MYC4 has decided to implement a monthly account fee of €1 on inactive accounts starting February 1, 2011. By inactive accounts we mean any account that is more than a year old and has not placed a bid during the last year. As long as you place at least one bid each year you will not be affected by this change.
The reason for this fee is twofold:
First, we have a large number of accounts where investors have uploaded money but have not made bids in over a year. We think it is in everyone’s interest to have these funds working in Africa and have made ongoing efforts to contact these people and activate them again. We will write to all investors and inform them of the fee and encourage people who are inactive to become active again to avoid the fee. We will also offer everyone the possibility of becoming an automated investor, which means we will create a set of auto-bids for them.
Second, as I recently noted under Staff Reductions, MYC4 is still a young company and the income we earn from the business is still far less than our operating costs. After long discussions in the management team and the board, we have reached the decision that we need to increase our revenue in order to be able to ensure the survival and growth of the company. One of our options for increasing revenue is increasing our fees.