CFSL Integrated Report 2023

Annual Report 2023

Dear Shareholders, The Board of Directors is pleased to present the Annual Report of CIM Financial Services Ltd for the year ended 30 September 2023. This report was approved by the Board on 20 December 2023. Aisha Timol Mark van Beuningen Independent Director and Chairperson Executive Director and Group Chief Executive Officer

About this Report Reporting Period, Scope and Boundary This fifth Annual Report communicates financial and non-financial information about CIM Financial Services Ltd’s (‘CFSL’) strategy, business model, operating context, material risks and opportunities, governance and operational performance for the period 1 October 2022 to 30 September 2023. This report covers CFSL and its subsidiaries (collectively referred to as ‘Cim Finance’ or the ‘Group’) and provides a comprehensive overview of all matters that materially affect the Group. Significant events after 30 September 2023 up to the date of approval of this report are also disclosed herein. 1

Theme of this Report In the dynamic landscape of our organisation, this Annual Report is an exploration of three interconnected themes that have strongly defined the past financial year: social responsibility, sustainability and innovation. The narrative in these pages is centred on the synergies between these pivotal elements, and sheds light on how the fusion of responsible social practices, environmental stewardship and inventive thinking can catalyse transformative change for our business, while fostering positive outcomes for all our stakeholders and the environment. At the heart of Cim Finance’s organisational ethos lies an unwavering commitment to social responsibility. By prioritising inclusivity, community engagement and ethical business practices, we aim to contribute meaningfully to society and pave the way for a more equitable future for all. Environmental responsibility is crucial for the long-term viability of our company and the planet. Our sustainable practices, carefully designed to minimise our ecological footprint, aim to align our operations with the delicate balance of the natural world. Tackling complex challenges such as vulnerability and resource depletion necessitates innovative thinking and inventive approaches to problemsolving. By embracing responsible practices and fostering a culture of creativity in all aspects of our organisation, we are not only preserving our planet’s resources and enhancing the resilience of society, but we are also positioning ourselves as leaders in sustainable financing. This report stands as a testament to our commitment to using our influence to create a sustainable and innovative future for all. 2 CIM FINANCE ANNUAL REPORT

Forward-looking statements This report contains certain statements relating to the Group’s performance, financial standing, future prospects and objectives. These statements are based on the beliefs and assumptions of the Group’s management, as well as on information currently available to us. These statements are, by their nature, subject to significant risks and uncertainties and are not a guarantee of future performance or developments. Actual results and events may differ materially from information contained in the forward-looking statements. Our approach to materiality This report provides information that we believe is material to the ability of the Group to generate value over the short, medium and long term. In determining our materiality, we have considered our business models, our interactions with our relevant capitals, our operating context, the relevance to our key stakeholders and our business strategies. Reporting Principles Financial Human Manufactured Relationship Capital Intellectual Social & Natural (combined for the purpose of this report) Our Annual Report complies with the International Financial Reporting Standards, the National Code of Corporate Governance 2016, the Mauritian Companies Act 2001 and the Mauritian Financial Reporting Act 2004. In preparing this report, we have also been guided by the principles and requirements contained in the International Integrated Reporting Council (IIRC) International <IR> Framework. Our discussions about value creation are centred on the six <IR> capitals that are relevant to our Group, namely: 3


06 Group Structure 10 This is Cim 12 Value Creation Model 14 Financial Highlights 15 Consolidated Value Added Statement 16 Interview with the Chairperson 20 Directors’ Profiles 26 Discussion with the Group CEO 30 Human Capital Report 40 Senior Executive Team 42 Management Team 48 Corporate Social Responsibility 56 Green Bond 58 Risk Management Report 76 Corporate Governance Report 88 Other Statutory Disclosures 89 Directors’ Report 90 Secretary’s Certificate 91 Statement of Compliance 94 Independent Auditor’s Report 98 Financial Statements 207 Directors of Subsidiary Companies 5


100% 100% 100% 100% 100% CIM KENYA LTD CIM CREDIT KENYA LTD KEY FINANCIAL SERVICES LTD CIM INSURANCE AGENCY LTD THE OCEANIC TRUST CO. LTD Notes: 1. Group structure as at 30 September 2023 2. Excluding companies under liquidation and dormant companies 7

8 10 This is Cim 12 Value Creation Model 14 Financial highlights 15 Consolidated Value Added Statement 16 Interview with the Chairperson OUR YEAR AT A GLANCE 8 CIM FINANCE ANNUAL REPORT


Female Male 1000+ Employees 270,000+ Clients Counters Sub Offices Merchants OVER 75% 25% 100 650+ 9 Our services Platforms Key Milestones Factoring Consumer Finance Leasing Business credit cards POS services WhatsApp for Business SME Loans Rs Ecommerce service This is Cim Insurance First to list green bonds on the Stock Exchange of Mauritius First to cross MUR 50 million in repayments through Instant Payment Service (IPS) Winner of Environmental Awards 2023 in the non-banking category 10 CIM FINANCE ANNUAL REPORT

