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Days outstanding | ​ ​ ​ | Current | ​ ​ ​ | 0 – 30 | ​ ​ ​ | 31 – 60 | ​ ​ ​ | 61 – 90 | ​ ​ ​ | 91 – 120 | ​ ​ ​ | 121 – 150 | ​ ​ ​ | 151 – 180 | ​ ​ ​ | 180+ | ​ ​ ​ | Total |
Exposure at default |  | 151,646 |  | 173,664 |  | 177,214 |  | 173,287 |  | 196,888 |  | 177,555 |  | 58,949 |  | 476,442 | ​ | 1,585,645 | ​
Loss rate |  | 9 | % | 18 | % | 27 | % | 36 | % | 45 | % | 59 | % | 77 | % | 98 | % | 54 | %
Expected credit losses |  | 13,648 |  | 31,259 |  | 47,848 |  | 62,383 |  | 88,600 |  | 103,870 |  | 45,096 |  | 468,911 | ​ | 861,615 | ​
​
- | Totals of expected credit losses as a percentage of the exposure may not tie due to percentage rounding.
(iii) | Expected credit losses on other financial assets
Credit risk is managed on a Group basis. For banks and financial institutions, only independently rated parties with a minimum rating of BB+’ are accepted. The Group considers ‘low credit risk’ in relation to the bank balances as they have a low risk of default supported by high credit rating carried by a major credit rating agency. These financial institutions have a strong capacity to meet its contractual cash flow obligations in the near term.
3.3 | Liquidity risk
Liquidity risk is the risk that the Group will encounter difficulty in meeting obligations associated with its financial liabilities. Liquidity requirements are monitored on a daily basis and management ensures that sufficient cash and cash equivalents are available to meet their commitments for liabilities as they fall due. The Group’s liquidity management involves projecting cash flows and considering the level of liquid assets necessary to meet these, monitoring liquidity ratios against internal and external regulatory requirements and maintaining debt financing plans. 3 Financial risk management objectives and policies (continued) 3.3 Liquidity risk (continued) The table below analyses the Group’s financial liabilities into relevant maturity groupings based on the remaining period at the reporting date to contractual maturity dates excluding the impact of netting agreements. The amounts disclosed in the table below are the contractual undiscounted cash flows. ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ ​ ​ | ​ | ​ ​ ​ | Between one | ​ ​ ​ | ​ | ​ ​ ​ | ​
​ | ​ | Maturity up | ​ | and two | ​ | More than | ​ | ​
​ | ​ | to one year | ​ | years | ​ | two years | ​ | Total
​ | ​ | USD | ​ | USD | ​ | USD | ​ | USD
31 December 2025 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Accounts payable, accruals and other payables |  | 8,710,335 | ​ | 16,867 | ​ | — | ​ | 8,727,202
Lease liabilities | ​ | 479,240 | ​ | 186,839 | ​ | 815,894 | ​ | 1,481,973
Deferred purchase price |  | 694,134 | ​ | — | ​ | — | ​ | 694,134
Other tax liabilities |  | 1,640,682 | ​ | — | ​ | — | ​ | 1,640,682
Derivatives warrant liabilities |  | — | ​ | — | ​ | 400,806 | ​ | 400,806
​ |  | 11,524,391 | ​ | 203,706 | ​ | 1,216,700 | ​ | 12,944,797
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
31 December 2024 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Accounts payable, accruals and other payables |  | 9,345,716 |  | 30,850 | ​ | — |  | 9,376,566
Lease liabilities | ​ | 606,881 | ​ | 440,183 | ​ | — | ​ | 1,047,064
Deferred purchase price |  | 1,148,013 |  | — | ​ | — |  | 1,148,013
Other tax liabilities |  | 836,117 |  | — | ​ | — |  | 836,117
Derivatives warrant liabilities |  | — |  | — | ​ | 669,156 |  | 669,156
​ |  | 11,936,727 |  | 471,033 | ​ | 669,156 |  | 13,076,916
​ Accounts payable, accruals and other payables exclude advances from individual customers (e-wallets) and advances from customers amounting to $0 in 2025 (2024: $5,690) ​
3.4 | Capital risk
The Group’s objective when managing capital is to safeguard the Group’s ability to continue as a going concern in order to provide returns for shareholders and benefit for other stakeholders and to maintain an optimal capital structure to reduce the cost of capital. The Group manages its capital structure and makes adjustments to it in the light of changes in economic conditions. To maintain or adjust the capital structure, the Group may adjust the dividend payment to shareholders or issue new shares. Management seeks to maintain a balance between higher returns and a sound capital position.

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