August has been a rather slow month in terms of repayments and below is an update on the countries. September however looks more promising…
KEEF – The provider started the month by repaying KES.610,365.21 (5,186 Euros) and later in the month grouped two amounts totaling to KES.735,540 (approximately 6,296 Euros). This is however yet to be received by MYC4 and we are hopeful it will be receive in the month of September. The PAR 30 has remained at 100% and currently the portfolio stands at € 835,036.36. MYC4 is in dialogue with KEEF on a transparent way to make sure that repayments received are repaid to investors.
YEHU – Continues to upload every week although uploads have significantly dropped but they have promised to upload more in September , the repayments are timely and the Par 30 is at 0%. Their current OLB is € 319,972.59 and has potential to grow.
SISDO – The provider is working on a way to pay off the portfolio and are in the process of reconciling, MYC4 is looking at possibilities of having SISDO come back on the platform, more information on this shall be communicated once the a concrete decision has been made.
Milango – The Par 30 declined this month and is currently at 14% , MYC4 is working with Milango too make sure that repayments are entered once received and that transfers are done in a timely manner. Milango’s AGM is around the corner and they will be looking at ways of sourcing for funds from other lenders so as to grow in portfolio enough to start uploading on MYC4. MYC4 is currently 30% of Milango which is the limit.
Jubilant– Our newest provider started repaying on MYC4 loans late in August, they continue to upload loans every week. There current OLB is € 42,107.60 and their Par 30 is at 0%. A pilot review will be performed on the provider later in the month of September as the pilot period comes to an end.
Gatsby – The provider fully paid off the portfolio in the month and MYC4 wishes Gatsby well in all their endeavors.
Tujijenge Uganda limited – The Par 30 deteriorated towards the end of August and is currently standing at 20%, after audience with MYC4, Tujijenge uganda agreed to be transferring an amount of approximately € 1300 every week for the reminder of the OLB which stands at € 73,543.07. This week MYC4 received € 3,953.41 from Tujijenge Uganda which was supposed to have been confirmed last week but was not.
Uganda Micro-credit Foundation – has been continuing repaying the MYC4 portfolio and in the month of August repaid a total of € 24,525.52 and they are expected to continue with that trend till they finish repaying the entire portfolio. Their current OLB is € 102,744.57 and Par 30 stands at 0%.
Mtaji – After a meeting with MYC4, Mtaji has committed to paying approximately €6,977 every month in the process of repaying the portfolio. This monthly installment will be increased once Mtaji gets funding from other lenders; they are currently looking for funding sources to replace the gap MYC4 left. This week a total of approximately € 6,900 is expected to be received from Mtaji. The institutions current OLB is at € 80,958.26 and Par 30 is at 100%. This is expected to be a start to consistent repaying by the institution, MYC4 is also closely monitoring the default situation to make sure that no loans are defaulted.
Fanikiwa – The institution repaid a total of € 12,503.54 in the month of August and continues repaying every 2 weeks. The OLB currently stands at € 28,824.05 and the Par 30 stands at 31% – MYC4 is working with Fanikiwa to ensure they Par 30 drops to acceptable levels even as they continue making repayments.
Tujijenge Tanzania – The institution repaid a total of € 46,022.70 in the month of August and they are expected to pay a similar amount in the month of September. The OLB stands at € 98,588.43 with a Par 30 of 49% , Tujijenge is working on reducing the Par 30 even as they continue repaying the reminder of the OLB with MYC4.