Our Purpose-Driven Approach We firmly believe that all Mauritians deserve a level playing field and the freedom to build a better future for themselves. Driven by this purpose, Cim Finance develops innovative products and flexible financing solutions designed to meet the various needs of individual and corporate consumers and enhance their financial wellbeing. Through our agile and customer-centred approach, we help households finance the everyday purchases that improve their quality of life; we empower entrepreneurs to start, grow and sustain their businesses; we partner with SMEs so they can fulfil their role as powerful engines of growth and employment; and we strive to help underserved communities break free of their financial constraints. In rising to achieve our mission, we have established ourselves as a reliable alternative to traditional lenders and as the leading non-banking financial institution in the country. Our Brand Pillars Our brand pillars guide us in all that we do and help us build authentic and trusting relationships with our employees, customers, partners and community members. Leading Edge We remain at the forefront of a fast-changing world by harnessing digital technologies and nurturing a growth mindset that values continuous learning and improvement above all. Caring We care about building a world in which everyone has access to the things they need. We vow to be warm, transparent and supportive as we guide you on your path to financial freedom. Connected We operate as one team, one Cim, as we strive to help you meet your financial obligations. We break down the silos and bring together our various teams, areas of expertise and ideas so we can focus on offering you the best solution and the best experience. Agile We understand that your financial needs are constantly changing. As your trusted financial partner, we adapt our solutions to your unique circumstances and grant you greater flexibility and freedom over your spending. 11 OUR YEAR AT A GLANCE OUR PEOPLE GOVERNANCE FINANCIAL STATEMENTS

INPUTS FINANCIAL CAPITAL • Shareholders’ funds • Reinvestment • Debt RELATIONSHIP CAPITAL • Wide network of merchants • Visa and MasterCard accreditation HUMAN CAPITAL • Diversified, competent and engaged workforce • Continuous development • Strong leadership team INTELLECTUAL CAPITAL • Branding • Innovation • Values MANUFACTURED CAPITAL • Proprietary scorecard • Network of counters SOCIAL & NATURAL CAPITAL • Corporate Social Responsibility • Responsible lender • Partnership with the Government for SMEs Value Creation Model OUR ACTIVITIES & OPERATIONS Credit facilities to individuals for the purchase of mobile phones, consumer electronic goods and furniture Personal unsecured loans to individuals to finance projects or personal requirements Credit protection plan to protect customers against unforeseen circumstances Cards and Payment Solutions Solutions for the acquisition of vehicles and equipment Help SMEs meet their cashflow needs through our Factoring services STRATEGIC IMPERATIVES Sustainable Growth Operational Excellence 12 CIM FINANCE ANNUAL REPORT

OUTPUTS Digitalisation Customer Centricity Risk Appetite Main Risks Risk Response RISK MANAGEMENT FRAMEWORK FINANCIAL CAPITAL • Optimal funding mix • Achieving targeted ROE RELATIONSHIP CAPITAL • Helping our partners grow their business HUMAN CAPITAL • Employer of choice • Empowered employees • Work-life balance INTELLECTUAL CAPITAL • New products • Cim Culture • Strong brand & reputation MANUFACTURED CAPITAL • Accessibility • Sound credit decisions • Low impairment levels SOCIAL & NATURAL CAPITAL • Responsible lender • Support to the community 13 OUR YEAR AT A GLANCE OUR PEOPLE GOVERNANCE FINANCIAL STATEMENTS


Consolidated Value Added Statement 748 166 865 869 646 134 639 587 Employees Reinvested Government Providers of capital September 2022 September 2023 GROUP September 2023 September 2022 MUR m % MUR m % Value Added Statement Income 2,916 2,573 Bought-in materials & services (268) (567) Total value added 2,648 2,006 Applied as follows: EMPLOYEES Wages, salaries, bonuses, pensions & other benefits 748 28 646 32 GOVERNMENT Income Tax 166 6 134 7 PROVIDERS OF CAPITAL Dividends paid to: Shareholders of CIM Financial Services Ltd 286 11 211 11 Banks & other lenders 579 22 428 21 865 33 639 32 REINVESTED Depreciation 158 6 159 8 Amortisation 36 1 38 2 Retained Profit 675 26 390 19 869 33 587 29 2,648 100 2,006 100 MUR m 15 OUR YEAR AT A GLANCE OUR PEOPLE GOVERNANCE FINANCIAL STATEMENTS

