In May last year, we received a bulk repayment of 14,375 euro from our suspended provider in Senegal, BIRIMA. Today, investors have received another 1,800 euro as recoveries on four of the defaulted loans, namely Prince Arts, Aïssatou Bouna Gueye, Marie Diallo, and Jalada Store.
We will stay in dialogue with BIRIMA to get them to honour the guarantee which was made to MYC4 and investors in September 2009 that no loans would default on the platform.
Githa,
since these loans are no longer shown in any of the portfolio aggregations and since it’s almost impossible to find them in my individual defaults list because I can’t sort that by provider:
Do you have an overview about how much is still outstanding and for which loans there have been made payments?
I can see from the provider statistics that around 80.000€ have been defaulted (not sure whether that’s the gross loan value or the actual defaulted capital), now 16.175€ have been recovered. Are these tied to specific loans (e.g. where Birima was able to recover capital) or is this spread out across all loans? Could it be the lump sum was evenly spread across loans and the 1.800 while the 1.800 are obviously for the loans you mentioned above?
It would be good to understand how much I still have at stake in Birima loans (if anything).
Thanks,
Joerg
Hi Joerg.
The lump sum was indeed spread out across all Birima loans while the new recoveries are individual. We’re currently in the final stages of improving the profit and loss page for investors where you’ll be able to see your defaults/recoveries etc. divided by provider (we hope to release it in the next couple of weeks). We’ll of course make sure to inform investors here on the blog as soon as it’s ready.
Best,
Githa
Wow, after all this time. Well done, and thanks for informing.
Githa,
sounds cool, looking forward to it!
Joerg
[…] New recoveries on loans from Senegal (February, 2012) […]