The provider update is for Gatsby, Micro Uganda, YEHU, SISDO, Tujijenge Tanzania, and BELITA.
BELITA has been paused from uploading on MYC4 since 2013 and although they have been struggling for a while now, BELITA finished paying their OLB on MYC4 and are currently in the process of paying off the defaulted amount which amounts to around 5,174 Euros. MYC4 is still deliberating on the way forward for this partnership.
Tujijenge Tanzania was one of the partners that really performed well on MYC4 in 2013, together with KEEF. In January, they continued the same trend and actually MYC4 disbursed a total of 79,262 Euros in January to them. This has however changed in the last 2 months. With low uploads and continued repayments from Tujijenge Tanzania, their OLB on MYC4 has reduced from 380,549 Euros in January to 316,195 Euros. MYC4 is working with Tujijenge to ensure that they upload more in the future.
As informed before, SISDO’s partnership with MYC4 was terminated late February, they have since been gradually paying their portfolio on MYC4 on a weekly basis although not consistently. MYC4 is working closely with them to make sure that repayments are consistent to the end. Currently SISDO’s OLB stands on MYC4 at 100,504.72 Euros.
A spot check was done on YEHU late March, and as most of the providers were experiencing a very slow quarter, YEHU was experiencing the opposite. This has so far been the best first quarter since the institution was founded. On MYC4 YEHU has increased its uploads and in the process of topping up the fixed deposit to enable them increase their uploads even further and hence growth in OLB. YEHU’s current OLB on MYC4 is 297,349.12 Euros.
Gatsby was paused from uploading on MYC4 back in November as their PAR was rising and also with their Managing Director leaving the organization, MYC4 had to wait for the new leadership to settle. For the last 4 months Gatsby has been working at maintaining a healthy PAR. This is actualizing and as today, Gatsby PAR has reduced from 31% to 19%. MYC4 continues to help Gatsby in stabilizing PAR so they hopefully soon can start uploading loans on the platform again.
Micro Africa – Uganda.
Micro Africa has been repaying their portfolio on MYC4 since 2013. They started off by paying off the Micro Africa – Rwanda portfolio on MYC4 and this year in early March Micro Africa paid off the Micro-Uganda portfolio. Currently only Micro Africa -Kenya is yet to fully pay off their Portfolio on MYC4 which is around 8,468.59 Euros and are in the process of paying it off.