A new batch of recoveries from Birima has been transferred to investor accounts this week. Birima, our provider in Senegal, was suspended from operating on the MYC4 platform back in 2010 and since then we have been following up on an ongoing basis to ensure that as much as possible of the defaulted portfolio is recovered.
This week’s recoveries amount to €7,500 which has been divided evenly between the 22 defaulted loans. The total amount of Birima recoveries that have been returned to investors in the last two years is now €36,025.
Youssou N’Dour, the world-famous musician and the founder of Birima, who originally vouched for the quality of the loans on MYC4 has recently stated that he is committed to undertaking additional repayments in the coming months. We will keep you informed on this blog.