Interview with the Chairperson Independent Director & Chairperson Aisha Timol How would you evaluate CFSL’s overall performance this past year? I am pleased to report that CFSL has had an admirable performance in FY 2023, despite the challenges posed by the external environment. While adhering to prudent financial principles and sound risk management practices, we remained steadfast in growing our core areas of expertise, which traditionally have been consumer finance and leasing. We continued to provide support to our customers and partners, reaffirming our role as a dependable and meaningful partner in their growth; and we undertook an important strategic investment that has enabled us to gain a firm foothold in Africa, marking a significant step in our regional expansion plans. With our digitalisation drive and environmental ambitions also gaining momentum, we emerged from the past year with a strong sense of accomplishment and a clear path towards making sustainable finance a reality. As always, I remain in admiration of the commitment and resourcefulness displayed by our talented team, who never cease to exceed our expectations. Could you shed some light on the market conditions that impacted CFSL? What measures did the Group take in response to these circumstances? The external market environment was undeniably volatile and riddled with challenges. As a non-banking financial institution, we rely on a strong capital base, borrowings and debt instruments to fund our activities and extend credit to customers. The prevailing high-interest rate environment took a toll on our financing costs, and by extension, on our net interest margins. Elevated inflation is also affecting the way consumers and businesses plan their finances, stretching the capacity of borrowers to repay their debts, and eroding the purchasing power of lower-income households. In the face of these adversities, we reassessed our lending practices, credit scoreboard and loan portfolio at the level of the Group’s Risk Management Committee to protect the Company against the risk of non-payment. Were there any noteworthy strategic developments during the year? Indeed, the year was shaped by positive strategic developments. The acquisition of a controlling stake in Loinette Capital Limited (‘Loinette Capital’) marked a momentous milestone in our regional expansion journey and diversification strategy. Loinette Capital is a well-established specialist in asset-based financing, with a clear goal to support SMEs across East, Central and West Sub-Saharan Africa. Above all, this enables CFSL to extend the impact of its mission - to uplift lives and build better futures - to a broader audience across Pan-Africa. Another noteworthy initiative was the introduction of the Noubiznes Booster Programme, through which we lend targeted support to SMEs to improve their odds of success, even in the face of economic downturns and volatility. What value was delivered to the Group’s shareholders? Our strong financial performance enabled us to deliver enhanced returns to our esteemed shareholders in appreciation of their loyalty and support. We declared a final dividend of MUR 0.38, up from MUR 0.24 in 2022, reflecting our commitment to creating long-term value for our shareholders. Without question, this is a testament to the passion and professionalism of our people, who form the backbone of our success. I am sincerely grateful for the hard work and contributions of our employees. As the world finds itself in the midst of a war for talent, CFSL is wholly committed to nurturing and retaining its team members. How have CFSL’s governance practices evolved over the past year? Were any changes made to the Board to enhance its effectiveness and stewardship role? Good governance and a responsible business culture play a vital role in driving positive outcomes for all our stakeholder groups, from our shareholders, customers and employees, to our communities and the environment. As overseers of risk and stewards of long-term value, we recognise that the ownership of this mission lies firmly with our Board of Directors. ESG matters have gained more prominence at Board level, and we have made encouraging progress in establishing the structures, processes and control systems needed to cascade down an ESG-focused mindset throughout the entire organisation. 16 CIM FINANCE ANNUAL REPORT

During the year, we continued to strengthen our governance practices and processes. In July 2023, we welcomed a new member to our Board of Directors, Sharona Ramdoss, who brings 15 years of invaluable experience in financial services and whose unique insights will no doubt enrich our strategic discussions. Additionally, Sharona has been appointed to the Audit and Compliance Committee, contributing to a committee now composed of a majority of independent directors. What progress has the Group made in delivering on its environmental and social commitments? At the heart of CFSL’s activities lies an unequivocal mission to become a sustainable and impactful company, more so as the effects of climate change become increasingly pronounced. We believe that we have both the responsibility and capabilities to pioneer solutions that are better for the planet and people, and I am proud when I look at the progress made from this standpoint. The first Green Bond we issued in 2022, earmarked exclusively for environmental and community-driven projects, marked a groundbreaking stride towards sustainable financing. More recently, in October 2023, we made history as the first company to raise and list green bonds on the SEM’s Official Market, of which MUR 5 million were traded on the very first day of listing. In the aftermath of our initiatives, we are not only seeing a noticeable shift in Mauritius towards electric mobility and responsible consumption, but above all, we are pleased that our customers are selecting CFSL as their preferred partner to help them make more impactful and responsible purchasing decisions. As we work towards making our own operations greener through digitalisation, we are equally intent on improving our climate-related governance practices, excluding enhanced disclosures. Our community initiatives are grounded in the profound understanding of the symbiotic connection between our operations and the wellbeing of the communities we are privileged to be a part of. We pursued our social uplifting programme, making measurable progress in our flagship project in Cité CIM by completing the construction and renovation of 25 houses for vulnerable families at the cost of MUR 21 million, further demonstrating our commitment to making a positive lasting impact in the communities we serve. We are also very pleased with our collaboration with the UNODC and the Government to launch Family UNited, a three-day training programme designed to tackle the pervasive issue of drug abuse on the island. Sixty social workers received training in parenting knowledge and family practices, led by experts from Vienna. The objective is for these trained professionals to impart that knowledge to parents, empowering them in turn to create a healthy environment for the wellbeing of their children. What are CFSL’s priorities for the coming year? As we turn the page on another financial year, we expect volatility, interest rates and inflation to persist. In this environment, consumers and businesses alike will likely grapple with the increasing cost of living. As is customary at CFSL, we are closely monitoring the dynamic operating environment to stay ahead of potential disruptions and remain attuned to the evolving needs of our customers. Despite these uncertainties, we are confident in our strategies and approaches, which have proved their mettle and served us well in the recent past. We intend to continue making thoughtful and targeted investments in our core business, in technology and in our human capital, while continuing to explore regional opportunities to cement our foothold in Africa. As we chart our responsible course ahead, we eagerly anticipate more traction in the financing of environmentally sound and sustainable projects, which will play a pivotal role in steering the island towards a net-zero economy. Do you have any closing remarks or special acknowledgments? My biggest thank you goes out to Cim’s 1000 employees. Within our team, each employee is regarded as an integral piece of a larger whole, with unique skill sets, ideas and contributions. Each individual effort, no matter how seemingly small, has come together to create a unified force that has propelled us forward in our pursuit of a higher purpose. I would also like to express my gratitude to the management team for exemplifying remarkable leadership and strategic foresight under the guidance of our Group CEO Mark van Beuningen. I am confident that the inspiration derived from our leaders will continue to drive excellence and innovation in all facets of our organisation. To my fellow Board members, thank you for the insightful considerations that you bring to our Board deliberations, and for setting a strong ethical culture within CFSL. Lastly, I am sincerely thankful for the ongoing support of our shareholders. Your trust in our vision and strategies has been a beacon inspiring us to explore new horizons and create value in innovative ways. We remain dedicated to upholding the standards that have earned your confidence. Aisha Timol Your Chairperson 17 OUR YEAR AT A GLANCE OUR PEOPLE GOVERNANCE FINANCIAL STATEMENTS

