In 2013, MYC4 business continued to show good signs of growth. A total of €3.8 million was disbursed to 1,348 borrowers, which is a 6 % growth from 2012 in amount disbursed. 2013 also saw the highest number of loans outstanding and currently we have 5,208 active loans amounting to €4.05 million that are currently repaying. This growth was achieved despite the fact that our biggest provider, Micro Africa, stopped activity on MYC4 in March 2013 after a successful takeover by Letshego Holdings of Botswana. The growth was also realized in the backdrop of Gatsby Microfinance in Uganda experiencing some challenges in 2013 and could only disburse less than half of what the institution did in 2012. In 2013, three new providers came on board: Mtaji Credit Facility, Fanikiwa Microfinance Company and Uganda Microcredit Foundation.
2014 has begun rather slowly and currently, you will realize limited activity on the platform. This was to be expected and largely attributed to Christmas and New Year breaks. Most of our providers did not approve new loans in the last two week of December 2013 and the first week of January 2014, largely to mitigate the risk of funds being diverted to non-productive uses such as consumption and payment of Jan bills. The outlook in the coming days looks bright however. All our providers are back to full business after the festive season and normal production of loans should resume shortly. For Q1 2014 therefore, we project to disburse close to €1 million. This is based on the projections that we have received from all our providers. Additionally, we are hoping to bring two new providers this quarter.
We are looking forward to more growth in 2014. Happy New Year!