We shall have a look at the providers in Kenya, these are KEEF, YEHU, Milango, SISDO and Microkenya.
YEHU has continued it’s positive trend on MYC4, the OLB has however dropped from €310,116 in April to €299,522 in May. YEHU’s uploaded €31,114 worth of loans in May. YEHU is expected to grow further in future as MYC4 is currently only 9% of their own total OLB.
KEEF is currently at the loan portfolio ceiling of the B provider (750,000 Euros as per the license limit). Hence uploads are currently paused till the OLB is within the class limit again.
MicroKenya who exited from MYC4 continues to repay their portfolio. Their current remaining OLB on MYC4 is € 2,412 and they are expected to continue repaying to the end.
SISDO also continue to repay their portfolio after the mutual decision to terminate the partnership in early 2014. Their OLB currently stands at €53,807 and their weekly repayments continue to be received regularly.
Milango is as expected about to attain the maximum OLB for a pilot provider which is €150,000 hence MYC4 is scheduling a pilot evaluation later in the month of June. Hereafter Milango will hopefully be given a go ahead to upload as much there is required for a C class provider (maximum of 350,000 Euros) depending on the pilot evaluation outcome and the requirement that their portfolio on MYC4 does not go beyond 30% of their outstanding portfolio.
In July MYC4 exits from Uganda, hence no loans from Uganda will be uploaded on the MYC4 platform from 1st July. Below is an update of how the providers are fairing on despite MYC4 plans to exit the Ugandan market.
Tujijenge Uganda continues to upload loans every week, the repayments come in every week and they have continued they continue compliance with MYC4 policies, their current OLB stands at €67,055.
Gatsby was paused last year due to issues with the PAR 30 being too high, as well as other internal organizational challenges they were facing. So far they have continuously been transferring repayments, their OLB currently stands at €174,847.
Uganda Micro-credit Foundation occasionally uploads on MYC4, they have continued transferring repayments every week and their current OLB stands at € 178,737.
Providers from Tanzania were paused from uploading on MYC4 in April as MYC4 pulled out of the Tanzanian Market. Below is an update of how the providers fair on in terms of repayments, we look at; Tujijenge Tanzania, Mtaji, Fanikiwa and BELITA.
Tujijenge Tanzania had initial challenges with the new way of transferring repayments to MYC4 after INTL closed shop in Tanzania. However as of last week, they have started transferring and it is believed that they will continue on the same trend, Tujijenge’s portfolio now stands at €129,498.
Fanikiwa Microfinance company Limited has been transferring repayments in good time, however their PAR 30 has been high. They have been working on reducing it and it has now gone down from 50% to 13%. Fanikiwa’s OLB currently stands at €67,373
Mtaji Micro-credit Facility has been having challenges with the new ways of transfering, it is believed that this will change soon, Mtaji’s current OLB is €80,958.
Belita has fully paid the OLB, however they are now in the process of paying for the defaulted amount which amounts to €3770.61
MYC4 has been searching for new providers in Kenya and at the moment there are two potential providers. These are;
REMU DTM Ltd – REMU Deposit Taking Microfinance Limited (REMU DTM) is a Kenyan micro finance company licensed by the Central Bank of Kenya under the Micro Finance Act and Regulations (2008). The due diligence has been done and and we are hoping to get started soon.
JUBILANT Kenya Ltd (JKL) – Jubilant is a Kenyan micro finance company based in Mombasa. It was incorporated on 11th May, 2012, it specializes in offering financial services to all the sectors targeting mainly the rural areas with the aim of unlocking the potential that lies in those areas. The effect of this will be improved livelihoods and subsequently wealth creation for borrowers. MYC4 is currently reviewing the Due diligence of Jubilant and will proceed with them subject to a positive outcome.