GPV

Gross payment volume — total value of transactions processed through the platform.

Take rate

Total revenue expressed as a percentage of GPV processed.

EBITDA

Earnings before interest, tax, depreciation and amortisation.

CFADS

Cash flow available for debt service (EBITDA less cash tax).

DSCR

Debt-service coverage ratio — CFADS divided by senior debt service.

Warehouse facility

A revolving credit facility that funds a lending book, secured on the receivables.

Advance rate

The proportion of eligible receivables the warehouse funds (here 80%).

First-loss layer

The equity tranche that absorbs initial credit losses beneath the warehouse.

RBF

Revenue-based finance — advances repaid as a share of the merchant’s takings.

ECL

Expected credit loss — the forward-looking loss provision held against the book.

LTV : CAC

Merchant lifetime value divided by customer-acquisition cost.

CMA

Common Monetary Area — the rand-linked currency union (SA, Namibia, others).

DFI

Development finance institution (e.g. DBSA, IFC, IDC, AfDB).

SoftPOS

Software-based card acceptance that turns a smartphone into a terminal.

Assessed loss

A tax loss carried forward to offset future taxable profits.