Since Makao Mashinani Ltd. (MML) was announced as a new MYC4 Provider in February this year, we have all been waiting in great anticipation for their first loans to open on the MYC4 platform. Our team in Nairobi has been working closely with MML to define their loan product, create their Provider profile, set up their risk sharing, and train the MML staff in using the MYC4 system. Today, the hard work pays off.
For those investors who are yet to become familiar with MML’s innovative mission of creating “a society where all poor people have access to decent shelter”, Ole Vestergaard visits Simon’s house in this blog post, and he goes to see Mary’s new house here. These are small excerpts from his two posts:
It was definitely an eye opener to all of us to see the appalling conditions these people live under. We met Simon, who showed us his shed. 13 by 13 feet, made of steel plates, no power, no water, no toilet. It was 30 degrees inside. Here he lived with his wife and three children, separated from the narrow alley only by a curtain. A visit to the community toilet cost 3 Shillings. Decent?
Mary Waithira Maina is a teacher in Nakuru, 150 km. north of Nairobi. She’s married to a matatu driver, they have two daughters aged 13 and nine. I meet her outside their newly built house, she’s dressed in what I believe are her best Sunday clothes, because “the press” is here. For a split second I don’t know whether the house is the new one or the one they have left, because to the untrained north European eye it doesn’t look much: A roughly built stone house with three rooms. It is – of course – the new one and a huge improvement compared to the place they have left, which Mary also shows me: A dark wooden shed attached to another shed with neighbors living just on the other side of a thin wall.
You can read about Makao Mashinani’s first three businesses now:
- 45 year-old Beth Mahinda is looking for 2,250 euro to build a residential house.
- 51 year-old Ann Grieve needs 2,170 euro to complete the building of one-bedroom houses.
- 29 year-old Ann Ndiba is applying for 2,500 euro to build a residential house and three commercial houses.
Please join us in welcoming MML as the newest addition to the MYC4 platform. We will start the countdown now. At 12 o’clock (CEST) today, the loans will be opened up for bidding. Happy Investing!