July is the month that saw the first ever wholesale loan on MYC4 fund which is a great milestone. Jubilant Kenya also joined the list of Kenya MYC4 providers in the month. Below is an update on how the other providers are fairing…
KEEF – As you are aware KEEF experienced Fraud in the recent past hence the deterioration of their par. In the last 2 weeks of July, KEEF has been working on ways to reduced their PAR 30 and have had repayments of 5,186 Euros. They are expected to continue with repayments every week as was before and this week MYC4 is expecting approximately 3900 Euros from them.
SISDO – has continued repaying the portfolio and there currently have an OLB of € 34,646.44 with a par 30 of 2.87% .
Milango – reached its ceiling as per our policy. After the evaluation it was noted that their total PAR30 both internal and on the platform for the organization was high and therefore they were given some time to rectify the situation which they are progressing well. In addition, MYC4 is almost 30% of Milango’s total OLB, which is the ceiling. Milango will be having an AGM this month where the shareholders will discuss and approve more funding for Milango to give them more leverage to borrow.
Jubilant Kenya – The youngest kid on the block is doing well, and currently has an OLB of € 16,491.00 and a Par 30 of 0%. They are expected to upload loan equivalent to € 12,500 a month.
Tujijenge Tanzania – The month of July saw Tujijenge pay a total some of € 42,639. They have agreed to be transferring repayments every month, this will enable them reduce the portfolio and also regulate Par 30. Tujijenges OLB stands at € 139,701.32 with a Par 30 of 49%.
Fanikiwa– has been gradually repaying the portfolio every bi weekly, the Par 30 currently stands at 21% with an OLB of € 36,864.38. This week MYC4 is expecting repayments amounting to € 6,000.
Mtaji – July saw Mtaji transfer repayments of € 4,334.50, it is expected that they will continue repaying the portfolio in the months to come. Their OLB currently stands at€ 80,958.26 and Par 30 is 100%. Mtaji is working hard with the help of MYC4 staff to see the Par 30 is reduced and that repayment of the portfolio is back on track.
July saw MYC4 Officially pull out of Uganda a few months after pulling out of Tanzania while strategizing to remain in Kenya. The uganda providers have continued repaying their portfolio as expected. Uganda Micro credit Foundation and Tujijenge Uganda transfer their repayments in good time and their current OLBs are € 138,186.40 and € 69,823.75 respectively and the Par 30 for both is currently at 0%
Gatsby – is in the process of paying off the portfolio , so far they have grouped all their repayments and have transferred half of the amount.