20 Directors’ Profiles 26 Discussion with the Group CEO 30 Human Capital Report 40 Senior Executive Team 42 Management Team 48 Corporate Social Responsibility 56 Green Bond 58 Risk Management Report 76 Corporate Governance Report OUR PEOPLE AND GOVERNANCE 18 CIM FINANCE ANNUAL REPORT


Directors’ Profiles The Board of CIM Financial Services Ltd (‘CFSL’) is made up of a mix of independent, non-executive and executive directors whose combination of skills and independence of opinion bring diversity to Board deliberations. The range of competencies, experience and expertise of the directors is one of the aspects that allows CFSL to successfully navigate a constantly evolving operational and financial context. Bottom row – left to right: Louis Amédée Darga, Aisha Timol, Mark van Beuningen, Fareed Jaunbocus Top row – left to right: Tim Taylor, Denis Motet, David Somen, Sharona Ramdoss, Colin Taylor, Philip Taylor, Matthew Taylor 20 CIM FINANCE ANNUAL REPORT

INDEPENDENT DIRECTOR AND CHAIRPERSON Aisha was appointed as Independent Director and Chairperson of CFSL in July 2020. She also held the position of Chairperson of Cim Finance Ltd (‘CFL’), a wholly owned subsidiary of CFSL, from April 2018 until its amalgamation with and into CFSL on 01 October 2020. Aisha has had a long career in the public service, as well as in the private sector and academia, and has held directorship positions at the Budget Bureau and Economic Affairs Division of the Ministry of Finance and at the Ministry of Financial Services. She was previously the CEO of the Mauritius Bankers Association and a Senior Lecturer at the University of Mauritius. She now serves on the Board of both domestic and international private sector companies and is a fellow member of the Mauritius Institute of Directors, where she also acts as a Consultant on governance matters. Aisha holds various academic qualifications, notably from the University of St Andrews, Scotland, Université d’Aix Marseille, France and the Institute of Social Studies of The Hague, Netherlands. She is also the Chairperson of the Board Investment Committee and a member of the Corporate Governance and Conduct Review Committee of CFSL. Directorship in other listed companies: CIEL Limited EXECUTIVE DIRECTOR AND GROUP CEO Mark is currently the Group CEO and Executive Director of CFSL. He joined the Group in January 2016 as the Managing Director of Cim Finance Ltd (a wholly owned subsidiary of CFSL, which amalgamated with and into CFSL on 01 October 2020). In October 2017, he was appointed as the CEO of the Group while occupying the function of Acting Managing Director of Cim Finance Ltd. Before joining the Group, Mark worked for the Boston Consulting Group (BCG) in Sydney for two years, and in Johannesburg for four years. Prior to that, he worked in the Structured Products team at Macquarie Funds Group in Sydney, and as Audit Manager for KPMG Financial Services Assurance in Cape Town. Mark holds a Bachelor of Business Science (Hons) in Finance and Accounts from the University of Cape Town and an MBA from the Australian Graduate School of Management. He qualified as a Chartered Financial Analyst in 2007 and as a Chartered Accountant (SA) in 2005. He is also a member of the Corporate Governance and Conduct Review Committee, a member of the Risk Management Committee, as well as a member of the Board Investment Committee of CFSL. Directorship in other listed companies: none Aisha Timol – G.O.S.K Mark van Beuningen 1 2 21 OUR YEAR AT A GLANCE OUR PEOPLE GOVERNANCE FINANCIAL STATEMENTS

NON-EXECUTIVE DIRECTOR Amédée Darga is a Fellow of the Royal Society of Arts (FRSA) U.K. He is the Chairperson of the Mauritius Africa Business Club, and is also the Managing Partner of StraConsult, a management and economic development consulting firm. He is also the National Partner of Afrobarometer for Mauritius. He served as the Chairperson of Enterprise Mauritius until December 2014. He is an Honorary Fellow of the Institute of Engineers in Mauritius, as well as a Fellow of the Mauritius Institute of Directors. He is a former member of parliament in Mauritius and a former Minister. He also served as Mayor of the town of Curepipe. Amédée Darga has been a member of the African Association of Political Science since 1977, and is a former executive member of the organisation. From 2005 to 2011, he served as a Member of the Bureau of the Committee on Human Development and Civil Society of the U.N Economic Commission for Africa. Amédée Darga is also the Chairperson of the Audit and Compliance Committee, the Chairperson of the IT sub-committee and a member of the Board Investment Committee of CFSL. Directorship in other listed companies: none INDEPENDENT DIRECTOR Fareed Jaunbocus is the CEO of Strategos Co Ltd, a top of the mind management consulting firm, with 31 years of experience in the field. He has been a partner for 31 years at DCDM/Arthur Andersen/BDO, heading the Strategic Consulting services. He has also served as a part-time lecturer for ACCA and MBA students. Fareed has a unique width of experience in consulting assignments, and in capacity building, and a recognised track record of high delivery. He works with all blue chip companies and the leading CEOs in Mauritius and has intervened in over fifty countries worldwide. He has been the Engagement Partner and Lead Consultant on all strategic consulting assignments of DCDM/BDO up to July 2017. He is also a specialist in structured and strategic thinking, having carried out more than a thousand stakeholder assignments for leading organisations, both locally and overseas. His services ranges from Facilitation, Strategic Planning, Strategic Thinking, Climate Change, Effective Brainstorming, Organisation Review and Restructuring, Family Business Consulting, Implementation of Balanced Scorecard, Change Management, Team Building and 360 degree analysis, facilitation services, Customer Service Excellence, Risk Management, Coaching and Capacity Building. He has been a regular spokesperson in international conferences. He has also been a resource person in different international teams from the USA and also for International Organisations like WORLD BANK, UNDP among others. He is a proven facilitator with a unique track record. He adheres to the highest standards of professional excellence and ensures a positive memorable experience for his clients. He also serves as Board Director and has been a Director on the United Nations Advisory Board in New York. Fareed has received numerous awards, including the Africa Most Respected CEO Award in Management Consultancy in July 2022 and the Global Respected CEOs in Management Consulting in Singapore in 2023. He is a member of the Audit and Compliance Committee, a member of the Risk Management Committee and a member of the IT sub-committee of CFSL. Directorship in other listed companies: none Louis Amédée Darga Fareed Jaunbocus 3 4 Continued Directors’ Profiles 22 CIM FINANCE ANNUAL REPORT

INDEPENDENT DIRECTOR Denis was appointed as an Independent Director of CFSL in July 2020. He held the position of Chairperson of the Risk Management Committee of Cim Finance Ltd, a wholly owned subsidiary of CFSL, for two years until its amalgamation with and into CFSL on 01 October 2020. Until his early retirement at the end of 2015, he served as the Chief Risk Officer of The Mauritius Commercial Bank Ltd, where he was directly responsible for segments like Credit Management, Credit Risk, Information Risk Management, Market Risk, Operational Risk, Security and Recovery. Prior to this, he worked in various divisions within the MCB Group, namely International, Corporate and Credit Risk, as well as in its overseas banking subsidiaries based in Mozambique and Seychelles. Denis holds a ‘BTS Action Commerciale’ and a ‘Diplôme d’Enseignement Supérieur Commercial Administratif et Financier’ (France). He is also the Chairperson of the Risk Management Committee, a member of the Audit and Compliance Committee and a member of the IT sub-committee of CFSL. Directorship in other listed companies: none INDEPENDENT DIRECTOR Sharona was appointed as Independent Director of CFSL in July 2023. She also sits on the Audit and Compliance Committee of CFSL. She is the founder of Adaptiv Global Partners, a boutique advisory firm. She has previously served as a director on the Boards of Ascencia and private equity firms. Sharona is a CFA Charterholder with a Master’s degree in economics & management from the University of Science and Technology of Lille and a Master’s degree in international financial analysis from École Supérieure des Affaires de Lille. Sharona volunteers with Les Restos du Coeur in Paris and is actively working on digital inclusion initiatives. Directorship in other listed companies: none 5 6 Denis Motet Sharona Ramdoss 23 OUR YEAR AT A GLANCE OUR PEOPLE GOVERNANCE FINANCIAL STATEMENTS

NON-EXECUTIVE DIRECTOR David Somen holds a Law Degree from Oxford University and an MBA from Harvard Business School. He is the co-founder and Managing Director of Virtual IT Limited, a UK-based IT managed services and security provider. He is also the co-founder and Chairperson of Eldama Technologies Limited, one of Kenya’s leading cloud and IT services providers, a cofounder and director of Serenity Spa, Kenya’s leading spa and wellness organisation, and a co-founder and Chairman of Jani Beauty, a manufacturer of African sourced sustainable body and facial products. Prior to Eldama and Virtual IT, David was the co-founder and Executive Deputy Chairperson of AccessKenya Group, Kenya’s leading corporate Internet Services Provider which was listed on the Nairobi Stock Exchange and later sold to Dimension Data Group, as well as the co-founder and CEO of the LCR Telecom Group, which was sold to NASDAQ listed PRIMUS Telecommunications. He also has several years of experience working for McKinsey & Co in London and Hong Kong and serves on the board of Enasoit Ranch and is a trustee of May Measurement Month, an international hypertension charity. David is currently the Chairperson of Cim Credit Kenya Ltd (Aspira), Cim’s Kenyan financial services business. David is also the Chairman of the Corporate Governance and Conduct Review Committee of CFSL. Directorship in other listed companies: none NON-EXECUTIVE DIRECTOR Colin was appointed as a Non-Executive Director of CFSL in March 2010 and served as Chairperson of the Board from January 2017 to July 2020. He is currently the Chairperson and CEO of Taylor Smith Investment Ltd, a diversified group of companies involved in Marine Services, Logistics and Distribution, Manufacturing, Services and Property. Colin is also the Chairperson of Lavastone Ltd, a company which acquires, develops, leases and manages a portfolio of commercial and industrial properties in Mauritius and Rodrigues. Colin holds an MSc in Management from Imperial College, London and a BSc (Hons) in Engineering with Business Studies from Portsmouth Polytechnic. He is also a member of the Board Investment Committee of CFSL. Directorship in other listed companies: Non-Executive Director of Lavastone Ltd David Somen Colin Taylor 7 8 Continued Directors’ Profiles 24 CIM FINANCE ANNUAL REPORT

NON-EXECUTIVE DIRECTOR Philip Taylor graduated from the University of Surrey in 1989 after studying Hotel Management. After completing an MBA in England 1994, Philip moved back to the Rogers Group in Mauritius, and headed the Group’s diversified international development. In 2004, he left Rogers to set up his own businesses with a focus on the Indian Ocean Islands and Africa. His diverse experience over the past few years have been focused on the region’s hospitality and tourism industry. He currently heads the development of a fastgrowing hospitality and tourism technology service company by the name of www. hospitality-plus travel. Philip is the Honorary Consul of Finland in Mauritius. He is also a member of the Corporate Governance and Conduct Review Committee of CFSL. Directorship in other listed companies: Non-Executive Director of Lavastone Ltd NON-EXECUTIVE DIRECTOR Tim holds a BA (Hons) in Industrial Economics from Nottingham University. He worked in the United Kingdom until 1972, before returning to Mauritius and joining Rogers & Co. He became Chief Executive of Rogers in 1999 and retired in December 2006. He was then appointed Non-Executive Chairperson of Rogers from 2007 to October 2012. Tim serves as the Chairperson of Scott and Company Limited, one of Mauritius’ oldest commercial concerns. He is a former Chairperson of the National Committee on Corporate Governance and a former President of the Mauritius Chamber of Commerce and Industry. He is also the Honorary Consul of Norway in Mauritius. Having always had a keen interest in environmental and conservation issues, he has been an active member of the Council of the Mauritian Wildlife Foundation since 2006 and became President of the Foundation in 2009. Tim is also a member of the Corporate Governance and Conduct Review Committee, as well as a member of the Board Investment Committee of CFSL. Directorship in other listed companies: none 10 11 Philip Taylor Tim Taylor NON-EXECUTIVE DIRECTOR Matthew holds a BSc (Hons) in Retail Management from the University of Surrey. He joined Rogers in 2000 as Project Manager in the Planning and Development Department. He became the Executive Director Retail of Scott and Company Limited from 2007 to January 2013 and is currently the firm’s CEO. Matthew is also a member of the Risk Management Committee and of the IT sub-committee of CFSL. Directorship in other listed companies: none Matthew Taylor 9 25 OUR YEAR AT A GLANCE OUR PEOPLE GOVERNANCE FINANCIAL STATEMENTS

Executive Director & Group Chief Executive Officer Mark van Beuningen Are you satisfied with CFSL’s performance for the year, given the challenging operating environment? In the face of a challenging operating environment, CFSL delivered a noteworthy performance and celebrated several milestones. In addition to delivering an improved turnover, several of the metrics used to measure our progress have shown positive trends, including: continued growth in our asset book, growth in our net interest income margin as well as non-interest revenue, reduction in our cost-to-income ratio, and continued improvement in our non-performing loan ratios post COVID. These indicators stand as a testament to the soundness of our business model and our clear strategic direction. This past year, we also grew our core activities and strengthened our expertise, which I credit to each one of our 1000 outstanding team members; we have made great progress on our digital transformation journey; and we completed a key acquisition that is paving the way for purposeful expansion in rapidly growing markets in Africa. I am very encouraged by these results. That said, the year was not without its challenges. The high interest rate and high inflationary environment proved equally difficult for businesses, consumers and households. Higher financing and operating costs affected businesses’ ability to invest and expand, while households have been compelled to reprioritise their finances and revise their plans for the future in view of their eroding purchasing power. At the same time, our focus never wavered from supporting our clients facing financial hardships and constraints, working closely with them to restructure their facilities to more affordable and manageable monthly payments. How does the theme of this report tie to CFSL’s performance? The theme of this report resonates profoundly with our performance this past year. As pioneers in our domain, innovation has always been integral to CFSL’s identity and ways of working. We understand that our actions reverberate far beyond our walls, impacting a significant portion of the Mauritian population, and that it is our duty to wield our influence and position responsibly to set new industry standards and stand as positive agents of change. The launch of a Green Bond to support our Green Leasing product, Noubiznes for our SME clients, and our new digital in-app MoCrédit loan are only a few examples that underscore how innovation, when strategically cultivated and harnessed, can serve as a powerful tool for enhancing societal wellbeing and contributing to a greener future–two of our strategic imperatives. The stories of ingenuity and forward-thinking initiatives contained in the pages of this report further shed light on how CFSL is actively contributing to a positive impact on the world around us through sustainable innovation. Discussion with the Group CEO 26 CIM FINANCE ANNUAL REPORT

Could you share the most noteworthy developments across CFSL’s Consumer Finance activities? I am pleased to share that we sustained growth across all our business lines and ventured into new segments, reflecting both the resilience of the Mauritian economy, and an operational performance fuelled by purpose and innovation. The Consumer Finance segment continues to be the biggest contributor to our bottom line, driven by an impactful digital transformation journey that has reshaped our capabilities, redefined customer experiences and broadened access to financial resources. The pursuit of digitalisation in all facets of our organisation also stands as an important driver in our growth plans. Digital technologies have not only revolutionised how we work as a team and delivered important productivity gains, but they have also proved their worth as an invaluable tool to realise cost savings and elevate customer experience. We have continued to innovate through our digital offerings in our MoFinans App, which now counts over 70,000 active users. As mentioned previously, we also launched an in-app digital MoCredit loan facility, in addition to a host of new customer service features. The ‘Cim Paye Ta Mensualité’ initiative, a monthly Facebook game, played a part in this success as it offers customers the chance to qualify for a MUR 5,000 deduction from their installments when making payments through IPS on MoFinans. How did the Leasing segment perform, especially since the acquisition of Tsusho Capital by CFSL? We have a firm resolve to continue to be the leader in the Leasing segment in Mauritius. With the amalgamation of Tsusho Capital (Mauritius) Ltd into CFSL, we strengthened our in-house presence across dealerships in the country, that include Toyota, Mercedes Benz, Volkswagen, Suzuki, HINO, FUSO in addition to our existing partners Hyundai and Volvo. We cemented our position as the market leader in green leases for electric vehicles and plug-in hybrids, funded through our Green Bond programme. All these initiatives, as well as the excellent customer service delivered by our Leasing team, helped us double our leasing volumes compared to the previous financial year. Additionally, we developed a new vehicle insurance proposition in partnership with major players on the market, including MUA, SWAN, SICOM and Jubilee-Allianz, which enables customers to obtain their motor insurance through CFSL. Could you provide insights into the growth and sustainability initiatives in the Cards & Payments segment? In the Cards & Payments segment, we grew our number of active cards issued, and POS acquiring volumes also saw a healthy growth. The adoption of the IPS digital payment system through its integration into our MoFinans app has been a major driving force behind our digital offerings, providing customers with a swift and convenient way to repay their loans, while maintaining high standards of security. Our MoFinans digital payment solution has already reached MUR 50 million in monthly transactions through IPS–representing the highest monthly volume of transactions through the IPS system in Mauritius. We take great satisfaction and pride in this achievement, and seeing the increasing trust in and reliance on digital payments in Mauritius, we are more committed than ever to upholding our leading position in this sphere. A new Head of Cards and Payments was appointed to drive our strategy in this market, which also holds an important sustainability component as we progressively shift to QR code payments and e-statements. How do activities like Factoring, and initiatives like Noubiznes, contribute to supporting businesses in this difficult environment? Factoring continues to stand out as an excellent financing solution for cash-strapped SMEs in light of the current economic climate, where borrowing, financing and operating costs have risen exponentially. The number of SME clients using our factoring solutions continues to grow, indicating that SMEs see a lot of value in this working capital solution, which includes the outsourcing of debtor management to CFSL. We also launched the Noubiznes Booster Programme, which was designed to support and accelerate the growth of businesses showing strong innovation and scalability potential. Through a nine-month programme, the Noubiznes Booster Programme equips a selected few entrepreneurs with the financial literacy, strategic guidance, networking opportunities, personalised coaching and other practical tools they need to improve the competitiveness of their business and fulfil their roles as engines of socioeconomic development. Fundkiss has also proven to be a valuable investment and a crucial enabler of our SME strategy. Since its creation, it has provided loans amounting to over MUR 300 million, of which MUR 158 million were raised in 2023 alone, grown its lending community to over 5,000 individual and institutional lenders, and extended its impact to almost 400 SMEs and entrepreneurs. 27 OUR YEAR AT A GLANCE OUR PEOPLE GOVERNANCE FINANCIAL STATEMENTS

How is the Group’s regional expansion faring? Over the years, we have pursued our regional expansion ambitions with a keen eye on prudent, progressive and sustainable growth. Our foray into the region began in 2018 through Kenya, where we set up our wholly-owned subsidiary, Aspira, to offer Hire Purchase solutions to customers. Since then, our expansion strategy has been dynamic and responsive to the needs of the Kenyan market, allowing Aspira to gain prominent ground in the region. Aspira’s ‘Bizna Financing’ was launched in March 2023 in line with our ardent commitment to support the SME sector – a vital yet underserved cornerstone of the economy – and promote entrepreneurship. Bizna Financing provides eligible entrepreneurs with access to asset financing to immediately purchase the equipment they need to scale up their ventures. Closing yet another gap in the market, we introduced the Aspira Soma Education Loan, a school financing loan facility. Having gained an understanding of the needs of the market and recognising the high premium placed on quality education in Kenya, we have developed a product to support parents to finance their children’s education at one of the lowest interest rates in the market. The loan covers all educational levels, from kindergarten to university and training institutions, to support the future of their children. How does the Group’s recent acquisition of Loinette Capital contribute to this regional expansion strategy? In March 2023, we completed the acquisition of a controlling stake in Loinette Capital, providing a significant boost in our regional expansion strategy from a market coverage perspective. With its 15 years of well-established operations in yellow metal equipment financing in ten African countries, Loinette focuses on offering asset financing solutions to midsized companies engaged in the mining, construction and agricultural sectors. To date, Loinette Capital has channelled over USD 300 million to SMEs in Sub-Saharan Africa, stimulating not only economic growth in that region, but also job creation and the development of critical infrastructure that was not previously available in those areas. To bolster our presence on the continent and to support Loinette’s growth into East and West Africa, we have strategically established hubs in Nairobi and Abidjan. Looking at our journey and our progressive expansion beyond the traditional hire purchase into SME financing and impactful educational loans, CFSL now holds a diversified and risk-adjusted portfolio, and is well-positioned to contribute meaningfully to the financial services landscape in the region. CFSL announced its firm commitment to play its part in combatting the effects of climate change. What are your personal convictions, as a leader, on how climate change and finance intersect? There is a very clear and compelling case for intersecting finance with responsibility to maximise our positive impact on the world. Addressing climate change is just as much our moral imperative as it is a strategic necessity, and this intersection is, in my view, no longer a niche concept. Sustainable finance is poised to become a cornerstone of global finance in the coming decades, with listed green financial products crossing the $300 billion threshold in terms of new issues in 2023 alone. CFSL’s Green Bond offering to support our Green Lease product are recent flagship projects and a symbol of our commitment to a greener, more sustainable Mauritius. After successfully launching our initial MUR 500 million Green Bond in January 2022, earmarked for environmentally and socially sustainable projects, we achieved another historic milestone by becoming the first company in Mauritius to list and trade a Green Bond, a new asset class, on the Stock Exchange of Mauritius. Our most recent Green Bond offering in October 2023 was oversubscribed, leading us to issue MUR 1.5 billion, of which MUR 1.1 billion bonds were listed. We have also seen an impressive uptick in the purchase of electric vehicles on the island with our Green Lease product offering. These outcomes are gratifying for us at Cim Finance, and signal a strong readiness among consumers to shift towards a cashless society. They are also an indication that Mauritius is ready to take the driver’s seat on the sustainability front and become a more active participant in the global conversation. We also continue to strategically allocate resources to more environmentally-friendly practices within our operations. For instance, we are strongly championing the shift to hybrid/ electric vehicles within CFSL’s fleet and among our workforce by offering attractive schemes to our employees. Along with this, we are working towards obtaining the LEED certification at Cim House to make our infrastructure more energy-efficient and climate-resilient. Other notable initiatives include the sponsorship of an EV charging station, recycling and waste management actions, and the pursuit of digital solutions to phase out our consumption of paper. In light of the labour challenges plaguing almost all industries, what steps is CFSL taking to maintain a motivated and engaged workforce? There has been a noticeable shift in the labour market since the end of the pandemic, with a range of challenges threatening the long-term sustainability of businesses if left unaddressed. Talent shortages, skills gaps, intense competition and changing demographics have come together to create a perfect storm for the financial services industry. Ensuring a stable pipeline of engaged, fulfilled and skilled talents has become our utmost priority. While continuing to meet our employees’ expectations with respect to flexibility, work-life balance and wellbeing, we also adapted our employee value proposition to address the need of the hour–easing the impact of inflation on our employees. We strongly emphasised learning and development to ensure our people are equipped with the know-how, knowledge and mindset to take on greater challenges, move into more complex roles, and develop leadership skills. It is with great enthusiasm that I would like to share two momentous initiatives in this regard: the launch of Cim’s Discussion with the Group CEO Continued 28 CIM FINANCE ANNUAL REPORT

Capabilities Academy, which, as its name suggests, provides a structured learning environment where our team members can hone and acquire skills, a build a robust talent pool; and the ACE Cim Graduate Programme, aimed at offering new graduates the chance to cultivate their skills and be fully-equipped to enter the workforce. 25 graduates will be benefitting from bespoke learning and mentoring through the programme. While these two projects foster organisational excellence and learning within CFSL, their collective impact will also elevate the broader knowledge base and intellectual environment of Mauritius. How does CFSL fulfil its social responsibility towards communities and society at large? CFSL exists to ease access to finance to individuals and businesses who have been traditionally underserved. We open up opportunities for a wide range of groups and demographics, helping them to secure the funding to meet essential needs such as housing, education and entrepreneurship. The nature of our activities means that we inherently operate as an enabler of financial inclusion, economic prosperity and social wellbeing. As described by our Chairperson, and further in the CSR report on page 48, our CSR agenda serves to tackle the deep-rooted issues that affect our communities through activities in the realm of education, engagement and the environment. What is your outlook for the coming year, and what will be CFSL’s key strategic focuses? Despite the adverse macroeconomic context, Mauritius has demonstrated a high level of resilience. We remain very mindful of these challenges, and their impact on our different stakeholder groups, and we intend to continue operating with our signature prudence, foresight and sound judgement to help our customers navigate the complexities of the economy. We also aim to continue strengthening our engagement with our stakeholders, whether with our employees, partners, retailers or merchant networks, recognising the interconnected nature of our relationship, where our success is intertwined with theirs. This past year marked a robust drive towards our regional expansion in Africa, a market holding tremendous potential. Now, we aim to position ourselves to seize all the opportunities it presents. At the same time, having laid strong foundational blocks for a compelling digital ecosystem, our goal is to evolve into a fully digitalised business model, ensuring that every aspect of our business is streamlined to better serve our customers. As we wrap up this interview, do you have a final message to share with CFSL’s stakeholders? 2023 has been a year of many firsts and many milestones, all made possible by the unparalleled dedication and positive energy of our people. Thank you for your exceptional work and teamwork, and for always going the extra mile to serve our customers. I would also like to thank our esteemed Board members, whose strategic vision and insights have played a pivotal role in our accomplishments. On behalf of the management team, we thank you for your endless support. None of this would have been possible without our partners and customers, who are at the heart of everything we undertake. They fuel our determination to innovate and stretch our limits, contributing to our shared success. The journey ahead is exciting, with several historic chapters yet to unfold. With the trust and support of our valued stakeholders, we look forward to blazing a trail for sustainable finance. Mark van Beuningen Group CEO 29 OUR YEAR AT A GLANCE OUR PEOPLE GOVERNANCE FINANCIAL STATEMENTS